![]() ![]() A loan against your vehicle's equity should not be used to satisfy long term financial issues. Short term loans have high interest rates, and it can take a while to repay the total amount borrowed. Consumer Notice: Consider different lending options before you take out a car title loan. California Finance Lenders Law License: 60DBO 85127. Get started on an online application with us, or call us at 80, and we’ll find the best direct lender in your neighborhood!Ĭopyright © 2024 Premier Title Loans | 80 | Privacy Policy | Terms & Conditions Premier Title Loans is a dba of One Click Marketing, LLC. Ask your lender if they offer a discount or reduced fees for your loan if you pay it off early.Īre you looking to cash out some equity with a title pawn on your motorcycle? Here at Premier Title Loans, we know exactly what you need to get approved with a lender near you! We work with dozens of lenders that offer title pawns on motorcycles, and it’s essential to know the different requirements and restrictions in each state. An early payoff is always ideal, and you should do whatever you can to get your pink slip back. By doing this, you can save hundreds or even thousands of dollars in interest when determining how much you would pay over the life of the loan. Some people decide to repay their title loan before the due date. It doesn’t matter if it’s an ATV, roadster, or scooter! Premier Title Loans works with anyone looking for cash on their cruiser, sports bike, dirt bike, and even cruisers! Are you seeking a title loan on a Harley Davidson Sportster, Suzuki GSX, or Kawasaki ZX-14r? If those bikes have equity, you can use that collateral for a loan! Types of Motorbikes that Qualify For A Title LoanĪny motorcycle can qualify if it has equity and is titled in your name. Some companies require proof that the motorcycle is registered in your state and has sufficient insurance coverage. You will likely need to verify your current income and employment status with bank statements or verification from your employer. The motorcycle must be worth at least $2,000, and you can’t have any active liens or judgments on the title. You need a physical copy of the motorcycle’s title, which will be signed to your lender before the loan is funded. A paid off bike with equity is the most significant requirement when underwriting your loan, and you should qualify with a lien free title. Title loan companies require collateral in the form of a paid-off motorcycle. Similarly, if you can’t find a car title, it will probably be a situation where you need to contact the original lender or local DMV. Another problem is if you can’t find the pink slip or title. Remember that title loans cost money in the form of interest payments, and if you do not pay it back, the lender will come and take your motorcycle from you. Use your bike as security for a loan and consider this option if you can’t be approved for unsecured loans because of poor credit. Motorcycle title loans are ideal for anyone needing cash in less than one business day. Should I Take out a Motorcycle Title Loan? Funding amounts start at $1,500 and go up to $10,000 for high value bikes. ![]() For example, a motorbike valued at $6,000 can lead to a title loan of approximately $2,500. Loan amounts using your motorcycle as collateral will lead to a lower funding amount than a typical car title loan, but you can still expect 30% to 60% of the bike’s value. ![]() How Much Cash Can I Get With A Motorcycle Title Loan? Suppose you take out the money and pay off your bills and then have more money to make payments in the future bingo! You’ve just done your bit to rebuild your credit, and you’ll have the loan paid off quicker! When getting a motorcycle title loan, make sure you get the cash you need, and the payment terms are flexible if there’s little money to make those payments. It also helps to improve credit if you repay the loan and if the lender reports to any credit bureaus. If you can get a motorbike loan at the interest rate offered, it is a great way to get funds. Think carefully about how much money you borrow with this loan, as defaulting can lead to a situation where your bike is repossessed. A company or lender offers cash for the available equity. Consider if someone went to a pawn shop to pawn a valuable watch, car, or other items. When you use your motorcycle as collateral for a loan, the lender offers you cash for the outstanding equity. That said, you can keep driving your motorcycle as you make the required monthly payments, and it shouldn’t be too hard to qualify if you have a title that’s lien free and paid off. Getting a motorcycle title loan differs from getting a credit card loan or even a cash advance, as you agree to hand over the motorcycle title as payment for the borrowed amount. ![]()
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