Truck Title Loans

Let’s say you have an urgent personal or household expense but lack the credit for a traditional bank loan. You’ve heard of title loans, which allow you to use your vehicle as loan collateral. But you wonder whether your pickup truck can qualify as loan security. The answer is yes! The same can be true for medium duty and even heavy duty trucks, depending on the loan company you end up working with.¹ As long as the vehicle has sufficient value, and you have the income to make loan payments, you may be eligible.¹ Here’s what you need to know about truck title loans.

How Do Truck Title Loans Work?

A truck title loan allows you to borrow money by using the equity in your truck as collateral, provided you’re at least 18 years old and live in the state where you’re applying. The truck must be registered in your name and have enough value in it to support the requested loan amount. Because your truck’s title secures the loan, your credit history is not a major factor in the approval process.¹

When the loan is issued, the lender places a lien on your vehicle’s title, which is removed once you pay your loan off. You can keep driving your truck as long as you stay current on your payments. Before applying, however, it is important to make sure you can keep up the payments on the loan. The lender has the right to sell your vehicle to recover the outstanding balance if you default.

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How Much Can I Borrow with a Truck Title Loan and How Can I Use Proceeds?

With title loans serviced by LoanMart, you could qualify to borrow as much as half of the equity you have in the vehicle – up to a maximum of $15,000 in most states. The value of the truck depends on its make, model, mileage, age and overall condition. The exact loan amount is up to you, as long as it is less than or equal to the amount for which you’re approved.¹ Common loan uses include medical bills, overdue utility payments, or other urgent expenses. The funds can be used for any non-business purpose.

What Kind of Paperwork Do I Need for a Truck Title Loan?

To streamline the application process as much as possible, the documentation requirements are kept simple. To apply for loans secured by your truck’s title, you’ll need:¹

• A valid government-issued photo ID (such as a driver’s license or passport)
• Proof of your address (like a recent utility bill or current lease agreement)
• Proof of income (Social Security, retirement benefits, worker’s compensation or other alternative income sources may also qualify)
• Clear, recent photos of your truck’s exterior, interior, odometer reading and vehicle identification number (VIN)
• The title to your truck, which must be in your name
• In certain situations, a form from your state’s Department of Motor Vehicles, or its equivalent, authorizing the lien.

What’s the Process for Applying for a Truck Title Loan?

Applying for truck title loans serviced by LoanMart is much simpler than working with most traditional banks. Follow these easy steps:

• Complete a brief application online, or apply by phone at 855-422-7412¹
• Submit the required documents
• Review and sign your loan agreement
• Provide your truck’s title
• Receive your funds

Do I Need a Bank Account for a Truck Title Loan?

You do not need a bank account to get a truck title loan. There are several convenient ways to receive your funds, including options that don’t require a bank account. You can get your money through a check, a cash pickup at an authorized money transfer location, a wire transfer, or an ACH direct deposit.

You’ll also have multiple loan payment options. These include MoneyGram transfers, phone payments, automatic withdrawals from a bank account or debit card, and cash payments at participating money transfer businesses.

What Types of Trucks Can Qualify for a Title Loan?

The types of trucks that can qualify for a title loan depend on several factors and the lender you end up choosing to work with.¹ In the U.S., truck are grouped into different categories based on their weight. 

If you own a light duty truck like a Ford F-150 or GMC Sierra 1500, it’s likely that you can find several loan providers that accept your truck as loan collateral, provided that it’s in good condition and holds enough value. 

Many title lenders will also accept medium-duty and even heavy-duty pickup trucks like a Ram 2500 or Ford F-350 or F-450.

If you are however looking for a loan secured with a big-rig truck or trailer truck, you may have a hard time finding a title lender that’s willing to use your vehicle as collateral. That’s because these trucks are primarily used for commercial purposes and owned by businesses rather than consumers.

What are the Benefits of Choosing a Truck Title Loan Serviced by LoanMart?

Even if your credit isn’t ideal, you may still qualify for a truck title loan.¹ Here are some key advantages of choosing a title loan serviced by LoanMart:

• Good credit not required. Because these loans are secured, the main consideration is the value of your truck and your ability to repay – not your credit score. Past credit challenges, such as credit card charge-offs or bankruptcies are not necessarily barriers to getting a loan.¹
• Flexible repayment options. LoanMart-serviced truck title loans provide multiple ways to repay, including options that don’t require a bank account. You can choose the method that fits your situation best.
• Competitive interest rates. Compared to other subprime alternatives, truck title loans serviced by LoanMart usually offer more competitive rates.
• Fast access to emergency funds. The online application only takes a few minutes, and approval can happen in under an hour. Upon approval, you could receive funds as soon as the next day – and in some cases, even the same day.^1,3
• Clear, straightforward terms. There are no hidden fees, surprise balloon payments or penalties for early payoff.
• Dedicated customer support. You can expect attentive assistance throughout the entire loan process. LoanMart representatives are available to answer questions and address concerns.

Tips to Get the Best Deal on a Truck Title Loan

Before you take out a truck title loan, consider these tips to be sure you’ve put yourself in the best possible position.

• Be certain your vehicle has a lien-free title
• Make sure your truck is in optimal condition, take care of any body repairs such as scratches or damaged trim, for example
• Shop lenders. Get quotes from multiple lenders. Ask about total loan cost, fees, the interest rate, and any prepayment penalty. LoanMart-serviced truck-secured loans do not penalize customers for paying off ahead of schedule.
• Get terms in writing. Before handing over your truck title, review the loan agreement, paying special attention to the interest rate, fees and repossession terms. Walk away from any lender that doesn’t provide terms in writing
• Plan repayment to avoid extending your loan, as doing so could ensnare you in a debt trap. Be certain you can make your payments before signing the loan agreement

What’s the Difference Between a Truck Title Loan and a Commercial Truck Title Loan?

While the loan types are similar, a truck title loan is a consumer loan secured by your personally owned truck. In contrast, a commercial truck title loan is a business loan, secured by a truck that’s used for business or commercial purposes. These are structured and regulated as business financing.

Here are key differences between the two secured loan types that use trucks as collateral:

• Loan purpose. A truck title loan is used for personal or household expenses and is disbursed to an individual borrower. A commercial truck title loan is intended to fund business needs and is made to a business or owner-operator using the truck for income
• Vehicle type and ownership. Truck title loans are for pickup trucks and sometimes even medium to heavy duty trucks like a Ford F-350 or Chevy Silverado 2500 that are in the borrower’s name. Commercial truck title loans are usually for semi-trucks, box trucks, or other commercial rigs titled to a business or an owner-operator’s company or business entity
• Underwriting and approval. While both loan types are driven by the truck’s value, commercial truck title loan lenders also consider business use and business cash flow
• Loan amounts and terms. Commercial truck title loans usually offer larger funding amounts because the rigs are more valuable than personal trucks
• Risk. With both loan types, the lender can sell the truck if the borrower defaults

If you need cash fast and are sure you can manage your payments, consider using your truck for a title loan. With LoanMart-serviced title loans, you can count on transparency and good customer service. We’re happy to address any concerns or questions you may have. Apply for your LoanMart-serviced truck title loan today!