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A car title loan is a secured loan form where a borrower pledges some of their assets or property as collateral. As the name suggests, an auto title loan means that the lender keeps the title to the car, truck, motorcycle, or other vehicle belonging to a borrower to give them money. A borrower gets it back as soon as the loan is paid off.
Such loans allow getting an amount of 25% to 50% of the vehicle’s value, so they generally range from several hundred to several thousand dollars.
As they come with collateral, title loans are less risky for lenders, making them easier to get than unsecured loans. A credit score is usually not an issue regarding a car title loan, and the lenders provide such loans regardless of poor credit or even not having a credit history at all, like 26 million Americans. However, interest rates and loan amounts vary depending on a particular lender and a borrower’s creditworthiness (which is required to be checked anyways).
Despite low credit requirements, obtaining a car title loan involves other conditions a borrower must meet. The lenders typically require borrowers to provide:
The title loan value of the car is defined after considering many factors, like the car’s model, age, condition, etc. You can use an online car title loan calculator to receive such an appraisal.
Yes, you can get a title loan for any vehicle you own outright. Yet, the car’s age may affect its cash value, which, in turn, may affect how much money you can borrow.
In theory, getting a title loan on a financed car is not prohibited. Still, lenders typically require borrowers to provide an original car title showing sole ownership to apply for a title loan.
CashAdvanceOnlineSameDay.com is not a lender, and we do not have our loan calculator. You can use any car title loan calculator online to estimate the approximate value of your vehicle or address your lender directly to get more accurate numbers.
Foremost, contact your lender and let them know about your financial circumstance before you miss a payment. The lender will consider the alternatives available to you. Do not rush to take a new loan to refinance your debt without consulting with a professional.
With CashAdvanceOnlineSameDay.com, distance is not an issue. We work with many vetted direct lenders who can provide you with online car title loans within one business day. Apply for a loan without leaving home and get approved for a loan as quickly as possible.
The loan amount depends on the lender, your car’s value, credit score, etc. On average, car title loans allow obtaining $100 to $5,500, or 25% to 50% of the vehicle’s value.
