Cash 1 Blog
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Financial Tips & Guides
How Much Can I Get for a Title Loan?
Updated on
February 2, 2023
Loans
The concept of title loans came onto the scene in the early
1990s to assist individuals who had poor credit. A
title loan is a loan where an asset is required as a security
pledged for the repayment of the loan. Based on that asset, a
line of credit is given to the borrower and he needs to pay
back the loan in weekly, biweekly or monthly installments. The
annual percentage rates (APR) for title loans vary from state
to state and range from 36% to 200% and occasionally exceeds
200%.
What Is a Title Loan for Bad Credit?
People use title loans when they need money quickly and have
issues getting a loan from a traditional lender like a bank.
This type of loan is quite popular among people because it has
two key benefits to the person who obtains the loan. The first
thing is it does not consider the applicant’s credit rating
when providing the loan. The next is that approval for the
title loan can be done within a short period of time because
it does not require many documents and the application is
usually uncomplicated.
How Much Can I Get for a Title Loan?
The amount that you can receive from a title loan varies from
person to person depending on the value of the person's vehicle
and their ability to repay the loan. The lender will generally
work with you to get you the amount of money that best suits
your needs while also making sure that you have the ability to
repay the loan and that it won't put you in further financial
trouble.
Companies which provide
Las Vegas title loans
or
AZ title loans
do not consider the credit history of the borrower. That means
that the companies do not care if the borrower has no credit,
bad credit or good credit when lending money because the loan is
secured by your vehicle. However there are some factors which
lending companies consider when providing title loans. They are;
-
The value of the borrower’s vehicle: These
loan companies are automotive experts. They conduct quick
evaluations on the car’s make, model and the current condition
to decide the value of the car. If you need more money than
the value of your vehicle, some states allow you to
use more than one title to get a loan.
-
Borrower’s state of residence: Most states
have laws that restrict the amount that people can borrow on
title loans. In such instances the applicants are informed
about this and some states can allow an amount up to
$50,000.
-
The income of the borrower: Lending companies
want to make sure that the borrower can pay back the loan that
they receive, so you will have to have proof of income and
provide them with bank information. Your income will help
determine how much they are able to loan you.
As mentioned above there are differences in title loans based on
the state. All states do not offer title loans.
Title Loan Amounts
The amounts of title loans range from $100 to $50,000. This is
based on the borrower’s need and the value of the asset
(vehicle) used as security as well as the ability to repay. The
lender considers the auction value of the asset. After
calculating the value of the vehicle the borrower is normally
given the equivalent dollar amount of 30% to 50% of the value of
the asset.
Car Title Loans
Car title loans
are often called auto title loans, pink-slip loans or title pawns. This is a short term loan which has a high interest rate
and keeps the borrower’s vehicle title as collateral. The
borrower must have the title of the car or in other words be the
owner of the vehicle (although there are special cases in which
you can get an
equity title loan, a loan in which you haven't entirely payed off a previous
loan on the vehicle and get a title loan based on the equity you
have on your car). These loans are given for a short period of
time that you can decide with your lender. The time period is
usually no longer than 90 days.
Applying for a Car Title Loan
Car title lenders operate out of store fronts and online.
Whether you apply
in person
or online, the overall process is quick and easy. The applicants
are asked to give information about their vehicle such as the
make, model, color, VIN, mileage and your insurance information
and a photo ID. Often times, the applicant is required to
provide a set of duplicate keys to the car at the time of taking
out the loan. The company also has to inspect the car in order
to make sure it is in proper working order.
If a person is interested in getting a car title loan he should
consider the following matters.
-
Use resources: If a person is interested
in getting a car title loan he/she should do their research
about the different companies in their area that offer these
types of loans in order to gain a thorough understanding of
the loan process. After this make sure to check the interest
rates and payback periods with each company in order to select
the best fit for you.
-
Review the terms of the title loan: The
lender must give the terms of the loan in writing to the
applicant before you sign for the loan. The cost of the loan
must also be disclosed by the lender. Specifically, the
lending company should give the applicant the finance charge
(the total cost of the loan) and the APR (the cost of credit
on a yearly basis). Car title loans may also include charges
such as processing fees, document fees, late fees, loan
origination fees, title charges, and lien fees In addition to
the to the interest rate repayments. All of these things
should be considered by the applicant prior to the signing.
-
Keep an eye on the add-ons: In addition
to the basic cost of the loan there might be extra add-ons
which makes the overall payment amount of the loan increased
so make sure to double check everything and be wary of these
additional fees.
Advantages of Car Title Loans
-
The biggest advantage of car title loans is the speed of the
process. A car title loan can be completed within minutes on
the same day that you walk into a store. This time is usually
spent filling out paperwork and discussing the right loan
amount for your needs.
-
Since car title loans are given on the assumption of the
borrower is able to pay the loan and the interest back, these
type of loans can be taken by anybody as long as there’s a
vehicle which can be kept as a collateral the companies and
the individual has provided proof that they will be able to
pay back the loan.
-
The last benefit is that though the car title is kept as a
security for the loan, and can be still driven by the
borrower. This means that you get to keep your car and drive
it while you have the loan.
Paying Back the Loan
- A car title loan can be repaid by three methods:
- Online
- In Person
- An Automated Repayment System
Ten Cars That Would Get You a Really Good Title Loan
Thinking about getting a title loan on your vehicle? CASH 1
offers the best deals in the industry based on the full value of
your vehicle. Our professional and friendly loan officers will
answer all of your questions and make sure you have every bit of
information possible before offering cash loans, and remember; you get to keep the vehicle while you are
paying off the title loan.
