HELP CENTER
Title Loans FAQs
A Title Loan is a loan that allows you to borrow cash using your car, motorcycle, or other accepted automobile as collateral. Loan amounts vary based on the vehicle’s value, condition and other factors.
Title Loan requirements may vary by location, but you can start your Title Loan application with the following items:
● Valid ID (Must meet minimum age requirements)
● Proof of income
● Proof of address (Bill or bank statement from last 30 days)
● Clear title or proof of 1st lien
● Vehicle in driving condition
● Proof of vehicle insurance
Many turn to a Title Loan when a Payday Loan doesn’t offer enough cash for their emergency situation, as Title Loans typically provide more cash.
Factors that dictate how much you can receive with a Title Loan include:
The lender you apply with
State laws surrounding Title Loans
The condition of your vehicle
The value of your vehicle
Contact your local Speedy Cash to find out if Title Loans are available near you, and what the maximum loan amounts are.
No. Even though the lender becomes the lien holder, your vehicle remains in your possession, and you can still use your vehicle while you repay your loan. Once you pay the loan in full, the lien is released. As long as you make your payments on time, you’ll be the owner of the vehicle.
We recognize the difficulties that go along with bad credit and make an attempt to serve all Customers the best we can. You may qualify for a Title Loan despite having bad credit depending on your income and ability to repay the loan.
Absolutely. In fact, it’s within your best interest to do so. Paying more than the minimum amount due results in less interest accruing on your loan.
Be aware, however, that some lenders may tack on early payoff fees. Review your loan agreements for such fees. Speedy Cash, on the other hand, offers an early payoff option to all customers for all loans, with no early payoff fees.
We recommend calling your lender before you have any past due payments. If you fall behind on your payments and don’t communicate with your lender regarding a payment plan, your lender has the power to repossess your vehicle.
Title Loans use your car as collateral to qualify for a loan. Here’s an overview of how Title Loans work:
- Fill out an application for a Title Loan
- As a part of the application process, your vehicle will be inspected by the lender
- Receive a lending decision based on your vehicle’s value and condition, among other factors
- Upon approval, the lender places lien on your vehicle title
- Receive cash for your loan and keep your car
- Pay back your Title Loan over a series of recurring payments
- Once the loan is repaid, the lien is removed from your vehicle’s certificate of title
The Title Loan process can vary depending on the lender, the amount of paperwork involved, and how detailed the car inspection is. We advise contacting your lender prior to a store visit to ensure you have all the necessary application materials.
Speedy Cash requires very little paperwork in your way to applying for a Title Loan. Typically the process takes less than 30 minutes to complete.
When you apply for a Title Loan, you use your vehicle as collateral, naming the lender as a lien holder. You still own and keep your vehicle, provided that your payments are made on time. If you miss payments or default on your loan, the lender may choose to repossess your vehicle. We advise carefully reading your lender’s loan documents to understand when and why your car could be repossessed.
Yes. Provided that you have a clear title and your motorcycle is in working condition, you may be eligible for a Speedy Cash Title Loan. To see if you qualify, bring your motorcycle and your clear title to a Speedy Cash store. For a full list of acceptable vehicles visit our Title Loans page.
A clear title simply means that you fully own the vehicle, with no outstanding liens.
It is possible to get a Title Loan without a clear title. In some states, Speedy Cash offers 2nd-lien Title Loans. This means you could still qualify for a Title Loan even if you are still making payments or owe money on your vehicle.