Editor's choice: Max Cash Title Loans
- No bank account required
- No prepayment penalty
- Bad credit OK
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Using your truck’s title as collateral could get you more money than a car — they’re typically more valuable. But larger short-term loans can be difficult to repay — especially with APRs easily topping 300%. And you risk losing your truck if you default.
Truck title loans work a lot like any other type of title loan: You take out a short-term loan using your truck’s title as collateral. This means you can continue to drive your truck while you’re paying it off.
You can typically borrow between $100 and $50,000, depending on the resale value of your vehicle. Truck loans can be larger than your typical car title loan, so you may have longer to pay it back than other title loans, sometimes up to three years.
While you could get a loan secured by your pickup from any car title loan company, not all offer loans backed by titles for semis or other commercial trucks. If you’re looking for financing secured by a commercial vehicle, you might want to look into lenders that specialize in this. Some also allow you to back your loan with other heavy equipment.
With most truck title loan providers, you can get started on your application online or over the phone. But you typically need to bring your vehicle in for an inspection along with your title and other documents before you can get your funds. You can get started on your search by comparing lenders in the table above.
Once you submit your online application, a representative typically reaches out to you with instructions for how to proceed and which documents to bring. Typically, it takes around 30 minutes to get your funds once you get to the lender’s storefront.
You don’t need to have good credit to get a title loan — or sometimes even a job. And while requirements vary depending on your lender and state, you typically need to meet the following criteria:
How much your truck is worth depends on several factors, including its model, make, mileage and the general physical shape it’s in.
You can get a ballpark range of what your truck might be worth by checking its vehicle identification number (VIN) or using an online tool like those offered by Trucks.com. These services aren’t always free and can set you back around $25 to $40.
A rough estimate can give you an idea of how much you’re eligible to borrow. However, you won’t know for sure until the lender conducts its own vehicle inspection.
From fast funding to lenient credit requirements, here are a few perks of truck title loans:
Consider these potential drawbacks before taking out a truck title loan:
A truck title loan is a quick way to borrow an even larger amount than you can with a standard auto title loan. But should you default, you risk losing your livelihood if you rely on your truck for work. If that’s the case, consider alternatives or using another vehicle’s title to back your loan instead.
To learn more about how title loans work in general, check out our guide.
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