Truck Title Loans
- Same Day Cash
- Completely Online
- No Pre-set Limit
- Keep Driving
- Your Truck is your Credit
Truck Title Loans are a way to borrow money quickly using your truck title. They are very similar to car title loans, the main difference being you are using your truck as collateral instead of your car.
Not all lenders provide auto title loans for trucks. It depends on the size of the truck and, in many cases, whether or not the truck is titled as a personal vehicle or business vehicle.
Some commercial truck owners have the vehicle titled in their business name. This can cause complications with getting a title loan.
To find out if you can get a title loan on your truck contact your lender for more information.
How do Truck Title Loans work?
Truck title loans work the same way car title loans work. If you are new to title loans, read our complete guide on how to get a title loan.
This covers how to determine if you are a loan candidate, repayment terms, and variety of other useful information you should familiarize yourself with before moving forward with a title loan.
Truck title loan requirements are essentially the same as the auto title loan requirements. These include, among others:
- Lien Free Title
- Drivers License
- Proof of Insurance
- Income Information
Lien Free Title – A vehicle title with no existing liens. This means you have a free and clear title to the truck. It is possible to get a loan on a vehicle while still making payments if there is enough equity.
Valid Drivers License – A valid (current) Drivers License. Make sure your drivers license is current and if you are driving a commercial truck that you have the proper license type. For in person loans, you will usually need to bring the truck for an appraisal. This is not necessary for online truck title loans with no inspection or store visit.
Proof of Insurance – Full coverage insurance is required for truck title loans. If you have a truck with a decent amount of equity in it, you probably already carry full coverage insurance to protect your investment. If not, the good news is it can be added the same day of the loan simply by making a phone call to your insurance carrier. In many cases, you can also update your coverage online in a few minutes.
Proof of Income – Proof of income is usually required for title loans. This includes truck title loans and title pawns. Some lenders do not require proof of income, in these cases it is possible to get a title loan without income verification. There is a difference between income verification and ability to repay the loan. If you have no way to repay the loan we suggest looking into title loan alternatives.
How much can I borrow?
The amount you can borrow with a truck title loan is the same as all title loans: usually 50% of the truck’s fair market value. For pickup trucks, flatbed trucks, and most trucks, you can get an idea of the fair market value from Kelley Blue Book.
For larger, commercial trucks, finding the fair market value may be a bit more difficult. You may need to find a guide that is specific to valuing similar trucks.
How much do these Loans cost?
We specialize in the lowest rate title loans. To get a real time truck title loan estimate use our calculator. Simply enter a loan amount and choose a term in months and the calculator provides both a truck title loan estimate and an estimated payment schedule.
This allows you to plan ahead and make sure a title loan is a feasible option for solving your short term financial issue.
It is important to note that title loans are not the right choice for everyone. They are secured loans that require pledging your vehicle as collateral.
This means if you default on the loan the lender may be able to repossess your vehicle; so make sure you can afford the payment without question.
Getting a truck title loan online is similar to getting a car title loan online. There are some additional requirements including pictures of the truck.
Online options can be categorized into two high level categories: with and without inspection.
Truck Title Loans with Inspection
The first type of online option is one with inspection. These require you to visit either the lender or third party inspector to have the vehicle appraised. Because of this, these are not completely online options.
There are both advantages and disadvantages to this type of loan. One advantage is the appraisal may be more accurate if done in person versus with pictures.
Truck Title Loans without Inspection
The next type of online loan is one without inspection. This is where the appraisal is done online using pictures of the truck combined with a vehicle history report.
In many cases the appraisal amount may be lower than an in person appraisal. This is because it is not possible to get a detailed view of the truck by using pictures.
Truck Title Loans Near You
Just like all auto title loans (car, trucks, etc.), finding a title loan near you is often a key concern. It should be a key concern, but not the only concern.
Finding the best title loan should be the focus, not simply the title loan place closest to your location. In fact, with many title loan places and online companies, finding a loan near you is easy.