Table of Contents
- How Can I Use My Title to Obtain Maximum Title Loan Cash?
- What is the Maximum Amount I Can Get Through an Auto Title Loan?
- Can I Keep Driving My Car While I Pay off My Car Title Loan?
- What are the Benefits of Choosing Maximum Title Loans?
- What Can I Use My Funding for When I Apply for Maximum Title Loans?
- How Can I Apply for a Car Title Loans?
If you’re facing a tough financial emergency, you might be wondering how many loans you will need to cover your unexpected expenses.
When you are in the process of searching for a loan, there are many different choices to consider. If you have a specific budget, you might be wondering where the maximum title loans can be found.
Your loan amount is determined by:
- Your Income
- The Equity in Your Car
- The State in Which You Reside
The maximum amount you may be able to receive for a title loan will depend on several factors. If you are curious about how much your vehicle is worth, check out the title loan calculator
today through title loans serviced by LoanMart.
How Can I Use My Title to Obtain Maximum Title Loan Cash?
If you’re searching for maximum title loans, it can be helpful to understand how they work. Title loans may allow you to use your title as collateral for a loan. This means you may be able to borrow off of your vehicle’s value and equity to get the cash you need!1
If you have a paid-off or close to paid-off vehicle, a title loan can be a great way to get cash when you’re in a sticky spot financially. In exchange for borrowing cash, a lender will hold onto your title. When the loan is paid off, you’ll get your title back!
Using your title as collateral for the loan could give you more benefits than just cash, however. Title loans are secured loans, which could give you a few different advantages:
- Competitive Interest Rates: Since you are less of a risk to the lender if there is collateral, secured loans can have more competitive interest rates!
- More Cash: Again, collateral is your friend when it comes to loans. While unsecured loans will base your loan amount off of your credit score, a title loan can be different. Many borrowers can receive more cash through a title loan than an unsecured loan if their collateral has a high amount of value and equity!1
- Easy Approval Process: When you apply for an unsecured loan, the lender assumes all the risk and will usually turn away borrowers without a good credit score. Secured loans can be more flexible in the approval process because there is collateral! Title loans can be easier to apply for, even if you are not confident with your credit history.
What is the Maximum Amount I Can Get Through an Auto Title Loan?
When searching for maximum title loans, one of the concerns on your mind might be how much you can get. There is often no set maximum amount for a title loan, but there are some factors that will contribute to how much you can get!
One of the most important factors is your state. Some states have a cap on how much you can take out, but others do not. Check out if your state has a cap on maximum title loans here.
The other factors in determining your maximum loan amount are:
- Your Income and Debt: Your loan amount will be based upon your income and your income-to-debt ratio. A reputable lender will want to give you a loan that you can afford!1 They will also look at your income versus your debt each month to determine if you can afford a loan payment.
- The Equity in Your Collateral: Your collateral is the most important part of the approval process for a title loan. The more your vehicle is worth and the more equity it has, the more your loan amount could be if your income supports it.1
There is no set maximum amount for cars, but there are ways to help determine what your car is worth! Your car’s current value is based upon:
- The Current Mileage on the Odometer
- Any Physical Damage or Surface Damage to the Vehicle
- The Year, Make, and Model of the Car
While these are all factors that determine your car’s value, every car is unique and may hold value differently. The max amount you can receive from a title loan will also depend on the title loan company you work with. Every title loan lender has different terms and various loan amounts they can offer. Check out the title loan calculator with title loans serviced by LoanMart to see how much funding your car can qualify for!1
Can I Keep Driving My Car While I Pay off My Car Title Loan?
If your vehicle is your main source of transportation, you might be worried about losing it during the car title loan process. Fortunately, many reputable title loan lenders are not in the business of taking people’s cars. Lenders understand that your car is important to you!
As long as you are making on-time payments to your loan consistently, it can be business as usual when it comes to your car. Responsible borrowers can drive their cars while they pay off their loans! Keep your keys by making your loan payments on time each month.
What are the Benefits of Choosing Maximum Title Loans?
Maximum title loans can have more benefits than just cash! Take a look at the benefits you could take advantage of if you are eligible for title loan funding:
- Fast Emergency Funding: Emergencies can happen anytime, and they won’t wait for you to be financially stable. That’s why title loans can be fast to apply for and to get your cash! The process is so streamlined to get a title loan that some borrowers can get their cash in as little as 24 hours.3
- Bad Credit? No Problem: While you might be turned down for traditional loans because of your bad credit history, title loans are different. Borrowers from all types of credit histories can potentially qualify for a title loan!1 Since collateral is used to secure the loan, your credit history is not the most important part of the approval process.
- More Time to Pay: If you need more time to pay, a short-term loan isn’t going to cut it. Title loans can often have extended terms for you to get your finances stable1.
- Competitive Interest Rates: Title loans often have more competitive interest rates than what you might receive from unsecured loans. A lower interest rate can help save you money in the long run! The lower the interest rate, the less you will pay in interest.
- Get a Personalized Plan: Some reputable title loan companies can personalize your title loan terms. This means that your repayment plan is structured based on your income! A personalized payment plan is tailored to help a borrower afford the loan.
What Can I Use My Funding for When I Apply for Maximum Title Loans?
When you apply for traditional loans like a mortgage or debt consolidation, the funding must be used towards a particular item. With a title loan, however, the funding can be used for anything you need. Many title loan borrowers have an unexpected bill come up or they just need cash for a rainy day.
Some of the most common uses for a title loan are:
- Medical Bills
- Vet Expenses
- Credit Card Payments
- Funeral Expenses
- Personal Expenses
Whatever you need your funding for, it is yours to spend! As soon as you are approved for your cash, you can plan for whatever you need. Some borrowers can get their funds in as little as 24 hours with title loan funding!3
How Can I Apply for a Car Title Loans?
Applying for maximum title loans can be less of a hassle than you might think. With title loans serviced by LoanMart, you can apply for a loan in just three easy steps.
Take a look at the streamlined process to apply for a title loan online:
- Answer a Few Basic Questions: Borrowers can choose between calling a loan agent or applying online. To apply, you’ll need to answer a few questions about your car and your income. You can apply online, or over the phone at 855-422-7412. It can take just a few minutes to do!3
- Send in a Few Documents: After submitting your initial loan inquiry, you are prequalified for the next step. A loan agent will reach out and walk you through the submission process! You’ll need to submit a few documents online to prove your identity and vehicle ownership. For your convenience, you can pass the in-person vehicle inspection with just a few photos of your car!
- Choose How to Get Your Cash: After verifying your information, a loan agent will determine your approval status. If you are qualified, the last step is to sign your loan contract and choose how to collect your funds! Borrowers that work with title loans serviced by LoanMart can choose between:
- A Check Through the Mail
- Direct Deposit to Your Bank Account
- Picked Up at a Participating Money Transfer Location Nearby
What are you waiting for? If you are ready to take the next step and solve your financial woes, you have options! Title loans serviced by LoanMart may be able to help you find the funds you need.1 See if you are qualified for maximum title loans today by applying through the website, or by giving a loan agent a call at 855-422-7412.