What is the Highest Title Loan You Can Get?

You’re amid a crisis and need a fast infusion of cash to get through it. A bank loan is out, so what to do? If you own a car with a clear title, and have regular income, you can likely take out a vehicle title loan. You need more than just a couple of hundred dollars though, so you may be wondering, what’s the highest title loan you can get? Read on.

What is a Title Loan?

This is a short-term loan that usually comes due in 30 days or less, although longer terms may be available. In exchange for one, you’ll turn your car title over to the lender, which will keep it until the loan is paid off.

Unlike with title pawns, though, a chief feature of title loans is that you get to keep using your vehicle as normal while you’re making payments. Pawn shops require you to leave your ride with them.

And just so you know, “vehicle” can mean a trailer, RV, boat, or motorcycle, in addition to a car or truck.

However, it’s important to note that title loans are secured by your vehicle. That subjects your vehicle to possible seizure if you fail to make payments as agreed.

How Much Can I Borrow?

It varies by lender, and some states have caps on how much title companies can lend. Typically, the amount you can borrow is between 25 percent and half your vehicle’s value. However, depending on the amount you need, you can try to find a title loan company that will lend you up to 75 percent of that value. They’re out there.

The vehicle’s value is generally determined by its make and model, mileage, age, and whether there are any cosmetic damages.Some lenders provide a car title loan estimate calculator to give you an idea of your vehicle’s value. You can also use it to get a quick estimate directly from the title company. All you must do is input the details above.

The amount you can borrow also depends on your loan repayment ability. The higher your income, the more you likely can borrow.While the average loan is for around $1,000, loans for upwards of $10,000 are made as well.

What is Needed of Me?

In addition to a vehicle in your name and lien-free title, you’ll also need to show you can pay the loan back. If you have a job, proof can be in the form of pay stubs and bank statements. Alternate forms of income from sources such as disability, a rental property, a settlement, Social Security, worker’s compensation, etc., are also acceptable.

You must also supply photos of your vehicle from all angles, including shots of the hood, rear, odometer, and VIN.

In addition, you’ll need a government-issued photo ID and be at least 18 years old. Depending on the lender, and the state in which it’s located, you also may need proof of residence and vehicle insurance, along with personal or professional references.

What you won’t need is good credit – another prominent title loan feature. While some title companies will pull your credit history, they won’t focus on it. Your vehicle is collateral, which is sufficient.

How Soon Can I Get Cash?

The expediency of title loans is also where the industry shines. After applying online, you’ll likely hear from the lender that day, perhaps within minutes. Following approval, most loans are available by the next day.

Depending on the lender, you’ll probably be offered multiple ways to get your cash: direct deposit, pick up, wire transfer, or overnight check.

As you now know, the highest title loan you can get depends on variables including what state the lender’s in, the vehicle’s value, and your loan repayment ability. In any case, just be certain you can repay such a loan before taking one out.


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