Loan Using Car Title

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July 19, 2021, 10:17 am

How do I get my title back after I've repaid the loan? The lender will return the title to you promptly by mail after your loan is paid back. What happens if I can't find the title to my vehicle? Your lender will help you obtain a new title.

Loan using car title loan

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How to Buy or Sell a Car With a Lien | CARFAX

In that case, the money you get from the sale probably won't cover your loan. If you need to sell your car, but you can't afford to pay off your loan because of negative equity, consider consulting a debt relief specialist. You can find more information on debt relief here. 2. Use an Escrow Service Once you line up a buyer, you'll have to pay off the money you owe before you can transfer the title, but that creates a dilemma: If you can't give the title to your buyer, they're not going to give you money. It's a tricky situation, but there's a solution. You can use an escrow service to handle the sale; this brings security and protection to everyone involved, as the service will assume the responsibility of overseeing your loan payments. It will also provide all the necessary paperwork and deal directly with the lienholder to help ensure a smooth and swift title transfer. Once all the conditions of the sale have been met, the escrow service will release the buyer's funds to you. The drawback of using an escrow service is that it will cost you, but the fee is typically quite small – often roughly 1.

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