Check out these supercars:
-
Ferrari Pininforina Sergio - From the
legendary Pininforina design shop comes this three million
dollar roadster, only six of which will be manufactured by the
end of 2017. This car’s body is all carbon fiber, has no
windshield, no roof and no windows. Best of all, it runs on
the Ferrari 458 Spider V-8 engine – one of the manufacturer’s
quickest and most powerful – which will have you eating up
even the most curvaceous of roads.
-
Koenigsegg Regera – We’ll get you a good
title loan deal on this 2 million dollar supercar. Check out
that mini-sunroof for those times when you just want to let
the fresh air in. Boasting a twin turbo V-8 gas combustion
engine paired with the patented Koenigsegg Direct Drive system
which uses an electric motor to boost the launch feature (that
means it will go much faster from a dead stop than a car with
similarly equipped engines). We’re not sure how that single
windshield wiper manages to cover that curved windshield but
we’re willing to overlook it if you are.
-
Aston Martin Valkyrie – Remember the
Aston Martin DB5? The DB7? The Vanquish? Aston Martin is the
preferred mode of transportation for James Bond. We think
he’ll want to trade in those models for this one (and maybe
get a title loan) after he gets a test drive. No specs on the
engine for this 2017 model year, but we’re betting the car has
some pep to it and can probably handle the curves, as well as
the international supervillians.
-
McLaren P1 LM – Meet the new king of the
Nuhrbergring; the test track where the fastest cars are put
through their paces. At nearly 4 million dollars, this sweet
ride has an automatically extending rear spoiler for those
times when velocity really starts to increase (CASH 1 always
recommends you drive your supercar – as well as your regular
car – responsibly). Breaking the record for the fastest lap
time previously held by the Bugatti Chiron, McLaren is once
more part of the elite division of cars you probably can’t
afford but could get a great title loan on. And speaking of
the Chiron:
-
Bugatti Chiron – With its distinctive
horseshoe grill and swooping air intake panels, this amazing
car clocks in at 212 miles per hour with a title loan snagging
two and a half million dollar price tag. The quad turbo W-16
engine might not save the most on gas, but it will get you
where you need to go in a hurry. That’s 1500 horsepower
cranking through the drive shaft and spinning those oversized
wheels, but we bet you don’t mind.
-
Ferrari LaFerrari Aperta – Whether
you’re cruising around with the top down or on your way to
collect your newly approved title loan, Ferrari’s 2 million
dollar electric supercar not only charges itself (not kidding)
but does so every time you let up on the accelerator. They’re
keeping secret about the technology required to accomplish
this, but one thing that’s not on the QT is the top speed of
217 miles per hour and the 0-60 time of less than two seconds;
a record for an electric vehicle. So not only do you save on
gas, help protect the environment, and get around town
quickly, you do it in style. We approve.
-
Maybach Exelero – Do you care about the
engine performance of the standard V-12 or the 4 million
dollar price tag? Of course you don’t, you’re cruising around
in one of the coolest looking cars ever to hit the road. A
concept vehicle back in 2015, the Exelero was greeted with
demand for a production model and is ready to drive this year.
Probably comes with an amazing sound system and leather seats
but again, who cares when your car looks like this?
-
Lamborghini Veneno – What’s the price
tag? It’s a Lamborghini. What are the specs on the engine
performance? It’s a Lamborghini. What kind of options of
innovative technology does it come with? It’s a Lamborghini.
Some automobile brands don’t have to answer questions, they
just ride on their reputation for being among the fastest,
coolest looking and best value for a title loan supercar on
the market. Do you want one? It’s a Lamborghini.
-
Lykan Hypersport – We’re not sure what
those kind of doors are even called, but we are sure Batman
calls this automobile “my other car”. At a mere three and a
half million dollar price tag and sporting a peppy 240 mile
per hour top speed, the Lykan was featured in the
7th ‘Fast and Furious’ film and collectors clamored for a
production model. They got it, and you can get a pretty sweet
deal on a title loan if you’ve got one.
-
Pagani Huayra BC – We’re not entirely
sure how to pronounce the car’s name. We’re also not entirely
sure it matters to the those who own one. Three million
dollars not only gets you a difficult to spell title, but a 6
liter twin turbo V-12 screamer that will bring you to the
doors of the title loan store in short order. The BC model,
and improvement over last year’s version, shaves almost 150
milliseconds off the shift gap thank to Pagani’s obsessive
fine tuning of the transmission. We bet you won’t even notice
the difference.
OK, we took the opportunity to have a little fun and look at
cars we’ll probably never get to own, but we’re definitely not
kidding when we say you will get the best possible title loan
for your vehicle. Come see us or click online to find out more information and again, please drive your
exotic car responsibly.
Joseph Priebe
Joseph Priebe takes pride in assisting audiences with his
articles to help them make sound financial decisions.
With over ten years of experience writing financial content
his goal at CASH 1 has always been creating engaging and
easy-to-digest information for anyone searching for
immediate or long-term monetary solutions.
When Joseph is not writing about personal finance, you can
find him photographing the Southwest United States with his
4x5 Graflex Crown Graphic camera. He is based in Phoenix,
Arizona.