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Much like a typical car title loan, A motorcycle title loan is designed to let the owner of a motorcycle get fast cash when he or she needs it! With this form of borrowing, you’ll receive cash in exchange for the title to your motorbike. After loan approval, depending on the state you live in, it’s sometimes possible to get cash within an hour. All in all, using your motorcycle title is a fast way to get money when you have no other options.
One of the common concerns about a vehicle equity loan is the fact that you may have to give up your vehicle or sell your car to get a loan. That’s not the case with most car title loans and it’s not the case with motorcycle title loans either. With many of the largest online lenders you won’t need to sell your motorcycle to get money. When you decide to go with this online loan you’ll receive cash and the lender will become a lien-holder on your motorbike. You will get the title back once you pay off the full amount borrowed according to pre-determined loan terms and conditions. As you can see, the title to your motorcycle functions as collateral. This loan offers both financial parties different benefits. The lender knows they will repossess your bike in the case of default. If you don’t pay your loan off as you should, the pink slip will stay with the lender and you will need to work with them to set up alternative payments. Be confident that you will be able to make timely payments until the loan is fully paid off. There may also be processing fees for this form of loan, as well as the usual interest charges. The rates won’t be as high as what we see with payday loans or cash advances. But they’re still high, and it’s best to borrow a small amount and pay it back quickly.
To close a title loan after your application is approved, you’ll need to sign some papers. This will also include handing over the pink slip for your bike. Some companies will even help you if you can’t find the original slip or other documents. Check out the DMV’s website for help with replacing a pink slip that you may have misplaced. Another benefit of a motorcycle title loan is that you’re going to be borrowing less money. Compare this to what you would borrow with most car title loans. As an example, most loans are for anywhere from $5000 and up. Motorcycle collateral loans are issued at anywhere from $2,000 to $6,000. This is of course attributed to the fact that motorcycles are worth much less than most vehicles. The benefit of this is that you will have less paperwork and less lender scrutiny because you are borrowing less money. The process with a bike title loan is usually quicker and easier when compared to getting a title loan.
After securing final approval for the pink slip loan you should be able to get your money almost immediately. The amount that you receive will be scaled to the value of your motorcycle, usually around 40-60% of the value of the bike. When shopping around comparison quotes on a loan like this we recommend that to seek out the lowest interest rates that you can find. Be sure to apply only through companies with strong and positive reputations. Many of the largest and most reputable motorcycle lenders also provide car title loans online. You will want to look for a vehicle title loan company with a great reputation. Like most financial companies, it’s pretty easy to check out direct title lenders online. A borrower can go to the BBB website and see how different companies measure up. Be sure to look for other relevant feedback online about reviews and loan terms. Once you have a short list of reputable lenders, look and see if they offer the interest rates and loan terms that you want. This process is the same with any type of financial services company. You would do the same with a payday loan lender or installment loan company. Also check if they offer vehicle equity financing in your state. This is often overlooked but is the most important factor when looking for a short term loan. It sounds simple and this factor is often overlooked by prospective borrowers. But you have a zero percent chance of getting an advance if your lender doesn’t fund title loans in your state! Now that you know the basics of bike title loans, we hope you feel more comfortable in your online search for a lender! Why not apply for a car title loan today?