Is It Possible To Get Auto Title Loans If I Already Have Debt?

Auto title loans are a common resource for people in rough financial situations, but the playing field might shift a little if you have debt. Here’s the truth about getting auto title loans from Missouri Title Loans, Inc. if you have debt.

You may still be able to get a loan with debt, as car title loans are secured by your vehicle title, not by credit. You will need your state-issued ID, lien-free title, and car to apply for the loan.

You can always feel free to talk directly to an agent if you have any questions about getting a loan with debt, but in general, loans may still be available even with debt. The rest of this article will review your loan options if you have debt, as well as provide insight on when you should consider one.

Can I Get Loans With Debt?

Debt can be an impediment to getting loans in many traditional settings. Banks, for example, will often balk at giving you a loan if you have debt for one simple reason: unpaid debt impacts your creditworthiness.

Your creditworthiness is a measure of how likely you are to repay your debt and, unsurprisingly, all lenders are concerned with recouping their investment plus interest.

You can, however, seek secured loans such as auto title loans if you have debt. These do not rely on your credit and promise to repay the loan; rather, they use your vehicle’s title as collateral.

Lenders place a lien against it, which secures their interest in lending the money and your interest in repaying the loan. As such, as long as you own your vehicle outright, auto title loans are a practical resource for emergencies. Credit may still be a factor, but not to the same extent.

You can feel free to communicate your financial situation with a representative when you go through the auto title loan inquiry process.

Should I Get Auto Title Loans With Debt?

While you might be able to get auto title loans even with debt, it’s not always—or even often—the best choice. If you already have debt, then it might be more sensible to focus on repaying that debt before taking on additional responsibilities. Our loans are not intended to provide long-term financial relief. They are instead meant to be used for unplanned emergencies.

When You Should Not Get A Title Loan

As such, the following are not good reasons to get one of our loans:

• Maintaining a lifestyle – If you are not living within your means, then you should not take out a loan to facilitate a certain lifestyle; instead, you should focus on tracking your spending, budgeting, and living on what you earn.
• Funding large purchases – Using auto title loans to pay for a down payment on a home, car, or boat isn’t wise and can be detrimental to your finances.
• Paying for unnecessary travel – Funding a vacation with an auto loan isn’t wise either, as it will just result in more expenses down the line.

When You Should Consider A Title Loan

In contrast, you might consider getting an auto title loan, even with debt, in the following situations:

• You have unpaid bills – Some bills can become continually more expensive if left unpaid, and a title loan can help you cover these expenses.
• You have urgent repairs – Protecting your assets, such as your home or car, by performing repairs or maintenance when necessary is important. You might consider using one of our loans to keep your most valuable purchases in good condition.
• You have medical bills to pay – If your insurance isn’t covering you, then auto title loans can be beneficial to cover medical expenses.

How To Get Auto Title Loans With Debt

If you want to get one of our loans, you will need the following:

• Your driver’s license or state-issued ID
• Your lien-free title
• Your car itself for inspection

If you’re ready to start, here’s our quick step-by-step process:

1. Fill out our online loan inquiry form – Doing so connects you with a nearby storefront associate who will contact you shortly. You can also apply completely online if you prefer.
2. Wait for a representative to call you back – They will explain the process to you and schedule an in-person meeting.
3. Go to the meeting with your required items – The meeting takes a matter of minutes and will confirm your title, VIN, and the condition of your car.
4. If approved, go through the paperwork and receive your money – You can expect to get your money deposited directly into your bank account the same day or the following day.

Fill Out Your Application Today!

Even if you have debt, Missouri Title Loans, Inc. may be able to offer you auto title loans to help you out of an emergency situation, including medical emergencies, urgent repairs, or unpaid bills. After carefully considering your financial situation, you can complete our online application to get started today!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.