At Simple Cash Title Loans, our mission is to continue to offer more great services to our loyal customers. Therefore, we have recently expanded our services to provide motorcycle title loans and motorcycle title loans online.
Both of these amazing services are now available all around the great state of California. If you ever wondered if you could get fast cash for your motorcycle, well now you can!
So, what are Motorcycle title loans and how do they work? Keep reading below to get more information on this new type of title loan.
How do motorcycle title loans work?
Motorcycle title loans are a new type of title loan that is very similar to the well-known auto title loan. Basically, a motorcycle loan is a secured loan in which you can use your motorcycle’s title as collateral in exchange for money.
As long as you own the motorcycle, you may be eligible to take advantage of motorcycle title loans. As with other types of title loans, the lender will place a lien on the title until the loan is paid off in full.
Once the loan is paid off, the title will be returned directly to you, lien-free. You will always get to keep driving the motorcycle as long as you are still making payments on the loan!
What do I need for a motorcycle title loan?
A title loan is always based on three important factors: Your ability to repay the loan, the value of your motorcycle and other credit requirements.
Each lender may also have different specific requirements for a motorcycle title loan and most lenders will require the following things from you to qualify for the minimum loan amount:
- A government issued ID
- The bike title
- A proof of income
If you don’t have the physical title to the motorcycle, do not be alarmed! In cases where your motorcycle is not yet paid off in full and you do not have the title, a lender may be able to pay off your remaining balance and finance a new loan for you. Certain lenders may also request that you bring your motorcycle in for a small inspection.
We always recommend giving us a call to speak to our agents directly, so they can specify the exact requirements needed for any type of title loan!
How much money can I get for my motorcycle?
Motorcycle title loan amounts usually range from anywhere between $2,500 and $20,000. The loan amount is decided by the lender and is based on three important factors: The equity (or value) of your motorcycle, your ability to repay the loan and various other credit and income requirements.
The motorcycle value is based on Kelley Blue Book or other similar appraisal tools that a lender may use to check how much the motorcycle is worth. Y
our ability to repay the loan is also a factor, and a lender will determine this by a credit check and/or other sources of income you provide during the approval process. To get a free quote you can start by filling out our inquiry form here.
What are the benefits?
There are many great advantages to motorcycle title loans, including:
- Quick approval– There’s no need to wait a long time to get approved like with traditional bank loans or personal loans. Title loan lenders are able to approve almost anyone within the hour so you can get emergency cash quickly.
- Easy monthly installments– Title loans payments are flexible and personally suited for your financial abilities.
- Lower Credit Requirements– Most lenders can approve you even if you have bad credit or no credit at all. Some lenders might forgo a credit score check if you can provide an alternate source of income.
- You get to keep driving your motorcycle for the length of the loan!
What are some of the disadvantages?
Although there are many advantages to title loans, there are also some things you should keep in mind when shopping around for motorcycle title loans, such as:
- High Rates- Motorcycle title loans tend to have higher interest rates than most traditional bank loans but lower than most PayDay loans.
- Possibility for repossession- Since your motorcycle is used as collateral on the loan, there is a possibility of repossession if you ever were to default on the title loan.
- Loan Fees- It is possible to accrue extra fees on top of your balance due if you missed payments or paid late. These fees might make it more difficult to pay off the loan, so it is important to remember to complete your payments on time.
How do I inquire about Motorcycle Title Loans?
If you wish to inquire about motorcycle title loans, or any other type of title loan service we offer, you have two great options to get started:
- Fill out our online inquiry form! The inquiry form can be completed on our website in three easy steps. It takes less than five minutes and it is completely free. It is available 24/7, so you won’t have to call us during our business hours to get a free quote.
To get started, give us a call at 1-877-751-2824. Our professional team will be more than happy to help you so you can be on you way to fast cash today!