Applying for a traditional personal loan isn’t the only way to get the cash you need to make ends meet. If you own a motorcycle, you can use it as collateral to borrow money with a title loan instead.

Unlike traditional personal loans, title loans are usually processed quickly, so they’re ideal for people who need fast cash. It’s also easier to qualify for a title loan than it is to qualify for a traditional personal loan. Plus, you can keep riding your motorcycle while you make payments on your loan. In the meantime, the lender will either hold onto your title or put a lien on it until your loan has been completely paid off.

If you’ve never applied for cash loans for motorcycle titles, you may have a lot of questions about how they work. Do you qualify for a motorcycle title loan? How much will you be able to borrow by using your motorcycle as collateral? Here are the answers to some of the most frequently asked questions about cash loans for motorcycle titles:

Who is Eligible for Cash Loans for Motorcycle Titles?

The eligibility requirements for a motorcycle title loan are different from the eligibility requirements for a traditional personal loan. This means you could qualify for a motorcycle title loan even if you don’t qualify for a traditional personal loan due to your credit.

You may qualify for a motorcycle title loan if you meet these conditions:

• You are at least 18 years old.
• You own or partially own a motorcycle.
• You have equity in your motorcycle.
• You are willing to consent to a credit check.
• You have a reliable source of income.

Some title loan companies may have slightly different eligibility requirements. Because of this, it’s best to reach out to your title loan company to find out if you qualify.

What Will You Need to Apply for Cash Loans for Motorcycle Titles?

The application process for motorcycle title loans is simple and straightforward. During the process, the title loan company will ask you to submit a number of different documents. Be prepared to provide:

• The title to your motorcycle
• Your driver’s license
• Proof of income such as recent tax returns, bank statements, or pay stubs
• Proof of residence such as your driver’s license, a recent utility bill, lease agreement, or mortgage statement
• Proof of auto insurance

If you can’t find the title to your motorcycle, make sure you let your loan specialist know right away. They can walk you through the process of getting another copy from your state’s Department of Motor Vehicles (DMV). This will allow you to complete your title loan application submission as soon as possible.

Can You Get A Motorcycle Title Loan With Bad Credit?

You may need to meet a minimum credit score requirement to qualify for a traditional personal loan. However, title loans are not traditional personal loans, so the eligibility requirements are not the same.

You will need to consent to a credit check if you apply for a motorcycle title loan. This allows the title loan company to evaluate your creditworthiness. However, your credit is not the only factor that the title loan company will consider when determining your eligibility. Because a title loan is secured by collateral, other factors such as your vehicle’s value and your ability to repay the loan, will also be taken into consideration.

The bottom line is you don’t need perfect credit to qualify for a title loan. Title loan companies typically accept most credit types.

Can You Add A Co-Signer to Your Motorcycle Title Loan?

If you don’t qualify for a motorcycle title loan on your own, you have the option of adding a co-signer to your application. A co-signer is someone like a friend or family member who guarantees your debt. In other words, the person who co-signs your application agrees to repay your loan in the event you fail to do so. Even though their name is on the application, this person does not receive any of the money you are approved to borrow.

Adding a co-signer with good credit to your application can improve your chances of getting approved. It can also help you secure more favorable terms, including a lower interest rate.

If you have found someone to act as a co-signer, they simply need to sign a credit application and provide identification, proof of residence, and proof of income.

How Much Cash Can You Get By Using Your Motorcycle As Collateral?

You might be wondering how much you will be able to borrow by using your motorcycle as collateral for a title loan. Title loan amounts vary depending on:

• Your income: The title loan company will assess your income to determine how much you can afford to repay. These calculations will impact how much you are approved to borrow. 
• Your motorcycle’s resale value: Your motorcycle is used as collateral, so the title loan company must know how much it is worth before determining how much you can borrow. To calculate your motorcycle’s resale value, your lender will look at its make, model, year, condition, trim level, and mileage. You cannot borrow more than the value of your motorcycle.
• Your equity: Equity is defined as the difference between your motorcycle’s resale value and the remaining balance on your motorcycle loan. You must have equity in your motorcycle to qualify for a title loan, and you cannot borrow more than the value of your equity.
• Lender limitations: Many title loan companies have limits on how much they are willing to issue per motorcycle title loan. For example, some lenders will only issue up to $4,000 per motorcycle title loan.

Fortunately, it doesn’t take long to find out how much you can borrow. All you need to do is contact the title loan company and request a free quote. This way, you can quickly find out if you are approved and if so, how much cash you can get.

How Can You Apply for Cash Loans for Motorcycle Titles?

Now you should have the information you need to determine if a motorcycle title loan is right for you. If you’re ready to get fast cash, here’s what you need to do to apply for a motorcycle title loan from I Need Cash Now:

1. Contact us. To speak to a loan specialist, you can call 1-855-713-6522 or submit your information using the form on our website. If you submit an online form, a loan specialist will reach out to you as soon as possible to start the application.
2. Get a free quote. It only takes a few minutes to get a free quote from your loan specialist. All you need to do is answer some questions about your vehicle. Be prepared to tell your loan specialist your vehicle’s make, model, year, mileage, and condition.
3. Finalize your loan. Review the terms of your quote with your loan specialist. If you’re happy with your quote, finalize your loan by signing and submitting the required documentation.

Get your cash. Pick up your cash at one of our convenient locations. You can also arrange to have the cash sent to you via check or wire transfer if you prefer.