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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

Name Product Filter Values Loan amount Turnaround time Requirements
Max Cash Title Loans
Up to $50,000
Same business day to 1 business days
Must be a US citizen or permanent resident, 18 or older with a regular source of income.
With a quick online application, Max Cash could help connect you with a lender, finding you options in minutes. 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
$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.

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:

  • 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 or check out our guide to title loans to learn more about how they work.

    Frequently asked questions

    Image source: Shutterstock

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