Car Title Loan Frequently Asked Questions

Looking for a car title loan? Our experts answers some of the most commonly asked questions from eligibility to paying off car title loans.

What are the main requirements to get approved for an auto title loan?

While credit does play a factor in some ways, the main auto title loan requirement is a paid off, or soon to be paid off vehicle, and your ability to pay back the loan.

What type of documentation is required to get approved?

The basic auto title loan requirements are proof of income, a phone bill and personal references. If there is any additional information required, you will be notified when you apply.

Does my auto need to be completely paid off?

No. If you have a few payments left on your loan you can still get approved for a vehicle title loan. Your final payments will be paid off and you will receive the remaining cash.

Do I need to be employed?

No, but to get a vehicle title loan you do need to prove that you have some sort of reliable income.

Can I be receiving retirement or disability?


Do you allow co-signers?

Yes, but our auto title loan lender will need the co-signer’s information directly from them.

Do I need a bank account?

The only people that are required to have bank accounts are self employed individuals.

How much does the value of my car have to be?

At minimum it needs to be worth more than the amount you are borrowing, with a minimum wholesale value of $3,000.

What’s the minimum amount I can borrow?

The minimum amount you can borrow for an auto title loan varies by state. Some states, like California, start at $2,510, while others, like New Mexico, start at $750 and go up from there.

What’s the maximum amount I can borrow?

That’s unique to each individual, as it’s based on the value of your auto and the amount of equity you have available. Equity is the current market value of your car less any principal balance owed.

Are there any restrictions on how I use my loan proceeds?

No, you can use the vehicle title loan funds however you would like.

How do I apply?

Simply provide us some basic information using our online loan solutions form. From there one of AmONE’s financial search specialists will contact you to help you with the process, answer any questions you may have, and ensure that you have been matched with the ideal lenders for your situation.

Does the title of the vehicle need to be in my name?

Yes. The only person that will be approved for the auto title loan is the person on the title. If you have any issues in that area, your lender will be happy to assist you with the DMV paperwork.

What’s the benefit of an auto title loan?

The main benefit is you can borrow money based upon the equity available in your car and still maintain use of your vehicle.

Can I get approved with very bad credit?

Yes, you can even get approved with a previously discharged bankruptcy, because the main consideration is the equity in your vehicle and your current capability of paying back the loan.

Will you run a credit check on me?

Yes, our lenders will check your credit, but it’s not as important of a factor as the equity available in your vehicle.

While this loan help my credit?

Yes, your loan repayment will be reported to all the major credit bureaus. Every month you repay on time will help raise your credit score, which could help you obtain other credit in the future.

How long do I have to repay my loan?

Most vehicle title loan terms range from 12 to 36 months, depending upon your financial ability to repay.

Are there any prepayment penalties?


Is there any cost to see if I qualify for the loan?

No. There is never any cost to qualify.

What is the cost of credit?

Annual interest rates on auto title loans can range from 60 percent to 180 percent. For example, a $2,500 loan at a 90 percent interest rate for a term of 18 months would cost $257.57 per month, with $2,136.26 being the total interest on the loan.

How long does it take to get approved?

Funds can be issued same day. If it takes longer, it’s typically because the borrower needs extra time.

What happens after I am approved?

The lender will contact you directly by email or telephone with your approval details and then set up a convenient time for you to sign your loan documents.

Do I have to go to DMV?

No, the lender will take care of that for you. All you need to do is provide the title.

How do I get my title back after I’ve repaid the loan?

The lender will return the title to you promptly by mail after your loan is paid back.

What happens if I can’t find the title to my vehicle?

Your lender will help you obtain a new title.