What Vehicles Are Eligible For A Title Loan?

If you've found yourself in a financial bind and you need emergency cash fast, Nevada Title and Payday Loans, Inc. can help you. You can use your vehicle's title to borrow money backed by the equity in your car.

You can get a title loan on various vehicle types with Nevada Title and Payday Loans, Inc. You just need to own the vehicle outright, meaning there are no outstanding liens against the title. Lenders grant title loans for all sorts of vehicle types but the rules may vary from company to company and state to state.

If you're in the market for a title loan and want to know if your car is eligible, keep reading to find out.

What Makes A Vehicle Eligible For A Title Loan?

Ownership is what makes your vehicle eligible for a title loan. You must own your vehicle yourself and have a title for it in your name. 

Another factor lenders look at is the condition of the vehicle. The car has to have value for you to borrow against. If the car is in bad shape, it's not worth as much and may not be eligible. 

Your car's age will be considered, also. Different lenders may have their own rules about how old a vehicle can be to meet eligibility standards.

The Most Common Vehicle Types For Title Loans

Generally, our clients apply for title loans against their personal cars. But you can also borrow against a truck you own. The titles must have your name on them, however.

If there is a lien or an existing loan already against your vehicle's title, the car is not eligible for another loan.

Other Vehicle Types That May Be Eligible

In some cases, customers have borrowed against other types of vehicles with titles. For instance, there are some companies that will grant title loans backed by sport or utility vehicles. 

Some companies have even offered title loans against tractors, campers, and other large pieces of equipment. You should check with the company you're considering to find out what their specific rules are regarding the vehicle types eligible for title loans.

What If My Name Is Not On The Title?

There is a situation where you might own the vehicle because you don't owe anyone money for the car but the title is not in your name. This often happens when you buy a car from an individual who has the title and they simply sign it over to you on the back of the document. 

In this case, the title will not suffice for getting a title loan approval. You'll need to make an appointment at the local DMV and get the title officially transferred into your name. You cannot take out a title loan with your vehicle until you've made this change.

How Old Can My Car Be?

As a general rule, the newer the car the better. However, just because your vehicle is a little older doesn't mean you can't use it to take out a title loan. 

You should check with a loan specialist to find out if they have a maximum age for vehicles when granting title loans. For most, the condition of the car is more important than the age. 

Can I Keep My Vehicle During A Title Loan Term?

Yes, you can keep your vehicle when you take out a title loan against it. We know your transportation is important. 

All that we ask is you keep up with your payments on the loan. If you're going to be late or can't make the full payment, reach out to us and let us know. Our representatives are good at finding solutions to help you so you can keep on track. We can usually work something out with you.

As long as you are making your payments and communicating with us, you will retain your vehicle for the entire loan period.

How Much Can I Borrow On A Title Loan?

In Nevada, you can borrow anywhere from $300 to $15,000 against your vehicle title. But you are not guaranteed the maximum amount. 

You will have your vehicle inspected at the nearest store location so an agent can determine a value for your car. The amount you're allowed to borrow is based on the value of your car. 

Final Thoughts

You can take a title loan out on many vehicle types. You'll just need to check with your specific lender if you have a question about a vehicle outside the norm. There's a possibility as long as you have the lien-free title to it and it's in good condition.

If you want to inquire about your vehicle and a title loan, simply go to our homepage and send us a request through the inquiry form. We will contact you shortly and get you on your way to getting the cash you need.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.