How to Borrow Money Against a Car

Can I Borrow Money Against a Car?

Yes, you can potentially borrow money against the value of your car through a secured type of loan called an auto title loan. An auto title loan, otherwise known as a car title loan or an auto equity loan, can allow you to typically access up to 50% of your vehicle’s value if you are able to pledge your car title as collateral for the loan.^{1 2 5}

However, in order to apply for a title loan, you will need to meet the lender’s application requirements. Additionally, you must provide a few documents to verify your ownership of the vehicle and your information. Do you have any questions about the application process for title loans? Give Max Cash Title Loans a call today at 855-561-5626!⁵

Our title loan officers can walk you through the application process 7 days a week. We work hard to connect qualified individuals to title loans!⁵

Will My Car Qualify for a Title Loan?

It depends. In order to qualify as collateral for a title loan, your vehicle must have a qualifying amount of equity, meaning that your car has value. Some of the factors about your vehicle that affect its value are:

1. The Number of Miles on Your Car’s Odometer Reading. (Usually located on the Dashboard or on a Sticker on the Driver’s Side Door)
2. The Model Year of Your Vehicle. (AKA its Age)
3. Current Condition. (The Better the Condition, the More Value Your Car Has)

Although it can be difficult to figure out the current value of your vehicle on your own, you can use car valuation sites like Kelley Blue Book or NADA guides to obtain an estimate of its market value.

You can also search online marketplaces that sell cars, such as Autotrader or CarFax, and look for similar prices of vehicles in your area. That is important because your location and the market demand for your vehicle will also affect its value! Or, you can give Max Cash Title Loans a call at 855-561-5626 to learn more about the value of your vehicle. You can also apply for a car title loan online or over the phone.⁵

What Do I Need to Borrow Money Against the Value of My Car?

Looking to borrow money against the value of your car? Although every lender is different and has different application criteria, you can expect to need a couple of documents on hand during your application.

Whether you are applying for a title loan online or in person, you must be able to prove ownership of your vehicle, your identity, and your income.⁵

Here is a list of the correct paperwork you must have to apply for a title loan and borrow money against the value of your car:

1. Car Title: Since car title loans are secured loans, the title must be in your name in order for you to borrow against your car’s value and use its title as collateral for the loan. If the title is not in your name, you can apply for a title transfer at your local Department of Motor Vehicles if you are the rightful owner of the car.
2. Proof of Income: Bank statements, disability award letters, pay stubs, and other qualifying documents could be used to prove your income.⁵

Other Documents You May Need:

1. Proof of Address: You can use recent utility bills or credit card statements to prove your address, but other documents (like pieces of official mail) can be accepted.
2. Pictures of Your Car: If you are applying for a title loan online, you may be required to upload a few pictures of your car to verify its current condition. If you are applying for a title loan in person, you must undergo a vehicle inspection at a storefront location with a title loan agent. They will assess the value of your vehicle as well as its overall condition.
3. Verification of Identity: You will be asked to submit a valid, government-issued photo identification card during your application. This card is used to verify your age and identity.

Do you have any questions about the documents you will need to borrow money against your vehicle?⁵ We’ve got answers! Visit our FAQ page or give us a call at 855-561-5626 today.

Will I Lose My Car if I Qualify for a Title Loan?

No, not necessarily. As long as you are current with your payments and avoid defaulting on your title loan, it’s business as usual! You can continue to drive your car while you pay off your title loan.^{4 5}

Can I Borrow Money Against a Car if I Have Bad Credit?

Many individuals find themselves in need of extra cash at some point in their lives. Whether it’s unexpected expenses, debt consolidation, or making a large purchase, borrowing money through car title loans can be an option worth considering.

Car title loans allow qualified individuals to borrow money against the value of their cars. These loans are typically more accessible to borrowers with low credit scores, making them an attractive option for those who may not qualify for traditional bank loans. For individuals with bad credit, borrowing money against a car can be a viable solution. 

Title loans are secured by the borrower pledging a vehicle in order to guarantee the loan. Your credit score is considered by most title lenders if you choose to apply for a title loan. But, your score may not prevent you from obtaining loan approval. However, that is not the case for everyone!⁵

Why Work With Max Cash Title Loans?

Whether you need emergency cash to get by this month or some extra money for a rainy day, a title loan can be a helpful resource to consider. With Max Cash Title Loans, you can expect to take advantage of these benefits:

• Apply Conveniently Online or Over the Phone
• Bad Credit Isn’t Always an Issue⁵
• Our Team is Compassionate and Knowledgeable
• Access Same Day Pre-approval^{2 5}

Ready to apply for a title loan and find out if you can borrow against the value of your car? Click here to apply, or call us at 855-561-5626 today!⁵