If you need funds to help cover an unexpected bill or expense, the chances are that you may have thought of getting a loan. You may think that you need to jump through hoops to get cash. When you need funding as quickly as possible, a loan is what you may have considered to be the best choice. The problem is that most loan options are hard to qualify for if they require you to have a great credit history.
Doing the approval process for a loan through that traditional route means that it could take a long time to get your money. Thankfully, a much better loan option is available that is convenient for what you need.¹
A car title loan is a secured loan type that is designed to help borrowers in an emergency situation. With a car title loan, your cash is secured through collateral, which is the title to your car. The use of collateral means that you could still qualify for a title loan regardless of your financial background or credit history.¹ You could be at ease knowing that through this method, the approval process for a title loan can be much more flexible than most loan options.¹ But if you need a certain amount of money to cover your emergency expense, you may be wondering-“How much can I get for a title loan on my car?” You can always call a LoanMart representative at 855-277-4847 for any questions you may have or read below to find out how much money you can get for a title loan.
Take advantage of a quick and easy approval process with LoanMart!³ It takes no time to get the money you need as you could get funded in as little as one business day!³
Before I Learn About How Much I Can Get for a Title Loan on My Car, How Does a Title Loan Work?
It’s important to know what you need to get a title loan and how it works before looking at how much you can get for a title loan on a car. A title loan is a loan secured through collateral, which in this case, is the title from your vehicle. With a car title loan, you are essentially borrowing off the available positive equity from your car and turning it into cash! The collateral also works to provide the lender the security to repay the loan amount. The lender will place a lien on your car’s title until you have paid off the loan in full.
Your vehicle’s title and your ability to repay the loan are what’s focused on during the approval process for a title loan. The higher the value rate of your vehicle is, the more money you could get from your loan if your income can support it.¹ Your income is one of the most important aspects for a loan agent to consider when determining eligibility for a title loan. This is because a loan agent uses that information to determine how much money you could borrow and what your monthly payment could look like. If you’re worried about not being able to afford a loan, LoanMart can help set up a payment plan that is convenient for your financial situation.¹
But it’s important to manage your payments responsibly, as it could be a financial issue in the future. If you start to miss payments and do not repay the loan, your title loan could default, and a lender may repossess your vehicle to cover the remainder of the loan. There may be some chances for you to complete your payments if you miss one, but it’s best to be on time with your monthly installments.¹
If you’re like most borrowers who are thinking about inquiring about a title loan for the first time, you may not know anything about your car’s current equity. In terms of cars, equity is just the difference between the car’s market value and what you owe on it, if at all. With loan options like LoanMart, you could use the online calculator tool to find a loan estimate and get an online quote free of obligation.¹
To use the tool, you must input some details about your car:
- The Make, Model, and Style of the Vehicle: Your vehicle’s model, make, and style dramatically affects a car’s value. If a popular make or model manufactured your car, it would often hold a high-value rate, even if the car is a little older. Some of the most popular makes right now include Toyota, Honda, Chevrolet, and Ford. Some variations of makes and models, including luxury vehicles, can slow a car’s declining value. If the car has a high fuel economy, it could also add value. The color, style, and technology packages can also help boost the vehicle’s resale value. The style can refer to car types such as compact cars, minivans, and even sports cars.
- The Year of the Vehicle: The age of a car is one of the biggest factors used to determine a car’s value on the market. That means that recent vehicles usually hold more value than older models. Newer cars typically hold low mileage usage, giving more to their value! But don’t be discouraged if your vehicle is older, as it may still have enough value to qualify for an auto title loan.¹ A classic car can sometimes have a higher-value rate than newer models! If you have maintained the car and kept it in the right conditions, it may qualify for a title loan.¹
- The Current Condition of the Vehicle: The condition refers to any damage to the interior/exterior surface of the car. If you have maintained your vehicle very well, the amount of value could still be high.¹ Keep a lookout for any regular tire rotations or oil changes as needed, so you can maintain the vehicle in good condition. Ensure the car is clear of any visible damage, or keep it to a minimum. Damages can include dents, a chipped windshield, or even paint scratches.
- The Current Mileage of the Vehicle: The mileage on the odometer can indicate how much you have used the car and what the engine may look like. The higher the mileage is, the likelier it is that the car has been well-traveled, which will bring down the value in some cases. While the mileage must be low for a high-value rate, it’s still okay if your car doesn’t have low miles. Your vehicle could still potentially qualify for a title loan even if the mileage on the odometer is high.¹
- Any Modifications to the Vehicle: Most modifications or alterations can negatively affect your car’s value, such as alloy wheels, custom stereos, or spoilers. Luckily, this is not the case for every modification, as some upgrades can increase a vehicle’s value. If you upgraded your engine or exhaust, there’s a chance that your car has some new value!
