If you’re considering a title loan, you may want to know what happens after you pay it off so you can plan accordingly. You can expect several outcomes, including release of the lien, return of your vehicle title, eligibility for another loan, etc. Georgia Title Loans has a straightforward loan application process to help you get the cash you need. Here’s what to expect after paying your loan in full:
Confirmation You Have Repaid the Loan in Full
When you settle your title loan balance, your lender may provide a written confirmation. This document may include your name, vehicle details, loan amount, total interest paid, and additional fees incurred. It may also contain the lender’s stamp, signature, or both, with marks like “paid in full.” Keeping this document safe proves you have honored your loan obligations. You can also use it in case of any future discrepancies or issues with the lender. If you had a loan account with the lender, you can expect them to close it after you repay it.
When you take a loan, the lender places a lien on your vehicle or motorcycle. They can repossess your vehicle if you fail to honor the loan agreement. The lender will release the lien once you’ve paid off your loan. You will now have full ownership without legal rights for the lender to claim it. We conduct this process promptly, allowing you to apply for other loans or sell your vehicle without restrictions.
Return of Vehicle Title
Your lender will hold your vehicle title as collateral throughout the loan duration. You can continue driving your vehicle while you pay off your loan. The lender will keep the title until the loan is paid in full. After the payments are finished, the lender will return the vehicle title to you. This document proves your vehicle ownership and can be used as collateral for other loans or facilitate a vehicle sale. We usually return titles the same day you clear your loan.
Renewed Eligibility for Another Loan
After paying your loan, you can apply for another one if you need quick cash. At Georgia Title Loans, we welcome previous customers and offer them the same easy application process. We understand urgent financial needs can arise and are here to help with our convenient loan services. If you meet the requirements, you can get another loan and continue using your vehicle while making payments.
Get a Title Loan Today
Georgia Title Loans provides fast and convenient loans to help you get the cash you need when you need it. Our loan application process is simple, straightforward, and with minimal requirements. We offer title auto loans anywhere from $200 to $50,000, with no credit check required. Unexpected bills can happen anytime, and we are here to assist with our reliable loan services. When you pay your loan in full, you’ll have full ownership of your vehicle, get back your car title, and become eligible for another loan. Submit your loan application today.