Title Loans On A Motorcycle
Apply now with Express Car Title Loans to get a same day loan on your motorcycle. You don't need good credit and customers can qualify for a loan up to $10,000!
Get A Title Loan On A Motorcycle – How it Works
At Express Title Loans we know it can be challenging to borrow cash when you have poor credit. Most personal loan lenders won’t even take your application and those that do take days or weeks to approved your loan. It may seem there’s no way to get a loan, but lucky for you, there’s a way to get cash by tapping into the equity from your motorcycle.
A title loan on a motorcycle can be a great way to borrow upwards of $10,000 and you don’t need an excellent credit score to get approved. The equity from your motorbike is the collateral for the loan and you’ll end up paying off that loan over a period of 16 to 48 months. The best part is, you don’t need to give up riding your motorbike after you get the cash. Instead, the title to your bike is used as collateral and you can continue riding the bike as normal. Let’s get into the main requirements, loan details, and after that you can get started with the Express Car Title Loans online application or call us at 888-864-7180.
Requirements For A Motorcycle Title Loan
- Clear Title: Similar to a car title loan, a motorcycle must be titled in your name and completely paid off. It can’t have any cosigners or lienholders and you need a physical copy of the title. Your lender will be added as the primary lienholder and they have first rights to the motorcycle if you default on the payments.
- Valid Identification: We need to know who you are and that means you must provide a valid drivers license or state issued identification card. Besides valid identification, we may also need proof of residency in the form of a lease agreement or utility bill.
- Proof Of Income: How much do you make each month? Provide income verification in the form of employment records or bank statements so we can determine your monthly payment and estimated loan amount.
- Motorcycle Insurance & Registration: Does your motorcycle have comprehensive insurance coverage and valid registration in your state? We need proof with valid insurance and registration documents before we can approve a title loan on a motorcycle.
Loan Amounts And Interest Rates For A Title Loan On A Motorcycle
Loan amounts and interest rates for a motorcycle title loan depend on the state you live in, your bikes resale value, and your individual lending profile. On average you can expect a loan amount of $500 to $10,000 on a motorcycle. These amounts are lower than a typical car title loan, but that’s because motorcycles typically have lower resale values. Some high value Harley Davidson, BMW, and Kawasaki bikes can lead to loan amounts of $10,000 or more, but these higher loan offers are uncommon. Most customers who apply for a motorcycle title loan with Express have bikes valued at $4,000 or less and you can typically borrow 35% to 55% of the bikes equity as collateral.
The interest rates for a title loan on a motorcycle again depend on the same factors that determine your loan amount. But on average, you can expect an interest rate that ranges from 25% to 100% or more. States offering title loans in California and New Mexico have limits on the interest rates for any title loan offered between $2,500 and $10,000 and that means you can typically expect an APR of around 36% in those states. Other states, such as Florida and Texas have very few regulations when it comes to interest rates, so shop around for the best lending offer and only borrow what you need!
Factors Affecting Eligibility For A Motorcycle Title Loan
There’s a lot that goes into underwriting your motorcycle title loan and lucky for you, Express Car Title Loans has offered these loans for years and we know what you need to not only get approved quickly, but also get the best lending terms. When you first apply with us, we’ll determine the bikes current value that’s based on it’s year, make, model and current condition. Some sport bikes like Honda and Kawasaki are only worth a few thousand dollars, while other cruisers like Harley Davidson and Indian are worth much more. The bottom line, you should have little trouble getting approved for a title loan on your motorcycle with any newer sport bike, cruiser, scooter or off road bike, that’s year 2014 or newer with less than 80,000 miles.
A motorcycle title loan can be approved and funded quickly as we only need to check a few documents but there’s still a good chance you’ll need to have the bike inspected to confirm the VIN, odometer reading, and check for any damage or mechanical problems. If your bike checks out, you’ll then sign your contract, and if you applied before 2pm PST in CA, you may get your cash that same day through direct deposit or ACH!
How To Apply With Express Car Title Loans
Express Car Title Loans has helped thousands of customers get cash for their motorcycles and it doesn’t matter if you apply online, in person or at any of our offices in California. We’ll take your information, get you an initial estimate and quote, and after that you should be well on your way to getting a fast cash motorcycle title loan. Apply now online or call 888-864-7180 for more information!