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Auto title loans are a handy option when you have expenses to meet and you're short on cash. In this type of loan, a lender will lend you money using your vehicle as collateral. The best part of auto title loans is that you can continue using your car during the loan period, i.e. while you are still paying off the loan.

Auto title loans are available to anyone who owns a car or other type of vehicle. The kind of loan you can get will depend on the type of ownership you enjoy over your vehicle. These are the different loan options available:

Option 1: You own the vehicle fully
For a person with a clear title on a vehicle, getting auto title loans is a breeze. You can simply walk into a loan agency and walk out 30 minutes or so later with the loan amount in hand. In fact, with no loans pending against your vehicle, even your local bank may be willing to lend you the money.

Option 2: You haven't paid off the existing loan on your vehicle
If you own a vehicle but haven't paid off the existing loan on it, do not worry. You are still eligible for an auto title loan. In such a situation, your lender will simply refinance the loan for you.

Refinancing means that the new lender will buy out the remaining balance on your loan and then give you the additional money you require. For payback, both loans are clubbed together so you don't have to deal with the hassle of making payments to different people and keeping track of them.

Option 3: You want a loan over and above your current one
With some auto title loans, refinancing is not an option because the existing loan amount is too high for the lender to buy out. In such a scenario, the new lender will still give you the money you need as an additional loan on your vehicle. In return, the lender will become the second owner of your vehicle's title. Of course, you will have to make an additional payment every month towards your new loan.