How To Get A Same Day Motorcycle Title Loan
Most people know they can use a car as collateral for a loan but did you know you can also access fast cash with a motorcycle title loan? This type of loan is secured to the equity in your motorcycle. You will be able to keep riding the bike during the entirety of the loan and you don’t need good credit to qualify for funding!
The process to get cash from a motorcycle title pawn is easy and can be done in less than 24 hours. The team at Highway Title Loans is here to help you get money by using your motorcycle as collateral.
How Do I Access A Motorcycle Title Loan
You bring in your valid motorcycle title (or registration if it’s easier), fill out some paperwork, and submit an application. We’ll perform a quick check on the owner (if there’s anyone else listed on the ownership papers) to make sure there are no liens or other loans still attached to the title. The main requirement for this type of loan will always be the title, as long as you have that and it’s paid off you should be in good shape.
Some title loan companies may also ask for a valid motorcycle insurance policy and proof that shows you make enough money to handle the expected monthly payment for your loan. This type of proof can be in the form of a paycheck stub or information from your employer that shows you make a certain amount of money each month.
How Much Can I Borrow With A Title Loan On A Motorcycle?
The amount you can borrow with a bike title loan is based on the current value of your bike. Most lenders have done extensive research into the going rates for motorcycles, and they will use that information to determine how much you can. While the amount of cash available with motorcycle title loans will be less than a typical car title loan, you can still expect loan amounts that range from $1,500 to $3,000 in most approved states. It’s also important to note if you own a bike worth less than $1,000 it’s not really feasible to complete the transaction because there just won’t be enough equity in your bike to make it worth our time or risk – so keep that in mind as you’re hunting for a lender.
Motorbike Title Loans With Bad Credit – Are They Possible?
Sometimes people that don’t have a lot of experience with vehicle title loans may assume that you need good credit to get cash with an emergency loan. In most states, this is the case, but the reality is you can still access fast cash even if your score isn’t so great. If your score is between 500 and 700 you may still be able to qualify for a motorcycle title loan, depending on which state you live in.
When it comes down to it this type of loan is going to require a little bit of planning – if your score falls into that middle range then there’s an excellent chance we can work something out for you. All you have to do is come in and discuss your situation with us. Specifically how much cash you’re looking to borrow and what your financial situation looks like. Don’t worry if you have bad credit as most people can still qualify for motorcycle title loans with a questionable credit history.
Interest Rates To Expect With Motorcycle Title Loans
There are a few different factors that are taken into account when you’re looking at the interest rates to expect with motorcycle title loans. These factors can include the state where you live, how much you want to borrow, and what your credit history is. While these three things are important, the most important thing to look at with your expected interest rate is the equity in your bike.
Similar to car title loans, anyone who wants to get a title loan on their motorbike should realistically expect a high interest rate or APR. That’s because these loans are designed for people with bad credit and if you have decent credit you may simply be better off applying for a personal loan. Interest rates on motorcycle title loans can stretch well over 100%, and that’s why it’s ideal to pay off your loan early. Find a title loan company that allows you to make early payments as a way to pay down your total amount owed.
Where To Apply For Motorcycle Title Loans – Online Or In Person?
When it comes to finding a good lender, you have options. The first option is to start with an online lender such as Highway Title Loans. There are hundreds of companies that offer online title loans, vehicle equity loans, and rebuilt title loans, and many of those companies also fund motorcycle title loans. These lenders operate over the internet only and they will approve your application through email or text messaging. This might be a great choice if you’re looking for convenience and speed – but not necessarily the best choice if you want personalized service from a local business that’s been around for decades.
The second option is to head down to your nearby office location where you’ll complete the transaction face to face with representatives who can help guide you through every step of the process. Applying for a motorcycle title loan in person has other benefits as well. You can complete the bike inspection at the same time and you may be able to get cash the same day you get approved! Whichever method you choose to apply, we’re confident that Highway Title Loans will help you to get the best rates and terms for your motorcycle title loan!