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Staying Informed: Why Title Loans with Liens in Memphis aren’t Common

family using title loans with liens

Do you think you could use a car title loan but are unsure what it is all about? Title loans in Memphis provide a simple and fast means to getting cash in hand with no hassle. A title loan allows you to leverage your vehicle’s value against a loan ranging from $150 to $2,500. While you will have to fill out some brief paperwork, there are no credit checks or approval waiting periods. In fact, Mid-South Title Loans guarantees your approval will be granted within 20 minutes, and you will get to leave the office with cash in hand along with your car keys. That’s right. You get to keep the use of your car while you repay the loan. The only requirements you typically need for car title loans in Memphis are a drivable vehicle, its lien-free car title, and a photo ID.

Is the phrase “lien-free” giving you pause? It should, as it is the most important caveat we will discuss today. When searching for title loans with liens online, you will come up with unsatisfactory results. Finding title loans with liens is as rare as finding a 1936 Harley-Davidson EL “Knucklehead” in excellent condition at a self-storage auction. Why? Because having a lien on your car, truck, or SUV means that you do not own the car. A lien on your vehicle means that another lending institution such as a bank or a lending company can claim it. If you have financed your vehicle and are still making payments on it, then the bank or other financial institution you are repaying has a lien on your title, and you are ineligible for a car title loan.

Another way to put it is the other lending institution is part owner of your vehicle until you have paid for it in full. If you are not the sole owner of your car, then you do not own collateral to leverage against a car title loan. You cannot exactly take loans out on other people’s property, and so long as you have a lien on your car, it is not officially yours. It may feel like you own your vehicle. After all, you’re driving it every day to the places you need to be. But until the amount owed to the bank is zero and the financial institution’s name is struck from the title, you are ineligible for a title loan.

While it might seem unfair that title loans with liens are rare, a lien-free title is necessary to the car title loan process. Requiring vehicles to have lien-free titles enables the most respected title loan companies in the Memphis area, such as Mid-South Title Loans, to do what they do best and serve thousands of satisfied customers in Memphis each year by helping them with title loans on the vehicles they own. It is also a policy that protects you from having to repay several creditors at once and simplifies your title loan experience.

A title loan from Mid-South Title Loans can get you quick cash when you need it most while keeping the use of your car. If you have a lien-free vehicle, stop into any of our three convenient Mid-South Title Loans locations in Memphis to get started today!


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1680 Winchester Rd
Memphis, TN 38116
Phone: (901) 346-1040

4965 Summer Ave.
Memphis, TN 38122
Phone: (901) 821-9211

2798 S. Perkins Rd.
Memphis, TN 38118
Phone: (901) 794-5460