Title Loan Requirements

What You Need to Get a Title Loan: The Main Requirements

If you’re looking for a fast way to get cash, you may consider applying for a title loan. Before doing so, it’s a good idea to understand the title loan requirements, so you can decide if a title loan might be the right choice for you.

While the exact requirements can somewhat change depending on the loan provider you work with, the initial title loan requirements typically include:¹

• Be of Legal Age: You will need to be at least 18 years old to apply for a car title loan.
• Have a Title to a Qualifying Car or Truck in Your Name:  A title to a qualifying vehicle is required during the application process for a title loan. It must be in your name at the time of your inquiry. If you need to transfer a title to your name or obtain a duplicate title, you will need to visit your local Department of Motor Vehicles or equivalent government entity. If you are the rightful owner of the vehicle, you will need to bring a few documents with you and pay a fee to get your title in the right shape to apply for a car title loan. 
• Have Sufficient Income for Loan Payments: Your income is one of the most important factors during the title loan application process and you will likely be required to submit proof thereof. If you do not receive pay stubs from a traditional job, don’t sweat it! Here are some examples of alternative sources of income you can provide evidence of during your application:¹

With title loans serviced by LoanMart, you can expect a streamlined and flexible approval process if you meet the above requirements. LoanMart-serviced loans are designed with financial emergencies in mind, and it only takes a few minutes to submit an application online or over the phone!^{1 3}

Find out if you qualify for a title loan serviced by LoanMart today by filling out the pre-approval form or calling 855-422-7412 to speak with a title loan agent.^{1 3}

Vehicle Title Requirements: What Counts as a Qualifying Title

Whether or not your vehicle title qualifies as collateral may also depend on the loan provider you choose. Many title loan options require the following:

• The title must be in the name of the applicant, and match the name of the applicant’s government-issued ID. This is because many state DMVs require an exact name match in order to allow the lender to place a lien on the title for the duration of the loan.
• The title must be issued in the current state of residence of the applicant.
• The title must be lien free, or, if the vehicle is still financed, only include the lien of the current lender.
• The title must be considered “clean”, which means the vehicle has not been in a major accident or have other issues that significantly reduce its value. Some loan options, including title loans serviced by LoanMart, may accept salvaged titles, but will reduce the appraised amount of the vehicle accordingly.¹

Finding a lender that is willing to work with you can be challenging if you don’t have a strong credit history. But, since collateral is used to secure the car title loan, your credit history isn’t the primary focus of the approval process.¹

Vehicle Requirements: What Makes a Car Qualify

Whether a vehicle qualifies for a title loan primarily depends on its appraised value. The value of a vehicle is a function of its condition, and the year, make, model and current mileage. Since title loan providers have different minimum loan amounts and risk tolerance, there’s no list of vehicles that qualify with all title lenders. Generally speaking, the newer the vehicle and the better condition it’s in, the higher the chance that it can qualify for a loan offer from multiple providers. However, even if your vehicle has a relatively high odometer reading, it might qualify for a loan. The only way to find out is to apply.

Document Requirements

Title loans offer a way to access quick funding by pledging your car title as collateral. In addition to meeting the initial title loan requirements, you’ll also be asked to submit a few key documents that will allow the lender to verify your vehicle ownership, identity and income. You can usually expect to be asked for the following:¹

• A Valid, Government or State-Issued Photo ID
• Proof of Address
• Pictures of Your Vehicle Title
• Proof of Income
• Recent Photos of the Car

Identification Requirements: What Types of ID Work

You can use a valid driver’s license, state identification card, or passport to prove your age and identity during your title loan application. What usually matters is that the identification is valid, which means it cannot be expired or otherwise voided. Depending on the lender you work with, IDs issued by foreign government entities, such as a Mexican Matricular card may also be OK.

Income and Ability-to-Repay Requirements

Title loan providers usually do not care exactly how you make a living, but they do care that you have the means to afford the loan payments. That’s because the title loan laws and regulations in many states require that lenders take an applicant’s income into account when providing loans. And, it’s also good business practices, since loan defaults are neither in the interest of the lender nor the borrower. So whether your income is from traditional employment, self-employment, pension, gig-work like rideshare driving or something else, be prepared to provide evidence of your income once you’re approved for a title loan!¹

Proof of Residence Requirements

Many title loan providers will require some proof of your current address. The primary purpose is to make sure that loans are only given to borrowers who actually live where they state they do. Since state law affects man title loan providers, such as title lenders in Texas, Ohio, Florida or Utah, they want to make sure that loans are only given to borrowers in a state that they cover. In addition, verifying an applicant’s address serves as another check to confirm their identity and vehicle.¹ Depending on how an applicant receives their income, acceptable proof of residence can include various documents such as recent phone bills, utility bills, or bank statements.  

The required documents can be uploaded online for your convenience! Additionally, you can send your documents via email or text message to a title loan agent. Choose whatever option is the most convenient! That’s one of the many perks of title loans serviced by LoanMart. 

What is the Most I Can Get on a Title Loan?

The most you can get from a title loan is primarily based on these two key factors:¹

• The Current Amount of Positive Equity in Your Car
• Your Income 

You can conveniently receive a car equity estimate and title loan quote with no obligation by using the online calculator tool, provided by LoanMart!¹

Vehicle equity refers to the difference between its current market value and the amount you still owe to a bank or dealership. Positive equity occurs when your car’s market value exceeds the amount you still owe on the loan. Typically, a qualified borrower could access up to 50% of the total value of their car through a car title loan.¹