Title Loans on SUVs: How They Work and What Your Vehicle May Qualify For

People often wonder whether they can use their sport-utility vehicles (SUV) as collateral for title loans. The answer is yes.¹ In fact, lenders often approve SUV owners for higher loan amounts because of their vehicles’ higher market value. If you have a steady income, using your sport-utility vehicle to secure a fast title loan can help you bridge paychecks or cover urgent bills or expenses. You don’t need perfect credit, and you can use your vehicle while you repay the loan.

Here’s what you should know about title loans on SUVs.

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Can You Get a Title Loan on an SUV?

To qualify for a LoanMart-serviced title loan on an SUV, you must show the ability to repay the loan, whether through income from a nine-to-five job or an alternative source such as self-employment, rideshare driving or benefits. You must also own a lien-free or nearly paid-off vehicle that’s registered in your name and has sufficient value to support the loan.

In addition, you must be at least 18 years old and live in the state where you’re applying.¹ Because the lender uses your vehicle’s title as loan security, it doesn’t focus on your credit history when evaluating your SUV title loan application. Poor or thin credit is not necessarily a barrier to obtaining a title loan.¹

How Much Could Your SUV Qualify For?

Sport-utility vehicles, especially large ones, typically hold their value well, often better than many sedans. The lender will assess your vehicle’s value based on its make, model, age, mileage and overall condition. You may be able to borrow as much as half the equity you have in your SUV, up to a maximum of $15,000 in many cases.¹ With that said, the exact amount you borrow is up to you, as long as it’s within your approved loan amount.

Does Your SUV’s Class Affect its Title Loan Value?

In the U.S., SUVs represent more than half of new vehicle sales. The term “SUV” encompasses a wide range of vehicles, and where a model falls within that range plays a major role in determining your loan offer.

The following categories can help you determine where your SUV is positioned:

Subcompact SUVs

These models sit at the lowest price point in the SUV segment, so their collateral value tends to be more modest. However, newer model years and vehicles with low mileage can still qualify for financing. Examples of subcompacts include Nissan Kicks, Hyundai Venue, Kia Soul and Honda HR-V.

Compact SUVs

Compact SUVs are the nation’s best-selling segment, with Toyota and Honda models particularly known for their strong resale values. Examples of compact SUVs include the Toyota RAV4, Ford Escape, Honda CR-V, Nissan Rogue, Jeep Patriot, Chevy Equinox, Mazda CX-5 and Hyundai Tucson.

Midsize and Three-Row Family SUVs

SUVs in this class tend to carry higher base values than their compact counterparts. The family-hauler segment continues to perform well, with demand remaining steady. Examples include Honda Pilot, Toyota Highlander, Jeep Cherokee, Ford Explorer, Hyundai Palisade, Kia Telluride, Nissan Pathfinder and Subaru Ascent.

Full-Size SUVs

Full-size sport-utility vehicles are well-known for retaining their value. GMC Yukon, Chevy Tahoe, Toyota Sequoia, Ford Expedition and Nissan Armada are among the examples in this category. Extended wheelbase SUVs like Chevy Suburban and GMC Yukon XL are included as well.

Body-on-Frame and Off-Road SUVs

Vehicles in this segment are noted for their resale strength. Jeep Wranglers and Toyota 4Runners consistently hold their values, even with higher mileage. Ford Broncos and older Land Cruisers are also in strong demand.

Luxury SUVs

While vehicles in this segment typically cost more, faster depreciation can be an issue. Condition, mileage and service history matter a lot more in this class than in high-volume SUV categories. The luxury SUV segment includes Lexus RX and GX; BMW X3, X5, and X7; Mercedes-Benz GLE and GLS; Audi Q5 and Q7; Cadillac Escalade; Range Rover models and Lincoln Navigator.

Hybrid and Electric SUVs

As this segment continues to grow in the used vehicle market, resale values are still evolving. Battery age and condition can factor into how these vehicles are evaluated. Examples of SUVs in this class are Ford Escape Hybrid, Toyota RAV4 Hybrid, Tesla Model Y, Kia EV6 and Hyundai Ioniq 5.

An Important Caveat Regarding Values

Here it’s key to note the above trends are intended to provide a general overview, not a guarantee of how every SUV will perform when you’re looking to sell it or use it for an SUV title loan application. The value of a specific vehicle ultimately depends on factors such as the model year, mileage, trim level and current market demand.

How the Title Loan Application Process Works

The title loan application process is built for speed. You can often apply online for a LoanMart-serviced title loan and be approved in about an hour. Your funds may be available by the next business day – sometimes even sooner.^1,3

Follow these easy steps:

• Complete the short online application, or apply by phone at 855-422-7412¹
• Submit the documents listed below once your application is approved
• Review and sign your loan agreement
• Receive your funds

To finalize your loan, you’ll need to submit these documents:

• A valid government-issued photo ID (such as a driver’s license or passport)
• Proof of residence (like a utility bill or current lease agreement)
• Proof of income (pay stubs, benefit statements, bank statements, for example)
• Recent photos of your SUV’s exterior and interior, odometer reading and VIN
• The title to your SUV, which must be in your name

Do You Keep Driving Your SUV?

Many consumers assume they must relinquish their vehicles while they pay off automobile collateral loans. While that may be true with most pawnbroker loans, it is not true for title loans. Once you’re approved for a title loan serviced by LoanMart, you’re free to continue using your vehicle as you normally would – as long as you make your payments according to the loan agreement.

SUV vs. Other Vehicles as Collateral

SUVs and other vehicle types can affect collateral value differently, because market value is a consideration. While titles to sedans such as Chevrolet Malibu, Ford Fusion and Nissan Altima may secure LoanMart-serviced title loans, some SUVs may offer stronger resale value in some markets. This can sometimes mean larger loan offers.

Borrowers may also use trucks such as Ford F-150, GMC Sierra 1500 or Ram 2500 as collateral for title loans. How they compare to SUVs in terms of value can vary. For example, a newer or lower-mileage SUV could have more equity than an older truck. On the other hand, a newer truck with low mileage may sometimes get you a larger loan offer than you could with an SUV.

Things to Know Before You Borrow

Title loans have provided many consumers with the fast cash they’ve needed for financial emergencies. Within that, it’s important to recognize a few factors. For example, if borrowers do not make their loan payments on time, title loan lenders may seize their vehicles and sell them to cover outstanding loan amounts. This is one of the main reasons it’s important to be certain you can make your payments as agreed before taking out a title loan.

For more information, check out the Consumer Financial Protection Bureau for consumer guidance on auto title loans, and the Federal Trade Commission for vehicle title loan consumer information. While interest rates on SUV title borrowing can be higher than for personal loans from traditional banks, LoanMart-serviced customers can expect competitive rates to similar types of lending.

Plus, there are no hidden fees or surprise balloon payments.

Apply today!