How Much Can I Get from a Title Loan?
Financial institutions offer title loans based on the value of your vehicle. At Georgia Title Loans, we provide car loans for different automobiles regardless of model, mileage, condition, and year. The value of your title determines the car loan you qualify to receive.
The Amount of Title Loan You Can Borrow
When you submit an application, an expert appraises your vehicle to assess its value and determine the maximum amount of loan you can receive. This depends on the condition, make, and model of the car, as well as factors of wear and tear due to use.
You obtain a loan worth a percentage of your title’s value. On average, car owners receive between $100 and $5,500. Some lenders loan up to $10,000 depending on your vehicle’s worth. At Georgia Title Loans, we offer a minimum loan amount of $200 up to $50,000 based on the value of your automobile.
On average, lenders let you borrow 25% to 50% of your car’s value. If you borrow 50% and your car title is worth $1,000, you can receive a loan of up to $500. Below is an equation used by most financial lenders to determine loan amount:
Value of Your Title x (Percentage as a Decimal) = Amount of Loan
$1,000 x 0.50 = $500
This calculation grants you a rough estimate of how much you can borrow. With a car valued at $1,000, you borrow between $200 and $500.
You should only take a loan you can repay within the time frame your lender gives. Most vehicle loans need to be refunded within 15 or 30 days. Depending on the lender, it could take up to a year to make payments. At Georgia Title loans, we discuss and settle the good time frame to pay your loan.
Requirements To Get Your Loan
In the state of Georgia, you must be 18 years and have a valid driver’s license to qualify for a loan. Additionally, your title must be lien-free (you should have full ownership of the car and have the title in hand).
If your lender approves your loan, you must submit your vehicle title. This acts as collateral to secure the loan. Some lenders request you to hand over your vehicle until you make your loan payments at the agreed time. Others allow you to keep your car and install a GPS tracker for security and accountability.
At Georgia Title Loans, we do not hold your vehicle after granting you a loan. You keep your car while you make your timely payments. Our professionals only take your car title and give it back when you clear your loan.
If you need fast cash, worry no more. Apply for a vehicle loan of 25% to 50% of your car’s value. At Georgia Title Loans, we offer loans on any car make or model. We only require you to be 18 years of age, provide a valid state driver’s license, and your vehicle’s certificate of title.
If you qualify for a title loan, our loan specialists can typically approve your loan within 30 minutes of you submitting your application. You will be able to continue to drive your car until your loan is completely paid off. Apply today and get the best service at Georgia Title Loans.