July 10, 2024
A motorcycle title loan, sometimes also called a motorcycle title pawn, lets you use your motorcycle as collateral to take out a loan quickly and get cash, sometimes even on the same business day. You give the lender the title to your motorcycle as a promise that you will pay back the loan, and you get a fast loan in exchange.
You then pay back the loan with interest, and when you are finished paying off the loan, you get your motorcycle title back. If you don’t repay the loan according to the agreed-upon terms, then your motorcycle can be repossessed.
Key Takeaways
- You can use your motorcycle title as collateral to get a same-day car title loan, providing you with quick cash.
- Motorcycle title pawns don’t require good credit, making them a good alternative to a bank loan.
- Motorcycle title loans come with high interest rates because they are given to individuals with bad credit.
- Motorcycle title loans come with the risk of repossession of the motorcycle if you do not repay the loan.
How Do I Get a Motorcycle Title Loan Online?
The motorcycle title loan online process is simple and straightforward and let you get the money on the same business day you apply.
- Apply Online: Fill out our online request form to start your motorcycle title loan application.
- Submit Documents: Provide us with all necessary documents to showcase your current financial situation.
- Get Your Loan: Accept the terms, send in your motorcycle title, and receive your money.
Start the quick and easy application process today by applying online to find out how much cash you can get from your motorcycle title loan with no obligations.
How Do Motorcycle Title Loans Work?
Obtaining a motorcycle title loan means using your motorcycle title as collateral. Despite this, you can continue to ride your motorcycle while making monthly payments. Qualifying for a motorcycle loan is straightforward if you have a lien-free, fully paid-off title.
The lender provides you with cash based on your bike’s equity, similar to pawning a valuable item like a watch or a car. You keep your bike and, once you repay the loan with interest, you get your title back. However, it’s important to borrow responsibly, as defaulting on the loan can result in the repossession of your motorcycle.
Benefits of a Motorcycle Title Loan
Using your motorcycle as collateral for a title loan offers several notable benefits, including:
- Borrow up to $50,000
- Same-day loan approval in some cases
- Continue riding your motorcycle while repaying the loan
- No prepayment penalties for early repayment
- Approval possible even with bad credit
- Simple and efficient application loan process
- No hidden fees
What Do I Need to Get a Motorcycle Title Loan?
Getting a motorcycle title loan is simple and quick. You only need to provide:
- A motorcycle title in your name
- Proof that you have some form of income
- Some form of valid ID
You Might Also Need to Provide:
- Photos of the motorcycle
- Proof of motorcycle insurance
- Proof of residence
Frequently Asked Questions
What is the Minimum Credit Score for a Motorcycle Loan?
There is no minimum credit score for a motorcycle loan. You can be approved even if you have no credit. As long as you have a lien-free motorcycle title in your name with some equity, your approval odds are good.
How Do Title Loans Work in Arizona?
In Arizona, title loans involve using your vehicle’s title as collateral. You can apply online or in person, and the lender will assess your vehicle’s value. If approved, you receive the loan amount, and a lien is placed on your title. After repaying the loan, the lien is lifted, and you regain full ownership of your vehicle’s title.
What Is the Cheapest Title Loan?
The cheapest loan would be around $100, but most of our clients tend to receive between $500 and $50,000.
Is It Smart to Use Your Vehicle as Collateral?
Using your vehicle as collateral can be smart if you need cash quickly and are confident in your ability to repay the loan. However, it carries the risk of losing your vehicle if you default on the loan, so it’s important to consider your financial situation and explore all options before proceeding.
Kim Bardon
Kim Bardon writes for Swift Title Loans and is an expert in personal finance and loan industry.
