How Much Money Can I Borrow Through a Title Loan?

If you have bad credit, obtaining approval for an unsecured loan can be difficult. However, car title loans can be much more flexible than unsecured loans, and perfect credit isn’t required to apply for quick funding.1 If you want to submit an application and access fast cash, you might wonder, “How much can I get for a title loan?”

The answer is that it mainly depends on your car’s value and your income, although other factors can influence your total loan amount. Check out some of the key factors that will affect your loan amount if you are eligible for a title loan:1

Vehicle Value

The value of your vehicle is a significant factor in determining your title loan amount. Title lenders will assess the market value of your car, truck, or SUV to determine how much they can lend to you. The market value of a vehicle is influenced by many factors, including its age, make and model, mileage, current condition, and trim level.

State of Residence

Depending on your state of residence, there may be legal restrictions on the amount of money you can obtain through a car title loan. Legal restrictions can apply to both the minimum loan amount and the maximum loan amount.

Loan-to-Value (LTV) Ratio

The loan-to-value ratio is also taken into consideration by title loan lenders. Basically, the LTV ratio is the amount of money a lender is willing to lend you relative to the value of your vehicle. It is calculated by dividing the loan amount by the estimated market value of your vehicle. The maximum LTV ratio typically differs from lender to lender and can also vary based on the borrower’s risk profile. Let’s assume that a lender uses a maximum LTV ratio of 25%. In that case, the most they would approve for a title loan application on a car valued at $10,000 is $2,500. The LTV ratio for a title loan typically ranges from 25% to 50%.1

Repayment Ability

While a title loan is secured by the title to your vehicle, title lenders will consider your ability to repay the loan during your application. When applying for a title loan, you will be asked to provide proof of income, which helps lenders gauge your ability to make monthly payments. The higher your income and the greater the value of your vehicle, the more you may be eligible to borrow.1

To maximize your title loan amount, consider the following tips:

  • Improve Your Vehicle’s Value: Increasing the value of your vehicle can potentially result in a higher loan amount if you can prove that you can repay it. You can increase your vehicle’s value by ensuring it is in good working condition and updating its interior or exterior. That could include replacing broken or worn parts or taking care of any mechanical issues. Give the car a thorough cleaning and fix any dents or scratches that you see!
  • Compare Lenders: Since the maximum amount you can obtain through a title loan may be dependent on the lender you choose to work with, it’s essential to compare lenders to find the most ideal loan amount and terms that suit your needs.

Depending on your car’s value, your income, and other key factors, you can get up to $15,000 through a ChoiceCash title loan! Conveniently apply for a ChoiceCash title loan serviced by LoanMart online today. Or, just call 855-422-7402 to speak with a ChoiceCash title loan agent.1

Where Can I Find the Title Loan Value of My Car?

how much can i get on a title loan

As previously mentioned, the amount you can get through a title loan will depend on a few different factors, including the amount of equity in your vehicle and your income. You will need to have a reasonable amount of positive equity in your car or truck in order to qualify for an auto title loan!1 To determine if you have positive or negative equity in your car, you can subtract the amount remaining on your auto loan from the current market value of your vehicle. If you owe nothing on your car loan, then the amount of equity in your vehicle is equal to its market value.

You can use a car valuation website like Kelley Blue Book or visit a car dealership to get an estimate of the current equity in your car. But, if you want to learn more about your car’s current value and receive a loan quote with no obligation, you can use ChoiceCash’s online title loan calculator tool.1

What Do I Need to Apply for a Car Title Loan Online?

Now that you have learned how much you can get for a title loan, you might wonder what documents you must have to get approved. The exact documents may vary from state to state, but typically, you will need the following paperwork during your title loan application:1

These documents can be conveniently submitted online during your application or sent to a title loan agent through email or text message. Still wondering, how much you can get on a car title loan? Feel free to call a ChoiceCash title loan agent at 855-422-7402 for more information!1

What are the Benefits of Getting an Auto Title Loan?

title loan value of my car

There are a lot of benefits to applying for a car title loan, many of which can add to your overall loan experience. But when you apply for a ChoiceCash title loan serviced by LoanMart, you can enjoy some exclusive perks!1

Listed below are some of the advantages that borrowers can expect with a ChoiceCash title loan serviced by LoanMart:1

  • A Quick and Easy Online Application Process
  • Getting a Title Loan with Bad Credit is Possible
  • Flexible Repayment Options
  • Competitive Interest Rates
  • No Hidden Fees
  • Superior Customer Service
  • No Prepayment Penalties

Contact a ChoiceCash title loan agent at 855-422-7402 if you want to learn more about these benefits. Or, don’t hesitate to ask any title loan-related questions during your call, such as “Do I own my car when I have an auto title loan?”

How Fast Can I Get a Title Loan?

The application process for a ChoiceCash title loan was designed to provide qualified borrowers with a convenient and flexible way to apply for emergency cash. You can fill out an online inquiry form and find out if you qualify for instant pre-approval today!1

Don’t wait to apply online or call 855-422-7402 and discover if you’re pre-approved for a quick title loan. Upon final approval, you could receive your loan proceeds in as little as one business day if you choose direct deposit or have your money added to a debit card!1

Sebastían S.
Sebastían S.
Sebastían S. is a graduate of Texas State University and a contributing member of the ChoiceCash content team with over two years of experience in the financial services industry. As a proficient digital content writer, his writing style combines transparency and expertise in order to make complex financial topics accessible to a wide audience. Whether the topic is about title loans, debt management, or budgeting, Sebastian's objective is to provide readers with accurate and relevant information that is easily understood. Find him on Linkedin.