Refinance with No Loan on Vehicle

by Al
(San Diego, CA)

Question: Is a person able to refinance a vehicle if the do not currently have a loan on the vehicle. The vehicle is paid off...

Answer: Hi Al. Yes, you can "refinance" with no loan on the vehicle.

This can be easiest done with a credit union. They will essentially loan you money against the value of the vehicle and put their name on title as lienholder.

Another way to do this is with a title loan company. Most title loan companies are set up to loan money to people with credit problems, so the terms of the loan aren't always the best.

If you do use a title loan company, just understand that the terms are usually really bad and I'd plan on paying them back ASAP!

Sorry for the delayed response, but I did not see your submission until just now....

Hope this helps,
Justin