Title loans can be a great alternative resource when you need fast cash! If you’re facing a tough financial situation and your credit history is not up to pay, you may have been turned down by other loan options. Luckily, a title loan can allow you to secure funding with your vehicle’s title instead of just your credit history!1
If you need cash to cover an unexpected bill or expense, you might be wondering “how much can I get with a title loan?”
The answer varies depending on a few factors, including:
- The State Your Vehicle is Registered In
- Your Income
- Your Vehicle’s Value
Your car may qualify for more cash than you think!1 Keep reading to learn more about title loans and what you can qualify for.1
What Factors into How Much I Can Get with a Title Loan?
Title loans are collateral based loans, meaning that they are secured loans. With a secured loan, collateral helps make the approval process flexible, but it also allows you to access cash based upon its value.1
With traditional loan options, your loan amount is based on your credit history and debt, as well as your income.
With a title loan, these three factors matter the most when it comes to determining what you can get with a title loan:
- The State Your Vehicle is Registered In
- Your Ability to Repay the Loan
- The Collateral’s Value
The more value your collateral has and the larger your income, the more you can potentially receive through a car title loan!1 The state that your vehicle is registered in may also contribute to what your loan amount can be if state legislation regulates title loan amounts.
Will My Car Affect How Much I Can Get with a Title Loan?
Typically, you can receive anywhere between 25%-75% of your vehicle’s value through a title loan.1 If you have the income to support a loan payment and your vehicle has value, your loan amount can reflect that.
If you aren’t sure what your vehicle is worth, you might be wondering “how much can I get with a title loan?”
Many title loan borrowers do not know what their vehicle is worth offhand. Your car’s equity can constantly change due to many different factors. Title loans allow you to borrow off of your vehicle’s equity, so your car will affect how much you can get with a title loan.
Equity is simply the difference between the market value of the car and what you owe on it. The less of a difference there is, the more positive equity you have to borrow from. Some of the additional factors that contribute to your vehicle’s equity are:
- The Make, Model, and Style of the Car
- The Condition of the Vehicle
- The Year the Car was Made
- The Mileage on the Odometer
- Any Modifications to the Car
ChoiceCash Title Loans can offer an online title loan calculator that does the hard work for you and gives you an equity estimate as well as a free title loan quote.1 By simply filling out some questions about your car through this tool, you can find out what your car can qualify for in no time at all!
What Documents Do I Need to Get a Title Loan?
Once you’ve filled out some information about your vehicle, the next step in the approval process is to send a loan agent a few documents to verify your information. These documents can be submitted online via email or fax for your convenience! While the exact documents may vary from state to state, you can expect to need these handy when you place a title loan inquiry:
- Pay Stubs, Bank Statements, or Another Document to Prove Your Income
- Recent Utility Bills, Credit Card Statements, or Other Mail to Prove Your Address
- Recent Photos of the Vehicle
- Car Title in Your Name
- Government or State Issued Photo ID
What Can I Spend My Title Loan Cash on?
Now that you know how much you can expect to get with a title loan, you may be concerned about what you can spend your cash on. Every borrower of a title loan may have a different situation financially, but your funds may be spent similarly!
Some of the most common ways that borrowers will spend their title loan funds are:
- Paying for an Unexpected Expense or Bill
- Debt Consolidation
- Medical Bills or Expenses
- Surgery Costs
- Travel Expenses or Vacation Costs
- Wedding Expenses
What Benefits Can I Get with a Title Loan?
You can take advantage of more than just cash when you qualify for a ChoiceCash Title Loan! Take a look at some of the most beneficial advantages that are offered:
- Keep Your Keys: While you are using your vehicle’s title to secure funding, you do not need to give up your usual driving habits. If you make your payments on time and consistently, you can keep your normal driving routine and your keys.
- Get Your Cash Fast: if you are facing a tough financial situation, you may be stretched for time to solve it. Luckily, qualified borrowers through ChoiceCash Title Loans can get their cash in as little as one business day!
- Payments Start Low and Can Get Lower2: If you make payments on time, you could qualify for an opportunity to lower your interest rate and monthly payment!2 By simply being a responsible borrower, you could qualify for this great benefit.2
Where Can I Get a Title Loan Online?
Ready to see if your vehicle can qualify for the cash you need? The amount of cash you can get with a title loan could be greater than you think!1
Get started on your title loan inquiry today by heading over to the ChoiceCash Title Loan website, or give a loan representative a call at 855-914-2945. Loan agents are available for extended hours seven days a week to answer your title loan questions.