Average Title Loan Amounts and Mileage by Vehicle

What’s The Average Title Loan Amount for Loans Serviced by LoanMart?

The overall average auto title loan amount for loans serviced by LoanMart is $5,549 with an average mileage of 120,732 on the odometer at the time of the loan application¹. Take a look below to see the averages of a variety of different vehicles that have qualified for auto title loans serviced by LoanMart in the last few years. …and don’t worry if your car or truck isn’t listed below, or if the current mileage of your vehicle exceeds the average – the process for title loans serviced by LoanMart is not limited to specific vehicle makes. Even cars and trucks with significantly higher mileage can qualify for a loan!¹

Average Title Loan Amounts By Make And Model

The following table shows the average title loan amounts for some of the most popular vehicle makes and models and the respective average mileage at the time of the loan application. To get more detailed information for a make / model combination, click on the respective vehicle model.

As you can see by the table above, the funding amount for auto title loans serviced by LoanMart can be quite substantial. Generally, newer models will qualify for higher loan amounts, as will vehicles with a lower mileage on the odometer.¹

Factors That Impact The Average Title Loan Amount

In case you’re unfamiliar with auto title loans, they can be a convenient loan option, especially for applicants with less-than-perfect credit who own a car or truck outright.¹ Title loans are widely-available across many states, including both large states like Florida and Texas, and smaller ones like Delaware and Idaho. Title loan companies are less focused on an applicant’s credit history, and put more emphasis on the applicant’s vehicle and income.¹

The primary factors that impact the title loan amount, and therefore the average loan amount include:

• The value of the vehicle: The value of the vehicle is primarily determined by the make, model, year and odometer of at the time of the application. The vehicle condition can also play a significant role, especially if the car or truck has noticeable damage or has previously been declared as salvage vehicle.
• The applicant’s income, also referred to as “ability to pay“: The applicant’s income is normally based on all verifiable income that the applicant enters on the loan application. For title loans, this can include a variety of incomes including form new employment, pension or retirement, disability or even self-employment. Many title lenders have flexible verification requirements to confirm an applicant’s ability to make loan payments.¹
• The title lender’s credit criteria: Although car title loans are not primarily based on the applicant’s credit history, auto title loan companies still apply lending criteria when deciding whether or not to approve a title loan application. These criteria can vary from one lender to the next, but frequently include a fixed minimum or maximum loan amount, a maximum loan-to-value ratio, a maximum payment-to-income ratio, or approval guidelines regarding active or previous bankruptcies.

Conclusion

LoanMart is one of the premier auto title loan servicers in the country. Applicants from all financial backgrounds are welcome to apply for a title loan serviced by LoanMart, including those will less-than-stellar credit history.¹ LoanMart has serviced title loans in multiple states for over two decades with an expedited process that can be completed in as little as one business day³.

With sizeable average loan amounts, competitive interest rates and convenient ways to make payments, auto title loans serviced by LoanMart can be a good credit option for borrowers with various financial needs.¹

Are you ready to get started? Apply online or contact us toll-free (1-800-LoanMart) to find out more about car title loans serviced by LoanMart!