Can I Get A Utah Title Loan If I Already Have Debt?

Applying for a Utah title loan can be a little daunting, especially if it's your first time. Like other first-timers, you probably have questions. One of those questions may be, will a lender approve my request for a Utah title loan if I already have debt? Or is that not accepted in any situation?

We understand there might be a lot you don’t know about loans, and applying can be confusing at first, so today, we will tell you what you need to know about existing debt and title loans in Utah.

You Can Get Title Loans In Utah Even With Debt

With some loans, having existing debt can potentially prevent you from being approved. However, you could still be approved at Utah Title Loans, Inc. because a title loan is a secured loan. That means the borrower provides collateral in exchange for the loan money. In this case, that collateral is your car title.

By providing collateral, the approval process is a bit easier. Your credit and debt don’t impact your chances of getting approved for a title loan as much as they can with unsecured loans.

When Existing Debt Prevents Title Loan Approval

However, there is some debt that is unacceptable when applying for a title loan. To get a loan such as this, you will need to have a lien-free title. That means your vehicle will need to be paid in full and free from any outstanding debts or claims against the title. If you are already using your vehicle title as collateral for another loan, that loan will need to be paid in full before you can qualify for a new loan.

That means if your title is lien-free, you could get a Utah title loan even if you have debt. Aside from requesting a second title loan with the same vehicle title, which is not allowed, having debt does not exclude you from applying and qualifying for a Utah title loan.

If you have questions or concerns about your existing debt and how it will interact with a title loan, you can raise those questions with a loan representative from Utah Title Loans, Inc., they would be happy to help.

Does The Kind of Debt Matter?

The kind of debt you have when applying for a loan is just as important to consider as how much debt you have.

For instance, if you financed your car and are still making payments, you are NOT eligible for a title loan. Your vehicle must be completely paid off, and the title must be lien-free and in your name.

However, other forms of debt, such as student loans, credit cards, or mortgages, could likely be acceptable. Make sure that you can still afford and make payments on any extra debt that you take on in addition to your existing debt.

How Auto Cash USA Can Help You Get a Title Loan

At Auto Cash USA, we don't provide loans ourselves, but we do connect clients with ideal lenders based on their location. But how does getting a title loan with one of our lenders work after we connect you to them? Naturally, it may vary slightly, but the process is usually the same.

The Title Loan Process For Utah Residents

So, how does a title loan work if you live in Utah? The process is quite simple. Here are the steps you will need to take to get your cash quickly.

1. To start the process, you will fill out an online inquiry form. This form will be sent to one of our trusted lenders nearest to you in Utah.
2. The loan representative will then contact you to discuss when and where you would like to meet up. They can come to you! But remember, you'll need to have your state-issued ID, your lien-free car title, and your car., whether you meet at a place of your choosing or at the branch near you. At the meeting, the rep will verify your documents and inspect your vehicle to determine its value. The valuation is used to come up with the amount of funding your can receive.
3. If you are approved, you will sign paperwork related to the terms of the loan.
4. Last, you should receive your funds as soon as that day or the following business day. This is the typical process for our lenders that offer online title loans. As you can see, it's quick and efficient!

Get Your Title Loan Today!

So, if you believe a Utah title loan is the right course of action for you, Auto Cash USA is ready to connect you with the ideal vendor that is closest to you. Just reach out and contact us by filling out the form now! 

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