Call Us Today (844) 567-5011
Call Us Today (844) 567-5011
Call Us Today (844) 567-5011
Call Us Today (844) 567-5011
Are you looking to borrow cash from a personal loan lender, and do you own a motorcycle worth $2,000 or more? You may want to consider a motorcycle title loan that uses the equity from your bike as collateral. There are few credit requirements for this type of loan, and you don't need to deal with a lengthy underwriting process when applying for Car Title Loans 123. Best of all, the underwriting requirements are minimal as you can often get approved with a paid motorcycle and proof of registration and income.
Loan amounts for motorcycle title loans start at $1,000, and there's a decent chance you can get approved, underwritten, and funded for a title loan in less than one business day. Read on to learn more about how these secured loans work, what's required, and how to get started with Car Title Loans 123!
Motorcycle title loans work much the same as title loans on a car or SUV, but there are still a few things you need to know before applying. Using a motorcycle as collateral means you sign over the bike's title to a lender. They'll hold that as security for the amount you borrow, and you typically have 12 to 60 months to repay the loan. Borrow up to 75% of the motorcycle's value, and some title loan companies will let you borrow even more if you bring in the bike for a detailed inspection.
Other facts to consider with motorcycle title loans are that interest rates are pretty high when you use a motorcycle as collateral for a loan. In some states like California and Virginia, the interest rates are capped at 36%, but the minimum loan amount is $2,500, making it hard for some bikes to qualify. In other states, such as Florida and Texas, you can borrow anywhere from $1,000 to $5,000 with a title loan on a motorcycle. However, the APR can reach 100%, making it challenging at best to pay down the balance on a title loan.
Another fact about motorcycle title loans is that most motorcycles can qualify as collateral. Even though a Harley or Kawasaki Street Bike can get you a motorcycle title loan of $5,000 or more, there are still ways to cash out equity from lower-value motorcycles like Yamaha racing bikes, ATVs, and dirt bikes. Remember, if there's equity in the bike, we can use it as collateral for a title loan. So call Car Title Loans 123 at 844-567-5011 to see what your bike qualifies for!
Motorcycle title loans are similar to those for cars, RVs, and semi trucks in that your motorcycle must be free of any liens, loans, or anything else that could impede the transfer of the motorcycle. You'll keep the bike while making the monthly payments and the pink slip is signed over to the lender after you sign the contract. That's why we need a free and clear title for the motorcycle showing you as the owner with no cosigners or lienholders. We also need income verification through bank statements, pay stubs, or other documents showing enough income to afford the monthly payments.
In most states, you'll need proof of a Class C license, and we need documentation showing proof of insurance for the bike. The motorcycle must also be registered with the DMV, and your lender must inspect the bike with all title loan amounts over $1,000. The inspection takes less than 15 minutes, and during that time, you can provide the motorcycle's VIN and current mileage.
Are you looking for cash in 24 hours or less with a motorcycle title loan? The good news is that these loans can be funded quickly if you have all the necessary documents. Some title loan companies won't even run a credit check and instead will rely on the equity from your motorcycle when underwriting the loan. Send in the paperwork, complete the inspection, and sign the necessary documents to have cash sent to your bank account in one business day or less.
Loan amounts for a title loan on a motorcycle are often less than those on cars and that's only because motorcycles have lower resale values. Bikes valued at $7,000 can lead to a title loan of $3,000, and while some companies offer title loans down to $500, you would likely need a bike valued at $1,200 or more to qualify. As of 2024, title loan amounts on a motorcycle average $2,000, with some lenders offering up to $15,000 for high value Ducati and BMW brands.
Car Title Loans 123 will work to get you the best interest rates on a title loan, and that's why we work with multiple direct lenders across the country. Many companies fund customers with bad credit or no recent credit history! You can expect high interest rates with a motorcycle title loan. In some cases, these rates approach 25% monthly, but that shows that title loans are only intended for cash emergencies and if you need a secured loan, you should pay it off in 1 to 3 months instead of within the standard 12 - 36 month repayment term.
Call Car Title Loans 123 at 844-567-5011 or apply online for an instant approval quote on a motorcycle title loan!