How to Get a Car Title & Still Owe Money on the Loan

When you borrow money, a lender may want collateral such as a car title or a home. Lenders usually require collateral when the amount you want to borrow reaches a certain amount. Usually you cannot get your car title until your loan is paid in full. You may be able to negotiate the release of your car title before the loan is paid off. A lender may take something else of value in place of your car.

Instructions

1

Contact your lender to see what it will take to get your automobile title. Call your lender and let the financial institution representative know that you want to get your car title but you cannot pay off the balance.

2

Find out the possible solutions. Ask the lender if you can receive the car title after you make a large lump sum payment. When your loan balance reaches a certain amount, you may not need collateral or security. If this is not acceptable, ask the lender if you can refinance your loan and add a guarantor. A guarantor is a person who will make the payments if you are unable to do so.

3

Determine if there is some other item you can add to the loan as security. You may be able to use furniture, equipment, jewelry or a bank account as security in place of the automobile.

4

Work out the details with the bank. Depending on what you work out, the bank may refinance your entire loan and release the automobile title to you, based on the new collateral or security agreements. You may be able to convince the bank to refinance the remaining balance without any collateral based on your credit history and good standing with the bank.