Luxury Car Title Loans
Luxury cars can have a significant amount of equity even when more than a few years old. Title loans provide a way to access this equity fast. This equity can be used as collateral for a title loan, which makes getting luxury car title loans fairly easy.
In many cases luxury cars hold their value after a certain period of depreciation. Car title loans are secured loans. The value in the car is used to secure the loan. For luxury cars with a significant amount of value getting a title loan is typically fast and easy.
Luxury Car Title Loan Requirements
The requirements for getting a car title loan on a luxury car are the same requirements as on any car. They include the following key items:
- Vehicle with Equity (in this case a luxury car)
- Lien free title
- Drivers License
- Proof of insurance
- Ability to repay the loan.
These are the main requirements for a luxury car title loan. There are some additional requirements depending on both the state and the lender. These can include items like a spare key and references.
Also, if an online title loan is something you’re looking into, those have a few extra requirements as well. The main one is pictures of the vehicle.
For online title loans with no inspection, the lender uses pictures to appraise the vehicle. Try to provide clear and detailed pictures of all four sides of the luxury car, interior, VIN, and license plate.
The more detailed the pictures the easier it is for the lender to appraise the vehicle accurately. We usually say put yourself in the lender’s shoes for this part. What would you want to see if you were thinking about purchasing a car online?
Loan Amounts and Terms
How much can I borrow with a luxury car title loan? The answer is up to 50% of the vehicle’s fair market value. This assumes you have the ability to repay the loan. Repayment can come from any source, including the vehicle. This means it is possible to get a car title loan with no income verification.
Car title loans are meant to be short term solutions. They are not meant to be long term loans. The reason is the interest rate. Even the lowest interest rate title loans can be expensive if the term is extended. Some lenders have started making title loans that are several years long.
We do not recommend this. The costs increase dramatically when you amortize the loan for more than 24 months. What is worse, the monthly payment does not significantly decrease. This means there is no real benefit to a long term title loan.
Luxury Car Title Loan Costs
The costs related to a luxury car title loan are the same as they are for any other car title loan. The easy way to estimate the costs is to use the title loan calculator.
The results of the calculator show the monthly payment, interest rate, and total loan costs. Before applying for any title loan make sure the payment is affordable and reasonable.
How to get a Luxury Car Title Loan
The first step with any title loan should be preparation. Getting a title loan for a luxury car is the same as for any other car. Just like classic car title loans follow the same process. Always prepare and make sure you are a good title loan candidate.
Then, read our complete guide on how to get a title loan and follow the process. Always read the loan agreement in full before signing. To get an idea of the costs, and different monthly payments, use the title loan calculator.
Online Options for Title Loans
The same online car title loan options are available for luxury cars as for any other car. If you prefer to get a car title loan without an inspection or store visit, then an online title loan may be right for you.
If visiting a storefront lender is fast and easy for you than this may be the best choice.