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Motorcycle title loans

What you need to know before putting your pink slip up as collateral on a short-term loan.

Title loans aren’t just limited to cars. Many title loan providers allow you to put other types of vehicle titles up for collateral, including motorcycles. These are similar to other title loans: You’ll get your money fast, but you’ll likely pay APRs well into the triple digits and risk losing your motorcycle.

How do motorcycle title loans work?

Motorcycle title loans work by using your motorcycle’s title as collateral for a short-term loan. You can typically borrow up to $10,000 depending on your state’s laws and the value of your motorcycle. Lenders also refer to these types of loans as motorcycle title pawns.

Like with other types of auto title loans, there are two main types of motorcycle title loans: single-payment loans and installment loans. Single-payment motorcycle title loans give you up to a month to repay your loan in full. Installment motorcycle title loans allow you to repay it over three to 12 months depending on where you live.

Motorcycle title loans are available to all credit types, and you don’t necessarily need a job to qualify. But they often come with APRs over 300% and can trigger a cycle of debt that can hurt your credit and personal finances. For this reason, many states regulate or outright ban title loans of all kinds.

How much is my motorcycle worth?

How much your motorcycle is worth depends on several factors, including the model, make, year, mileage and wear and tear.

You can use websites like Cycle Trader to get a rough estimate of how much your bike is worth. However, you’ll need to get it inspected by a professional to get an accurate number. Title lenders typically inspect your vehicle before approving your loan, so you can find out how much it’s worth when you apply.

Compare title loans near me

Choose your state of residence to view providers in your area. Sort by loan amount, turnaround time or requirements, or select the Go to site button for more information about a particular provider.

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Name Product Filter Values Loan amount Turnaround time Requirements
AutoTitleLoans.com Car Title Loans
AutoTitleLoans.com Car Title Loans
$500 to $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).
Quickly find a lender and potentially borrow up to $10,000 by using this auto title loan connection service.
LoanMart Car Title Loans
$2,500 to $50,000
1 business day
Resident of an eligible state, car title in your name, proof of income, valid state ID
A LoanMart auto title loan allows you to borrow money against your car, even if you have bad credit.
Finova Financial Auto Equity Loans
Finova Financial Auto Equity Loans
$750 to $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.
Short-term loans secured by your car title. Repayments accepted through MoneyGram if you don't have a bank account.
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Compare up to 4 providers

How do I apply for a motorcycle title loan?

The application process varies depending on your lender and state, but you can generally expect to follow a version of these steps:

Step 1: Get an estimate of how much your bike is worth.

A quick check online can give you a ballpark idea of how much your vehicle is worth and ultimately how much you’re able to borrow.

You usually can’t borrow against the full value of your vehicle, though most lenders don’t tell you what percentage you’re eligible for until after you apply.

Step 2: Compare lenders

Use our table as a starting point to find a lender near you that you qualify with. When comparing providers, double-check that the lender accepts motorcycle titles as collateral — not all do.

When comparing APRs, be sure to consider how long you have to pay it back — the longer the term, the more time there is for interest to add up.

Step 3: Start the application

Many title loan providers allow you to start your application by completing a quick form online. It typically asks you to provide your:

  • Name
  • Contact information
  • Motorcycle make and model
  • Motorcycle mileage
  • Motorcycle year

Some might also ask you to provide your Social Security number.

Step 4: Bring your motorcycle and documents to a location

While it’s possible to get a title loan online in some states, it’s far more common for title loan providers to ask you to stop by in person.

There, you can submit your documents, have your vehicle inspected by an expert, sign your loan papers and get your cash. Typically, this step can take around 30 minutes if you don’t have to wait in line. [/fin_accordion]

Step 5: Drive away with your funds — on your motorcycle

Since your motorcycle title is used as collateral — not the vehicle itself — you can still drive your bike once you get your loan.

Can I qualify?

Title loans, like other short-term loans, are usually easier to qualify for than a traditional personal loan. However, you generally still need to meet a few requirements:

  • Have a lien-free motorcycle title. You can’t currently have any loans that use your motorcycle title as collateral.
  • Have a regular income. You don’t need to be employed to get a title loan, but you need money coming in from another source like government benefits or a pension.
  • Be the age of majority. You must be over 18 in most states to get a motorcycle title loan, though Alabama requires borrowers to be at least 19 and Mississippi 21.
  • Have proof of residence. Some lenders might ask to see a copy of a utility bill, mortgage or lease agreement that shows you live in the state where you’re applying for a loan.

Benefits of motorcycle title loans

From their lax credit requirements to their fast turnaround, here are some of the perks of motorcycle title loans:

  • Fast funding. Typically you can get your title loan in as little as 30 minutes if you apply in person.
  • Lower APR than other short-term loans. While still costly, title loans typically are less expensive than payday or installment loans.
  • Won’t lose your car. If you rely on your car more, with a motorcycle title loan you won’t risk losing your main form of transportation.
  • Cash loan options. You might not need a bank account to get a motorcycle title loan.
  • All credit types accepted. Good credit is not required to qualify for a motorcycle title loan.
  • No job necessary. As long as you have proof of income from government benefits, a pension, alimony or anywhere else, you might qualify for a title loan.

What to watch out for

Consider these potential drawbacks before taking out a motorcycle title loan:

  • They’re expensive. Motorcycle title loans typically have APRs in the ballpark of 300%.
  • Could get trapped in a cycle of debt. Most single-payment title loan borrowers have to renew their loan at least once, doubling up on interest and fees and potentially getting caught in a cycle of debt.
  • Risk losing your motorcycle. If you can’t pay off your loan, your lender can repossess your motorcycle to cover what you owe.
  • Not available in all states. Title loans aren’t legal in all states, so this option might not be available to you. Other states regulate title loan providers. To avoid predatory lenders, read up on your state’s laws before you apply.
  • Application takes time. Unlike with other short-term loan options, you usually can’t complete the full application online. And even if you can, you’ll have to upload photos of your bike and documents, which can be time consuming.

Bottom line

Motorcycle title loans are a fast way to get cash at a slightly lower rate than other short-term loan options. And if you have a car, you don’t risk losing your main source of transportation. However, all title loans are still expensive.

Before you apply, consider your short-term loan alternatives

Frequently asked questions

Can I get a loan with a car title?

Yes, you can get a title loan using your car as collateral. Like with a motorcycle title loan, you can still drive your car around while you’re paying it back.

Can I get a title loan without proof of income?

It’s technically possible to find a title loan when you have no income, but it’s difficult. While you don’t need to be employed to get a title loan, you generally need to have a regular source of money coming in. This can be from retirement or unemployment benefits, disability, child support or anything else you can provide documentation of.

Do I need a bank account to get a motorcycle title loan?

Not necessarily, though some lenders might require you to provide bank account details as proof of income. Lenders that do accept borrowers without a bank account don’t always advertise it, so you might want to call in advance before starting the application.

You can learn about your other options by visiting our guide to loans when you don’t have a bank account.
Image source: Shutterstock

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