How Much Can I Get for a Title Loan?

How Much Can I Get For a Title Loan on My Car?

Title loans, also called auto title loans or vehicle-secured loans, are a lot more flexible than unsecured loans, so your credit score is not the most important part of your application.¹ If you want to access cash to deal with overdue bills or other expenses, you might be wondering, “How much can I get for a title loan on my car?”

Title loans are secured by the title to a qualifying car, truck, or SUV. Essentially, if you take out a title loan you are borrowing against the value of your vehicle. A lien is added to your car’s title after the loan is complete, but you’re allowed to keep driving your car while you pay off your title loan! A qualified borrower is allowed to borrow a percentage of their car’s value and access the fast cash they need! Title loan amounts tend to vary depending on these key factors:

• The Borrower’s State of Residence: Depending on your state of residence, there may be legal restrictions on the minimum and maximum amount of money that you can obtain through a vehicle-secured loan. Additionally, the title lender you end up choosing may have their own minimum and maximum loan amount requirements. In most states, you may be able to obtain up to $15,000 through a ChoiceCash title loan.¹ In California, you can obtain an amount as high as $50,000 through a title loan!
• The Value of the Collateral: Since car title loans are secured loans that let you borrow against the value of your vehicle, the amount of positive equity in your car is one of the most important factors that will determine your total loan amount!
• The Borrower’s Repayment Ability: During your application, your title lender will ask for proof of income to gauge your ability to make monthly payments. You’re allowed to use various documents to verify your income, including recent bank statements, pay stubs, and disability income statements.

Another factor to consider is that the loan-to-value (LTV) ratio that a title lender is able to offer can vary from lender to lender. The LTV ratio is the amount of money that a lender is willing to lend you relative to the value of your vehicle. The maximum LTV ratio can vary from lender to lender, so it’s important to find a lender that can get you the most advantageous ratio for your current financial situation!

Estimating Your Title Loan Amount

As mentioned above, your title loan amount is largely determined by your income and the value of your qualifying vehicle. The more your car is worth, the more you can borrow through a title loan as long as you can provide proof of your ability to pay it back!

Your car must have a qualifying amount of positive equity to use as collateral for a title loan. In order to determine the amount of equity in your vehicle, you can subtract the amount remaining on your car loan from the current market value of your vehicle. If your car is completely paid off, then its equity is equal to its current market value.

Title lenders will consider the market value of your car, truck, or SUV to determine how much they can lend to you. A vehicle’s market value is based on several factors, including its current mileage, trim level, overall condition, age, make, and model. During your application, you must complete a physical or virtual vehicle inspection in order for the lender to determine the total value of your car and verify its condition. Your vehicle must be in good working order at the time of your application!

You can use a car valuation website like Edmunds or visit a car dealership to get an estimate of your car’s current value. If you want to learn more about the amount of equity in your car or truck and receive an instant loan quote, just use ChoiceCash’s online title loan calculator! You will need to answer a few basic questions about your vehicle and your state of residence to get started.¹

How Can I Maximize My Car’s Title Loan Value?

Although you can’t control any applicable legal restrictions in your state, you can try to increase the value of your vehicle in order to get a higher loan amount. However, keep in mind that you must be able to prove that you can repay your loan during your application!¹

One of the ways you can try to increase your car’s value is by making sure that your vehicle is in good working condition and updating its interior and exterior. You may want to replace any parts that are broken or have mechanical / cosmetic issues. Before you have your vehicle inspected by a title lender, take it to a car wash and fix any highly visible dents or scratches.

Another way to try and maximize how much you can get for a title loan is to compare different lenders. The maximum amount you can receive through a title loan may change depending on the lender you decide to work with. Therefore, you should compare all of your available options in order to find the most ideal loan amount and terms that suit your needs!

Applying for a Car Title Loan

One of the many benefits of qualifying for a ChoiceCash title loan serviced by LoanMart is that there is no store visit or physical car inspection required during your application. You can apply for the cash you need from the comfort of your home! Take a closer look at the fast, three-step process:¹

1. Submit a Pre-approval Form Online or Call 855-422-7402 to Get Started
2. If you are Prequalified, You Must Submit a Few Documents to Verify Your Information
3. Get up to $15,000 If You Qualify!

Don’t waste time wondering, “How much can I get on a title loan?” Instead, fill out a short questionnaire online today and discover how much you are pre-approved for through a ChoiceCash title loan serviced by LoanMart!¹

What Do I Need to Get a Title Loan?

In order to make sure your application is as smooth as possible, it’s recommended to get your documents together before you start your loan request! You don’t need a perfect credit score to access emergency cash through a title loan, but you must have a qualifying car title in your name and provide other documents to verify your information:¹

• Proof of Income and Residence
• Several Pictures of Your Car’s Interior and Exterior to Complete an Application
• A Driver’s License or Another Valid, Government-Issued Photo ID to Verify Your Identity and Age

When applying for a ChoiceCash title loan serviced by LoanMart, you can conveniently upload your photos and documents online during your application! You also have the option to send everything to a loan officer through email or text message.

FAQs About How Much You Can Borrow Against a Car

Do you still have questions about how much you can borrow against your car? Check out some of the most commonly asked questions about car title loan values:

What’s the Most You Can Get for a Title Loan?

The most you can get for a title loan will be based on your income, the value of your vehicle, and your state of residence in some cases. You can receive a percentage of your car’s overall value if you are eligible for a ChoiceCash title loan!¹

How Much Can I Get For a Title Loan in My State?

Your state of residence can impact the maximum amount you can receive through an auto title loan. Below is a list of the average loan amounts for ChoiceCash title loans in various states:¹

Want to know how much you can get through a loan against your car? Use ChoiceCash’s online title loan calculator to get an instant title loan quote! You can use the online tool at any time of the day or night.¹

What are the Benefits of Car Title Loans?

ChoiceCash car title loans come with many benefits! If you are eligible for funding, you can access your money in as little as 24 hours and receive flexible loan terms and competitive interest rates. You can get up to $15,000 through a title loan, so why wait to see if you qualify? Call 855-422-7402 or complete a quick pre-approval form online today!¹