Title Loans for High Mileage Vehicles: How To Get a Loan Even If Your Odometer is High

Getting a title loan can be a helpful financial option, especially if your credit isn’t in the best shape, or you need a loan fast! But what if your car’s odometer reading is high? If you’re currently driving a high-mileage vehicle, you may wonder if can borrow against that car. Keep reading to find out how you can qualify for high-mileage title loans today.¹

Understanding Title Loans for High Mileage Vehicles

When applying for a title loan, the value of your car and your income are the key factors in the qualification process.¹ To qualify for cash against your car title, the car must have enough value so that a lender is comfortable to use it as collateral.

In general, the higher the mileage of the vehicle, the lower its value tends to be. However, a vehicle’s make or model can have as much if not more impact on its value. For example, a low-mileage Toyota Prius might be worth a lot less than a Mercedes C Class vehicle with a high odometer reading. Very old cars, say a 1966 Ford Mustang, may even be worth thousands more regardless of their mileage, simply because they are deemed to be classic vehicles by now.

While a vehicle’s mileage is therefore not the only key factor for determining its value, some lenders apply a maximum mileage threshold when reviewing title loan applications for approval. The approach to mileage varies from one lender to the next.

Eligibility Criteria for High Mileage Auto Title Loans

Borrowers looking for high-mileage auto title loans need to meet the lender’s eligibility criteria in order to qualify for a loan. They generally include:

• Vehicle ownership: You must own the high mileage vehicle that you are planning to use for the title loan application.
• Vehicle value: Despite its high odometer reading, your car or truck must meet the lender’s value requirements.
• Ability to make payments: You must have sufficient means to afford making title loan payments. While title loans have flexibly requirements, some form of income is usually required.¹
• Other credit criteria: Even though title loans are secured by a vehicle, lenders tend to still have some basic credit criteria. These could for example include that you have not previously defaulted on a loan from the same lender.¹

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Documents Needed to Borrow Against High Mileage Vehicles

The approval process for a title loan against a car with high mileage will typically require some documents so that the lender can verify the applicant’s vehicle, income, identity and residence. While the specific documents can slightly differ from one lender to the next, expect to be asked for the following when applying:

• Car Title: For a high mileage title loan, you must show the car title in your name.
• Identification: To prove your identity, you must show a valid government issued ID like your state ID, driver’s license, etc.
• Proof of Income: Title loans typically accept various types of income, so even if you are not traditionally employed, you may still be eligible for a car title loan with high mileage.¹ You can show bank statements, benefit statements, or paystubs.
• Proof of Residence: Must show proof of residence through credit card statements, utility bills, or a lease agreement.

In addition to providing the documents listed above, you will also need to complete a vehicle inspection during the loan process. High mileage car title loans that are available online can make this step a lot less cumbersome than it sounds! Instead of driving your car to a store location and adding even more miles to it, you can simply take pictures of your car and send them to a loan agent.

What is the Process for Getting A High Mileage Title Loans?

The process for a high mileage title loan is no different than the title loan process in general. In order to get an auto title loan with your higher mileage truck or car, you’ll need to:

• Complete a title loan application: Whether you apply online, over the phone or at a loan store, completing an application is the first step towards getting the cash you need.¹
• Get approved: To get approved, you must meet the lender’s eligibility criteria, as mentioned above
• Submit the required documents: Your high-mileage title lender will let you know what documents are required in order to have your approval confirmed and verified.¹
• Sign loan agreement: Upon final approval, you will be provided with a loan contract that outlines the specific loan terms for your high-mileage vehicle title loan. Upon careful review, sign it to get the cash you need.¹
• Get funded: Once sign the loan agreement and surrender the title to your high mileage car, the lender will send you the loan proceeds or make them available for pickup. The lender will also place a lien on your title, documenting their legal right to the asset.

Since car title loans are designed for speed and convenience, you could obtain cash against your extended mileage vehicle in as little as one day.^{1 3}

Tips for Managing Your Title Loan for a High Mileage Car

When you’re in the market for an auto title loan while driving a vehicle with a lot of miles on it, qualifying for the cash you need may be the only thing on your mind. Below are a few tips that may help you make smart financial decisions beyond the loan application:

• Shop around for the best high mileage loan option: Comparing your options is always a good idea when it comes to financial products, but especially for high mileage title loans. As mentioned above, the lending criteria can vary from one lender to the next, especially when it comes to any potential maximum odometer readings or a minimum vehicle value. Also be sure to check the company’s reputation online.
• Maintaining your car, even after you’ve obtained the loan: While having your vehicle in good condition despite its high mileage is important in order to qualify, it’s equally important to keep it in a solid running condition. If your car breaks down while your title loan is still outstanding, you are still responsible for the loan repayment!
• Be mindful of the loan term: The more miles your vehicle has, the more likely it is that you’ll need to put more money into its upkeep. Over time, expensive repairs and maintenance like water pump and timing belt replacements are likely to be necessary. If your title loan has an extended term, be mindful that those expenses will likely come. If you are worried about those expenses in the future, consider a lender that offers potential increases on existing title loans, should the need arise to finance those repairs on short notice.
• Only borrow what you need and can repay: The title loan approval with a high-mileage vehicle may be higher than you expect.¹ Even when that is the case, it’s advisable to only borrow what you need and only sign up for monthly payments that you can comfortably afford! Title loans are not an inexpensive financing option.

Final Thoughts on Auto Title Loans with High Mileage

Cash loans against higher mileage vehicles are available, and can be a welcome borrowing option, especially for applicants with bad credit. While some lenders include a maximum odometer reading in their approval criteria, most title lenders primarily focus on the value of the vehicle, and the borrower’s income.¹

If you own a vehicle with extensive miles, apply today to see how much you can qualify for through a high-mileage title loan serviced by LoanMart