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Vehicle Title Loans Near Me: How Much Can I Borrow?

Vehicle Title Loans Near Me

Events such as car accidents, medical emergencies, or the loss of a job can put a strain on your finances. There’s no way to predict when unexpected expenses will arise, but there is a way to quickly get the cash you need to cover them when they do. If you’re in need of fast cash, applying for a vehicle title loan might be the solution.

A vehicle title loan is a secured loan that uses the title to your vehicle as collateral. You can keep your car while you make payments on your loan. Since your car is used as collateral, your lender will either hold onto the title or put a lien on it until your loan has been repaid.

These loans are ideal for people who need cash fast because they are processed quickly. But before you start searching for “vehicle title loans near me,” it’s important to understand how much you will be able to borrow if you are approved. 

How Much Can I Get With A Vehicle Title Loan?

Title loan amounts are determined on a case-by-case basis. Your lender will consider several different factors when determining how much you can borrow with a title loan, including:

  • Vehicle’s Resale Value
  • Equity
  • Ability to Repay
  • Local Laws

Vehicle Title Loans Near Me

Vehicle’s Resale Value

The title to your vehicle is used as collateral for a title loan, which is why it is so important for the lender to know how much your vehicle is worth. During the application process, your lender will need to inspect your vehicle to calculate its resale value. Lenders consider the vehicle’s make, model, year, mileage, condition, and trim level when calculating its resale value.

Your vehicle’s resale value will impact how much you are approved to borrow with a title loan. You cannot borrow more than your vehicle is worth. In fact, most lenders will only allow you to borrow up to a certain percentage of your vehicle’s resale value.

If you want to find out how much your vehicle is worth, you can either contact your lender directly or use Kelley Blue Book’s free online valuation tool.


Another factor that will play a role in determining how much you can borrow is your equity in your vehicle. Equity is the portion of your vehicle that you own. To calculate your equity, you must subtract the amount you owe on your vehicle from your vehicle’s resale value. Your lender will typically allow you to borrow up to a certain percentage of the value of your equity.

For example, say your vehicle is worth $12,000 and you still owe $3,000 on it. This means you have $9,000 in equity. If you stop making payments on your title loan, your lender will be able to recoup $9,000 by taking possession of your vehicle. For this reason, your lender will not allow you to borrow more than $9,000.

Equity can be both positive and negative. If you owe more than your vehicle is worth, this means you have negative equity. You are not eligible for a title loan if you have negative equity in your vehicle.

Ability to Repay

Your title lender does not want you to borrow more than you can afford to repay, which is why they will consider your ability to repay when determining how much you can borrow.

To evaluate your ability to repay your title loan, your lender will need to see some form of proof of income. You will be required to submit pay stubs, tax documents, bank statements, or other documentation that serves as proof of income when applying for a title loan.

Your lender will accept proof of any reliable source of income, regardless of whether it comes from a job or not. For example, if you are unemployed, you may still qualify for a title loan if you can provide proof of another form of income such as retirement or veterans’ benefits.

Vehicle Title Loans Near Me

Local Laws

There are also local laws that can impact how much you are approved to borrow with a title loan. A number of states, including Idaho, Illinois, New Hampshire, New Mexico, and Tennessee, have laws that establish minimum and/or maximum title loan amounts.

In Tennessee, for example, the maximum title loan amount is only $2,500. This means you cannot borrow more than $2,500 from a title lender in Tennessee regardless of how much your vehicle is worth or your ability to repay a larger loan.

The maximum title loan amount in New Hampshire is $10,000, whereas in Wisconsin, it is 50% of the value of the vehicle up to $25,000.

If you aren’t sure whether your state has these minimum and maximum title loan amount laws, feel free to contact your lender to find out. 

Can I Add A Co-Signer to My Title Loan?

If you are applying for a title loan, you have the option of adding a co-signer to your application. A co-signer is a close colleague, family member, or friend who agrees to pay back your loan in the event you don’t. In other words, both you and your co-signer will be financially responsible for repaying your title loan even though you are the only one who is borrowing money.

Adding a co-signer to your loan may improve your chances of getting approved or help you secure a lower interest rate.

Your co-signer will need to fill out an application and provide proof of identification, residence, and income to your lender. Your co-signer also needs to consent to a credit check as part of the application process. 

What Can I Spend My Title Loan Money On?

There’s nothing in the fine print of a title loan agreement that restricts how you can spend the money you borrow. Many people borrow money with vehicle title loans to cover the costs of:

  • Rent
  • Mortgage payments
  • Utilities
  • Groceries
  • Last-minute travel plans
  • Weddings or other major life events
  • Credit card debt
  • Medical emergencies
  • Home repairs to fix broken appliances, leaky roofs, or other issues
  • Car repairs
  • Funerals
  • Living expenses after the loss of a job, divorce, or other change in financial circumstances

You can decide how you want to spend the money you borrow with a title loan. The freedom to spend your borrowed money on whatever you want is one of the many advantages of taking out a title loan.

Vehicle Title Loans Near Me

How Can I Find Out How Much I Am Approved to Borrow?

It’s important to find out if you will be able to borrow enough with a title loan to cover your unexpected expenses. Fortunately, it only takes a few minutes to get the answer you’re looking for.

Contact your lender by phone, online, or in-person. Be prepared to provide some basic information about your vehicle and income during this conversation. Your lender should be able to tell you how much you will be able to borrow based on the information you provide. Then, you can decide if a vehicle title loan is right for you.

Get a free quote from I Need Cash Now by calling 1-877-512-3889 or filling out the form on our website. It only takes a few minutes to find out if you are approved and if so, how much you can borrow.