With this information, you can use the online calculator tool to determine the value of your vehicle and determine how much you can get for a title loan when inquiring about one with LoanMart!¹
How Much Cash Can I Get for an Auto Title Loan on My Car?
If you are experiencing a financial emergency and feel like you have no solutions, you may have many questions- like “what can I get for a title loan on my car”? The loan amount you would receive is dependent on the available equity in your vehicle and your level of income. To get a high amount of money from a title loan, you need to have proof of sufficient income to support it.
You must have a qualifying car in order to secure cash from a title loan. The more available positive equity in your vehicle, the larger the loan amount could potentially be. With most title loans, an average amount for you to borrow is typically 25% to 50% of the value of your car, but some options can provide you with a higher amount. This depends on:
- The State You Reside in
- Your Income
But it’s essential to keep your vehicle in the proper condition and meet the right criteria to get as much money as you would need to pay off your expenses.
Can I Still Get a Title Loan if I Don’t Have My Car Title?
Your vehicle’s title is an essential document in order to be eligible for a title loan. You could inquire about a loan and see how much you can get for a title loan on a car by using the title.¹ It’s critical to note that the title from your car must be in your name to use it as collateral for a title loan. If you share your title with multiple names, they might have to submit information alongside yours. Verify these details on your title to see what you should do:
- If your title has “AND” in between names, both parties must be present to submit the title for a loan.
- If your title has “OR” in between names, either party can submit the title without the other present, which can be more convenient.
You could still qualify for a title loan as long as your name is on the title.¹ If your title has your name missing, LoanMart can help you find out how to start a car title transfer process. Your vehicle’s current owner must first sign off the vehicle title to release ownership. Once the title is signed, you must take it to your local DMV(Department of Motor Vehicles) to issue a new registration and car title.
A representative from the DMV might ask you to present the following documents when updating the title of the vehicle:
- Your Signed Car Title
- The Completed Transfer Form
- A Government-Issued Photo ID
The requirements can differ depending on which state you reside in, but you can expect to hand in these documents. It’s also important to note that there may be a fee when transferring the car title. The fee amount can vary with each state, but the transfer fee can be around $15.
If you have any questions about initiating a title transfer, go online or call an expert from LoanMart to help you with the process. Representatives are available six days a week to assist you with whatever you need at 855-277-4847.
Do I Need Perfect Credit to Apply for a Car Title Loan on My Vehicle?
You don’t need to have a perfect credit score to see how much you can get for an auto title loan on a car.¹ The good thing about title loans is that they are secured through collateral, which means the approval process can be flexible for people of different backgrounds and credit histories.¹ Although your vehicle’s title and your income are more important factors when it comes to qualifying for a title loan, your credit may still be considered.¹
If a loan agent decides to evaluate your credit, it might go through what is known as a hard inquiry check. This check happens when you officially pursue a title loan and are looking to seriously inquire about how much cash you can get for a title loan on your car. It usually affects your credit score, but time and effort can reduce the damage. But despite your insecurity about your credit status, you could still inquire about a title loan.¹
Take advantage of a quick and flexible approval process with LoanMart!³ Go online to see how easy it is to inquire about a title loan.¹
Are There Any Documents Needed to Get a Title Loan on My Car?
During the inquiry process with LoanMart, a loan agent may ask for you to submit a few documents to verify your information and vehicle ownership. While most loan options would require you to submit these documents via mail or in-person, LoanMart offers you the convenience of doing it all online!¹
All you need to do is send the following documents:
- The Title to your Vehicle
- Proof of Address
- Recent Pictures from Your Car
- Proof of Income
- Photo ID
- A Few References
Once a loan agent receives these documents, they could approve you for a title loan in a few minutes!³
Now That I Know How Much I Can Get for a Car Title Loan on My Vehicle, Where Can I Apply Online?
With loan options like LoanMart, you can easily find out how much you can get for a title loan through a fast and flexible approval process.³ It only takes three simple steps to get started¹:
- Inquire about a title loan online by submitting a quick form or calling a loan agent at 855-277-4847
- Submit your documents to a loan agent
- Get your money!¹
Inquire about an online title loan with LoanMart and see if you qualify for the cash you need today!¹