If you are currently struggling to pay bills on time, it may be time to start considering some outside help. When you’re ready to take the next step in finding financial security, you’ll find that title loans can be a great resource to use.
If you have a specific amount you are searching for, you might be wondering where the maximum title loans can be found. Typically, a title loan will allow you to borrow 25%-75% of your car’s value!1 The more your vehicle is worth, the more you may be able to borrow through a title loan. The maximum loan amount you can receive will depend on a few factors:
- The Value of Your Car
- Your Income and Ability to Repay
- Your State!
If you aren’t sure what your car could be worth, there are helpful resources to utilize online! By using an online title loan calculator, you can conveniently get an estimate on your car’s value and a free title loan quote from ChoiceCash Title Loans!1
How Do Car Title Loans Work?
Car title loans are different from other kinds of personal loan options. Car title loans can be called many different names, such as:
- Auto Equity Loan
- Auto Title Loan
- Pink Slip Loan
- Title Pawn Loan
- Auto Advance Loan
While the name may be different, these are all title loan resources that you will be able to use! If you have a paid-off or close- to -paid-off vehicle in your name, applying for maximum title loans can be easy.
This is because title loans are secured loans, meaning that the money you receive from a title loan is borrowed against collateral. The title of your car is used to secure the loan, which allows you to access the cash! In exchange for cash, a lender will hold onto your title. They become your lienholder, but when the loan is paid off, you get your title back!
The use of collateral in secured loans can give you more than just cash. Secured loans use collateral to offer the lender some security. Collateral makes the approval process much more flexible for a title loan. Unsecured loan lenders will rely on a borrower’s credit history for loan eligibility because it is risky to lend to a borrower that is not responsible.
Borrowers from all credit histories could be eligible for a title loan because the collateral offsets the lending risk!1
Can I Apply for Maximum Car Title Loans if My Credit is Poor?
Unlike traditional loans, your credit is not the most important part of the approval process for a title loan. While you may not be confident with your credit history, you can still apply for a title loan with imperfect credit!
Title loans are secured by using your vehicle’s title as collateral. Since collateral is used, your credit is not the focus of your eligibility. Instead, during the approval process for a title loan a loan agent will look at:
- Your Ability to Repay the Loan and Your Income
- The Value of Your Collateral
A loan agent will also consider your income, and your income-to-debt ratio to see if you can afford payments. The larger your income and collateral value is, the more potential you have to receive a high funding amount! While your credit history may not be up to par, it is not the most important part of the process. Your credit may be considered, but borrowers from all credit histories can often apply for title loans!1
What is the Maximum Loan Amount I Can Get Through a Car Title Loan?
With a title loan, your loan amount is based upon your income and the value of your collateral. It is also based upon the state you reside in as well! Many states have legislature that will dictate how much you can obtain through a title loan.
Besides your state of residence, the largest factor that determines your loan amount is your car’s equity. The more equity your vehicle has, the more funding you can obtain through a title loan if your income supports it! Equity is simply the difference between what your car’s market value is and how much you still owe on the vehicle. That is why you will need a paid-off or close-to-paid-off vehicle to apply for a title loan.
What Can I Use My Funding for When I Apply for a Car Title Loan?
Unlike some traditional loan options like mortgage loans or auto loans, a title loan allows you to use your funding for whatever financial need you have! There are a multitude of financial emergencies that can happen, and a title loan can be just the resource to use. Many title loan borrowers use their funding for these reasons:
- Wedding or Funeral Costs
- Medical Bills
- Surgery Costs
- Veterinarian Bills
- Credit Card Debt Consolidation
- Personal Expenses
- Vacations
Whatever your reason is for needing cash, it is yours to spend when you are qualified for a title loan! As soon as you are approved for your cash, you can use it for whatever you need. Borrowers can get their funds in as little as 24 hours when they work with ChoiceCash Title Loans!1
What are the Benefits of Maximum Title Loans?
Maximum title loans can come with more benefits than just cash! While title loans are a secure loan option that can be easy to apply for, there are more benefits that borrowers should be aware of.
Besides cash, future borrowers can expect to take advantage of these benefits when they qualify for a title loan:
- Affordable Payments That Stay Low, and Can Get Lower2: With a title loan, you can look forward to more than just low payments that fit your budget. With loan options like ChoiceCash Title Loans serviced by LoanMart, your monthly payment can start low, and get lower as you repay it!2
- Fast Inquiry Process: If you’re like most borrowers, you want to speed the approval process along. If you need quick emergency cash, a title loan is your best option! Applying can take just minutes to do either online or over the phone. When you work with loan options like ChoiceCash Title Loans, you can get your funds in as little as 24 hours!1
- Keep Driving: Since you are using the title of your car to secure funding, you may be curious about what happens to your car. As long as you keep making on-time payments to your loan, you can keep your keys and drive like you normally would!
- Long Repayment Terms: If you need more time to repay your loan, don’t panic! Title loans can offer longer loan terms and optimal payment options for borrowers that are struggling to repay a short-term loan.1 2
- Flexible Approval Process: Even if you are not confident with your credit history, you can still apply for a car title loan! Unlike traditional loan options, maximum title loans are flexible in the approval process because collateral is used.
What is the Online Process to Apply for Maximum Title Loans?
Most shoppers prefer to do their errands online, so why not apply for your title loan completely online as well? With loan options like ChoiceCash Title Loans serviced by LoanMart, the entire inquiry process can be done online in just three simple steps!
Here’s what you can expect those three easy steps to look like:
- Submit an Inquiry Online or Over the Phone: Future borrowers can choose between answering a prequalification form online, or over the phone with a loan agent! Both methods can take just a few minutes to do.
- Send in a Few Documents: If you have been prequalified, the next step is to verify your information with a loan agent. You can do so by submitting a few documents! Things like your vehicle’s title and proof of income will be needed. Fortunately, these items can be submitted online for your convenience.
- Collect Your Cash: After your information has been verified, the last step is to hopefully receive loan approval! If you are a qualified borrower, all that is left to do is collect your funds. Borrowers that work with ChoiceCash Title Loans can choose between:
- Direct Deposit to a Bank Account
- A Check in the Mail
- Picked Up at Any Participating Money Transfer Location Near You
If you can get your cash in as little as 24 hours, why wait to apply for maximum title loans online? Get started with ChoiceCash Title Loans today by applying through the website! Loan agents are also accessible to you day or night if you prefer to apply over the phone at 855-422-7402.