Editor's choice: Max Cash Title Loans
- No bank account required
- No prepayment penalty
- Bad credit OK
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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.
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 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.
The application process varies depending on your lender and state, but you can generally expect to follow a version of these steps:
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:
From their lax credit requirements to their fast turnaround, here are some of the perks of motorcycle title loans:
Consider these potential drawbacks before taking out a motorcycle title loan:
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.
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