How Much Can You Get for a Title Loan?

Your Vehicle’s Resale Value

The title to your vehicle is used as collateral to support your title loan. For this reason, the title loan company needs to know how much your vehicle is worth before determining how much you can borrow.

During the application process, the title loan company may ask you to bring your vehicle in for an inspection. Or the company may arrange to have your vehicle inspected at your home, workplace, or another convenient location. You may also be given the option of submitting photos of your vehicle in lieu of an inspection. Talk to your lender to learn more about your options.

The lender needs to conduct this type of inspection to calculate the value of your vehicle. During this inspection, the title loan company will take a number of factors into consideration when calculating your vehicle’s value, including its make, model, year, mileage, condition, and trim level. 

You cannot borrow more than the value of your vehicle. In fact, most lenders will only allow you to borrow up to a specific percentage of your vehicle’s value.

Your Equity

Another factor that will impact how much you can borrow is your equity in your vehicle. Your equity is the difference between your vehicle’s resale value and the amount you still owe on it.

For instance, say your vehicle is worth $10,000 and you owe $2,000 on it. This means you have $8,000 of equity in your vehicle. 

You cannot borrow more than the value of your car’s equity. Title loan companies will typically only allow you to borrow up to a certain percentage of the value of your car’s equity. 

You must have equity in your vehicle to qualify for a title loan. If you owe more than your vehicle is worth, you cannot use your vehicle as collateral for your title loan.

For example, if your vehicle is worth $7,000 and you owe $9,000 on it, you do not have equity in your vehicle.

Local Laws

A number of states have passed laws that establish minimum and maximum amounts for title loans. If you live in one of these states, these laws could impact how much you are able to borrow. 

For example, in Illinois, the law states that the maximum title loan amount is $4,000 or up to 50% of the borrower’s monthly income. In New Hampshire, on the other hand, the maximum title loan amount is $10,000.

Title loan companies must comply with these laws when doing business in these states. Research the laws in your state to find out if this will impact how much you are able to borrow through a title loan.

Can I Get More Money On My Title Loan? 

If you are still making payments on your title loan, you may be wondering whether it is possible to get more money without taking out an entirely new loan.

In some cases, it may be possible to borrow more money by refinancing your title loan. Refinancing is the process of taking out a new title loan to pay off your existing title loan. In other words, it involves replacing your existing title loan with a new title loan. 

Many people refinance their title loans to secure better terms such as a lower interest rate or lower monthly payment. However, some people who refinance may be eligible to borrow additional cash as well. Talk to your lender to find out if you qualify for refinancing and if so, whether you will be able to borrow additional cash if you choose this option.

How to Apply for a Title Loan

Now you should have a better idea of whether you will be able to get the amount of cash you need by taking out a title loan. Follow these steps to apply for a title loan from 1(800)Car-Title®:

1. Get in touch with a loan officer. Call 1-800-227-8485 to speak to a loan officer directly or submit your information using the form on our website. If you choose to submit an online form, a loan officer will contact you as soon as possible.
2. Review your free loan estimate*. Answer some basic questions about your vehicle so your loan officer can prepare your free estimate. Then, review the details of your estimate to learn more about how much you can borrow and at what interest rate. Your loan officer will be available to answer your questions or address your concerns related to your loan estimate.
3. Sign and submit documentation. The final step in the application process is signing and submitting the required documentation. Your loan officer will explain what documents you need to gather and submit to complete this step.
4. Get your cash. That’s all it takes to apply for a title loan. All you need to do now is pick up your cash in person or arrange for it to be sent to you via check or wire transfer. 

Don’t wait any longer to secure the cash you need to make ends meet. Start your title loan application today.

*Loan approval is subject to meeting the lender's credit criteria, which includes the demonstration of the ability to repay the loan. Not all applications will be approved.