When you repay your car title loan in Ohio, the next steps are simple and straightforward. As your trusted title loan broker, VIP Title Loans Ohio is here to guide you through the process and ensure you get the best rates.
After your final payment, the title of your vehicle is released, and your lien is removed, allowing you full ownership of your vehicle again.
All of our referral lenders have the state-required lender’s license, giving you peace of mind that you’re working with reliable professionals.
Let’s dive into what happens once your loan is paid off, and how we can continue to assist you, even after repayment.
Understanding the Repayment Process
Once your car title loan is repaid, the lender will remove the lien from your vehicle’s title. This means the lender no longer has any legal claim over your vehicle, and you regain full ownership.
You will receive confirmation that your loan is fully paid, and the title will be returned to you.
If you borrowed through VIP Title Loans Ohio, rest assured that all our referral lenders comply with Ohio state regulations, including running a credit check on all title loan applications.
And while credit checks are part of the process, your vehicle’s equity serves as your credit, making it possible for those with bad credit to still qualify for a loan.
What Happens After Full Repayment?
Once your auto title loan is paid off, the following steps will occur:
- Lien Release
The first and most important step after repayment is the removal of the lien from your vehicle’s title. A lien is the legal claim the lender holds over your vehicle during the loan. Once the lien is released, your vehicle is fully yours again. - Title Returned
After the lien is removed, you will receive your vehicle’s title, free and clear. This means your vehicle is no longer tied to any loan obligations, and you can use or sell it as you wish. - Credit Report Update
The lender will notify the credit bureaus that your loan has been repaid in full. This can have a positive impact on your credit score, especially if all payments were made on time.
Can You Refinance After Repayment?
If you already have a title loan with another lender and need better terms or additional funds, VIP Title Loans Ohio offers title loan refinancing.
This allows you to get more favorable terms or even borrow more if your vehicle has positive equity. Whether you’ve paid off a loan or are still making payments, refinancing can help lower your interest rates or extend your payment schedule.
Types of Vehicle Title Loans Available in Ohio
VIP Title Loans Ohio offers title loans on more than just cars. We also provide loans for motorcycles, commercial vehicles, RVs, and classic cars.
This flexibility makes it easy to use any vehicle you own to access funds when you need them. Whether you drive a motorcycle or an RV, we can help you unlock the value of your vehicle’s equity.
How Fast Can You Receive Your Funds?
One of the key benefits of working with VIP Title Loans Ohio is our fast, online title loan application process. You can apply online and receive the funds you need within 24 hours.
Whether you need a short-term loan or are looking for long-term financing, we can help you get the money you need quickly and conveniently.
FAQs About What Happens After Repaying Your Title Loan
What should I expect once my title loan is fully repaid?
Once you’ve repaid your title loan, the lender will release the lien on your vehicle, returning full ownership to you. The lender will also notify the state and update your credit report.
Will my credit score improve after repaying a title loan?
Yes, once your loan is fully repaid, the lender will report the payoff to the credit bureaus. If you made all your payments on time, this can positively impact your credit score.
Can I refinance my current loan after repayment?
Yes, VIP Title Loans Ohio offers refinancing options. If you have paid off a title loan or are looking to switch from another lender, we can help you refinance with better terms, lower interest rates, or even provide additional funds if your vehicle has positive equity.
What vehicles qualify for a title loan?
In addition to cars, we offer title loans on motorcycles, RVs, commercial vehicles, and even classic cars. As long as your vehicle holds value, it can be used as collateral for a title loan.
How quickly can I receive my funds after applying?
Our online application process allows you to receive your funds in as little as 24 hours. Apply online, and once approved, the money will be transferred directly to your account.
Expert Insight from Daniel Joelson
“When you repay a title loan in full, it’s a great opportunity to improve your credit score and secure better financial opportunities. Many people don’t realize how important it is to ensure the lien is removed promptly, as this can prevent future issues when selling or using the vehicle as collateral again,” says Daniel Joelson, a consumer finance expert.
In conclusion, repaying your car title loan in Ohio is a straightforward process that results in the full return of your vehicle’s title and lien release.
Whether you’re interested in refinancing or need another type of vehicle loan, VIP Title Loans Ohio is here to help.
With a range of options including same day pink slip title loans, title pawn loans, and loans on various vehicles, we ensure you get the best rates and terms that fit your needs.