How much can I get on a title loan? | finder.com
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How much can I get on a title loan?

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The answer isn’t as cut and dry as you might think.

When it comes to title loans, how much you can borrow doesn’t just depend on your credit score and income. How much your vehicle is worth and the state you live in also come into play. But even if you’re eligible for a lender’s maximum loan amount, borrowing more than you need can lead to an even more expensive loan.
Max Cash Title Loans

Our top pick: Max Cash Title Loans

With a quick online application, Max Cash could help connect you with a lender, finding you options in minutes.

  • Max. Loan Amount: $50,000
  • Loan Term: Varies by lender
  • Turnaround Time: As little as 1 business day
  • No bank account requirement.
  • Not available in 10 states: CO, HI, MD, MT, NE, NY, OH, SD, WA or WV.

    How much can I get for a title loan?

    How much you can borrow depends on three factors: your lender, your state and the value of your vehicle.

    How much lenders offer for title loans

    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.

    Compare how much top lenders offer for title loans
    LenderHow much you can borrow
    Max CashUp to $50,000
    LoanMart$1,000 to $50,000
    AutoTitleLoans.com$500 to $10,000
    LoanMax$100 to $10,000Read review
    TitleMax$2,600 to $10,000Read review
    PrestoStarting at $1,000Read review

    Compare more title loan providers

    State restrictions on title loan amounts

    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.

    Loan-to-value ratio

    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.

    Compare title loan providers today

    Rates last updated February 22nd, 2019
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Max. Loan Amount Turnaround Time Requirements
    Max Cash Title Loans
    With a quick online application, Max Cash could help connect you with a lender, finding you options in minutes.
    $50,000
    As little as 1 business day
    Must be a US citizen or permanent resident, 18 or older with a regular source of income.
    AutoTitleLoans.com Car Title Loans
    Quickly find a lender and potentially borrow up to $10,000 by using this auto title loan connection service.
    $10,000
    Varies by lender
    Have a regular source of income, not be involved in any bankruptcy proceedings, be a US citizen or permanent residence, be at least 18 years old (varies by state).
    LoanMart Car Title Loans
    A LoanMart auto title loan allows you to borrow money against your car, even if you have bad credit.
    $50,000
    1 business day
    Must live in AL, AZ, IL, MO, NM, SC or UT. Must have verifiable income, car value of at least $1,500 and a vehicle that is paid-off or close to being paid-off.
    Finova Financial Auto Equity Loans
    Short-term loans secured by your car title. Repayments accepted through MoneyGram if you don't have a bank account.
    $5,000
    as little as one business day
    Must live in AZ, CA, FL, NM, SC or TN. Must own your car outright, have a valid car insurance policy and be a US citizen or permanent resident.
    TitleMax Auto Title Loans
    Auto title loans on cars and motorcycles to people in 16 states across the US.
    $10,000
    as little as 30 minutes
    Must have a lien-free vehicle title, government-issued ID, and be age of majority in your state.

    Compare up to 4 providers

    How much does a title loan cost?

    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 loan alternatives

    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.

    Alternatives between $100 and $500

    • Payday loans. These small-dollar loans work a lot like a single-payment title loan but don’t require collateral. However, they tend to come with APRs that can easily top 700%.
    • Payday alternative loans (PALs). Some federal credit unions offer low-interest short-term loans as an affordable alternative to payday loans. But it’s not as fast as a payday or title loan, and you need to be a member for at least a month to qualify.
    • Credit card cash advance. If you already have a credit card and need money today, withdrawing funds using a credit card gives you money as soon as you can find an ATM. And it typically comes with a lower APR than a title loan.

    Alternatives between $500 and $10,000

    • Installment loans. These loans are similar to title loans in that they have longer repayment terms, but you don’t have to put your car up for collateral. But like payday loans, these tend to be slightly more expensive than title loans.
    • Friends and family. Though it can be difficult to ask, your friends and family might be willing to help you out. You can even use a service like LoanWell to draw up a legally binding contract.

    Bottom line

    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.

    Frequently asked questions

    Anna Serio

    Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.

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