Two general types of motorcycle title loans:
installment loans and loans with a lump sum payment. Motorcycle loans give you up to a month to fully repay the loan. Home loan installment loans give you the opportunity to repay it within three to 12 months, depending on where you live.
Motorcycle title loans are available for all types of loans, and you do not need to work to qualify for them.
The cost of your motorcycle depends on the model, make, year of manufacture, mileage and wear. Before you approve your loan, title lenders will check your vehicle. In order to find out, you will need to apply.
The rules for putting an application for or a motorcycle title loan
The application process depends on your lender and condition. Here is a step by step sequence:
- Get an estimate of the value of your bike.
- Compare the lenders.
- Take your motorcycle and documents with you.
- Drive away with your money – on your motorcycle.
Getting a home loan is usually not difficult. To do this, you need to fulfill several requirements:
- Have a motorcycle title without a lien. You cannot currently have loans in which your motorcycle title is used as collateral.
- Have a steady income. You do not need to have a job to get a title loan, but you need money from another source.
- To be of legal age. You must be over 18 in most states to get a motorcycle loan, but in states like Alabama, borrowers must be at least 19 years old and Mississippi 21.
- There is proof of residence. To confirm your stay in your state, you may be required to provide you with a copy of your utility bill, mortgage, or rental agreement.
Positive sides of motorcycle loans
From their weak credit requirements to their quick turnaround, here are some of the benefits of motorcycle title loans:
- Fast financing. By submitting an application personally, you can get a title loan in just 30 minutes.
- Less APR than other short-term loans. Payday loans and installment loans are usually more expensive than title loans.
- I won’t lose my car. With a title loan for a motorcycle, you do not risk losing your main mode of transport.
- Cash lending options. To get a title loan for a motorcycle you need a bank account.
Work may not be required. You can apply for a title loan if you have proof of income from state benefits, pensions, alimony. The main disadvantage of a home loan is that it is still expensive for most people. But a plus in this situation is the presence of a vehicle other than a motorcycle.