Table of Contents
How Much Can I Get on a Title Loan?
If you need quick financial relief due to an unexpected emergency, you might be wondering, “How much can I get on a title loan?”3 A title loan, also known as a car title loan, pink slip loan, or auto title loan, is a type of secured loan where an eligible borrower will be able to use their vehicle title as collateral for the loan.1
If you want to know more about the title loan value of your car, click here to use LoanMart’s title loan calculator and obtain a loan quote with no obligation today!1 Depending on your income, the value of your car, and the state you currently reside in, you could potentially obtain up to $15,000 if you are eligible for a title loan serviced by LoanMart.1
What is the Title Loan Value of My Car?
If you are thinking about applying for a car title loan, you might be asking yourself, “What is the title loan value of my car?”
Simply put, the title loan value of your car predominantly depends on the current market value of your vehicle, and what portion thereof a title loan lender will allow you to borrow. Separately, when determining your loan approval amount, a title lender will also need to review your income in order to confirm your eligibility, your approval amount, and whether you are capable of repaying the loan. Therefore, you are required to provide proof of income during your loan application. Many applicants will submit bank statements or pay stubs in order to prove their ability to repay the loan, but a variety of documents can potentially be accepted, including proof of alternative income.1
Take a closer look at some of the factors that will affect the resale value of your vehicle:
- The Make and Model of Your Car: The make and model of a car can greatly affect its resale value. Certain vehicles are popular and known for their reliability, while others may have a poor reputation and lower market demand.
- Current Condition of Your Car: The current condition of your car is important because it impacts its overall market value. If your car has damage, either cosmetic or structural, its value could significantly decrease (depending on the severity of the damage). Generally, a car that is in good condition is worth more than a car in poor condition.
- Current Mileage on the Odometer: The current mileage listed on your car’s odometer reading may increase or decrease its value. Having high mileage will usually lower your car’s value, but it is possible to qualify for a title loan even if your car has accumulated a lot of miles on the odometer.1
- Modifications: If you modify your car with aftermarket parts, such as adding a large spoiler or a vinyl wrap, you may have unintentionally lowered the value of your car. However, if you add high-quality parts to your vehicle, like a new exhaust or an upgraded engine, you can potentially increase your vehicle’s resale value if you decide to sell it to a private party.
- Age of the Vehicle: Typically, as a vehicle ages, it will depreciate in value. Some consumers are always looking for the newest model or the latest technology. Since technology is constantly being updated, a car that was manufactured a few years ago will usually have more modern technology than an older car, which can affect its resale value. However, some classic cars, such as a 1963 Mercedes Benz or a 1969 Chevrolet Camaro, can potentially be worth more than a car that was manufactured in 2020!
There are several resources available online to help you learn more about the resale value of your car, including car valuation websites like Kelley Blue Book and Edmunds. You can also find out the title loan value of your car through LoanMart’s online title loan calculator!1 Simply fill out a short online form to find out if you are eligible for instant pre-approval for a title loan serviced by LoanMart today.1 3
How Much is My Car Worth for a Title Loan?
If you are able to qualify for a title loan, you will be able to access a certain percentage of the total value of your car, truck, or SUV.1 Typically, a qualified applicant can obtain up to 50% of their vehicle’s value through a title loan.1
As previously mentioned, there are quite a few factors that impact the market value of your car, including your car’s make, model, condition, current mileage, and age.
If you want to find out how much your car is worth through a title loan, you can use LoanMart’s online title loan calculator. Or, if you prefer to apply for a title loan over the phone, you can dial 855-422-7412 to speak to a title loan agent. They are prepared to walk you through the application process, so applying for a car title loan serviced by LoanMart can be simple and straightforward!1
What are Two Disadvantages of a Title Loan?
Title loans can be an advantageous way to obtain emergency cash with a bad credit score.1 3 However, just like any other loan option, title loans do have a few potential drawbacks to consider before you submit an application. Take a look at the potential disadvantages of a title loan:
- Vehicle Repossession: Title lenders can legally repossess your vehicle if you default on your title loan. In some cases, the car will be sold at auction to cover the remaining balance of your loan.
- Lose Access to Your Car: Additionally, if your vehicle is seized by the title lender, you will lose your primary method of transportation.
If you are having trouble managing your title loan payments, it is important to reach out to your lender or loan servicer immediately. In most cases, a title lender would rather avoid repossession by working with you to find an alternative solution.
Where Can I Apply for a Title Loan Near Me?
Although it is easy to type “How much can I get on a title loan” into the search bar of your web browser, did you know that you can get a loan quote online with a title loan serviced by LoanMart? Click here to find out if you qualify for instant pre-approval online today!1 3
You can conveniently apply online by filling out a short prequalification form. Or, just give us a call at 855-422-7412 and apply over the phone with a title loan agent. If you qualify, you could obtain your loan proceeds in as little as one business day!1 3 Visit the FAQ page to learn more about the initial requirements you must meet in order to obtain approval for a title loan.1