Editor's choice: Max Cash Title Loans
- No bank account required
- No prepayment penalty
- Bad credit OK
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How much you can borrow depends on three factors: your lender, your state and the value of your vehicle.
Every lender has their own minimum and maximum loan amount when it comes to title loans. They can start as low as $100 and run as high as $50,000. However, it’s more common to see car title loans from $1,000 to $10,000. Lenders that specialize in truck title loans might offer larger amounts.
|Lender||How much you can borrow|
|Max Cash||Up to $50,000|
|LoanMart||$1,000 to $50,000|
|AutoTitleLoans.com||$500 to $10,000|
|LoanMax||$100 to $10,000||Read review|
|TitleMax||$2,600 to $10,000||Read review|
|Presto||Starting at $1,000||Read review|
Some states that regulate title loans have limits to how much you can borrow, which can affect the minimum and maximum amount your lender offers. For example, Illinois caps title loans at $4,000, while Mississippi limits title loans to $2,500.
Other states might not limit how much you can borrow but have laws that cap interest rates on certain loan amounts. Until recently, California didn’t have a maximum interest rate on loans over $2,500, so some lenders might still only offer title loans above that amount.
The main factor that affects how much you’re able to borrow is the value of your vehicle. Most title loan providers allow you to borrow up to a percentage of your vehicle’s resale value, known as the loan-to-value ratio (LTV). You can typically get an LTV of 50% to 85%, though some lenders go as low as 20% and as high as 120%. Not all lenders advertise the LTVs they offer, so you might need to reach out.
This percentage is based on your vehicle’s current resale value, not the amount you originally paid. You can get a rough estimate of the resale value by using an online service to get an idea of how much you might be eligible to borrow.
When you take out your loan, the lender either inspects the vehicle itself or has you take it to an approved inspection center for an official valuation.
How much your title loan costs also depends on your lender and state. With single-payment title loans, which are usually due in full within 30 days, you often pay a fixed fee rather than interest. With installment title loans — which you typically repay over three months to three years — you pay interest plus fees.
The easiest way to assess the loan’s cost is by looking at its APR, which is an expression of how much you’d pay in interest and fees over one year as a percentage. Title loan APRs are typically around 300% or higher for single-payment loans. Installment loans might have lower APRs, but with the long loan terms, you could actually end up paying more.
Title loans are a high-cost type of financing and come with several risks, including losing your car or getting trapped in a cycle of debt. If you often need small-dollar loans, consider looking into local resources that can help cut back on basic expenses.
While your lender and state set limits to how much you can borrow with a title loan, the value of your vehicle is really what determines what you’re eligible for. That’s why using an online service to get an estimate of its value can make it easier to find a lender that can meet your needs.
Read our comprehensive guide to learn more about how title loans work.
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