How do I get started?
The first step is to fill out the quick pre-approval application. Our lenders will ask for a full application if it looks like you have a strong possibility of getting the loan. The pre-approval application is only a few questions and will tell us about you and your vehicle. Once we know this, we can figure out what lender will work for you and connect you to that lender. IN some cases the lender may tell us the pre-approval amounts and ask us to help you with the process… to a point. The very private information will be between you and your lender and not us. Once you know what you can get you can decide if you want the loan and proceed of not… and all this is without ANY cost to you. If you get the loan, then you would pay the lender, not us, for the loan and interest and any fees incurred.
What is a Car Title Loan?
This is a secure loan based on the equity value of your vehicle. You still get to drive the car but you also get the cash.
What is the qualifications for a car title loan?
- Govt. issued photo ID (Like an I.D. or Driver license)
- Free and Clean Title
- Three references not related to you
- Insurance (if you don’t have insurance we may be able to help)
- Social Security Card (or a Document on which your name and SSN both are listed)
- A checking account may be needed in some states (we can help on this too!).
I have two cars. Can I get one loan based on both?
No. One loan, one car, one person.
Do you do motorcycle title loans?
Not at this time.
Do I have to have the car titled in the same state as where I live?
Yes. If you are traveling out of state, you will need to sign the paperwork in the state of which you live.
Does my car need to be paid off?
Well that's a maybe. Most lenders we work with can incorporate the last couple payments into a car title loan but this is only done on newer cars.
Do I need to have a good credit?
Not at all. That is one of the great things about a car title loan. You can have little, bad or even no credit at all.
Does the lender check credit?
Some of them do. Most are looking to see if you are in active credit counseling prior to bankruptcy or in active bankruptcy now. They know your credit may not be that great because that’s why you need a loan – to help out.
What is the interest rates on title loans?
This varies but we want to give you a pretty clear answer here. Title loans are high interest loans and are meant for short term needs. Interest rates vary by company and by state. Some are as low as 52% per year compounded daily and some go into the 200-300% range per year. In our experience we have seen an average of about 96% per year compounded daily. The best way to think about this is take out one dollar and you pay back a little less than two… if you kept the loan out for a whole year. You can triple that if you take it out for 3 years.
But this is how WE can help you out so you don’t get nailed so bad. First we have a strong pull with the lenders you do not have. We give them volume and they don’t want that volume to go to their competition of course. Because of this, we check their rates and if we can negotiate lower rates based on OUR volume, you win. So there is little reason to do this yourself. You will only end up paying for it in a big way.
Do I need to be employed?
You have to have some sort of income period. We are more concerned about the fact that you have a way to pay the loan then the question if you are employed. You can be self- employed, or even receive income from some source other than an employer but we will require that you show there is some income to cover the payments.
Can I be in retirement?
Yes. You can even be on disability. The key issue is that you have a source of income to pay the loan.
Is there a pre-payment penalty?
None whatsoever, and this is a key reason why you should use us. Other companies may not disclose this fact, and you need to know because if you elect to pay the loan off early, the pre-payment penalty could be as much as your regular interest payment multiplied by the remaining life of the loan.
How fast does the process take to get the loan?
In some states we have seen people get their money in less than 30 minutes. Other states a few days. We will have you pre-approved in a matter of minutes. Then the paperwork is about 15 minutes of your time. Of course, plan on spending some time picking up your money.
Do I have full use of the vehicle?
100% yes. The lenders do not hold your vehicle at all.
Can I simply pawn my vehicle if I want to?
Actually yes in most states if you want to. You will need to call us to see where this is available but we can help.
Do I need a bank account for a loan?
Yes and No. You may be thinking about a payday loan which does require this but we do not require a bank account at all in the majority of the states BUT there are some states you do like Florida or Ohio.
I am concerned about putting my information on your site? How do I know my information is safe?
We are like you on this issue. We care a great deal about your privacy. You should know that we will never sell or distribute any information you give us to anyone other than the direct lender. We will not do business with a lender that sells or shares your information with anyone other than themselves. Additionally, your information is safe because we do not distribute your private information to multiple lenders, only one at a time based upon you’re okay that the first lender was not the car title loan company you wanted. We will then take the title loan information
and send it to another lender but only upon that condition.
What factors do you use to determine the value of the vehicle?
We use the standard and the enhanced information. The standard information is the vehicle mileage, year, make and model but we go further with our enhanced process and add to it the color of the vehicle, the condition, the edition of the model, the engine size and the options that the vehicle has installed like a sunroof or if it has leather seats. The more you tell us about your vehicle the greater we can give you a loan amount to the max...MaxCash!
What if I lost my title, what do I do?
You will need to apply at the Secretary of State for a duplicate title. There are exceptions to this rule so let us know that this situation exists.
What if the vehicle title is in someone else's name?
If it is a spouse then whomever the title name is will have to sign the loan documents but if it is someone you do not know or a friend, then that will not work.
When do I get my title back?
You will get a release of the lien upon paying off the loan and you can then attach this to your title or send it in to the Secretary of State to have a fresh title without us on there.
Will my car be taken from me?
This is a great question so let's discuss it openly. The fact is you are using your vehicle to get a loan. You are telling us that should you not pay the loan, that we can get the vehicle from you for sale so we can pay off the loan and give you the remaining proceeds if any. The fact is we dislike doing this and it us used as a very last resort because not only is it very expensive to do this but also we know that you will never want to be a customer again. We also know that we will lose money when we auction it off and the end result is no-one wins! We will do whatever we can to make sure that you can pay this loan and you will return as a happy customer. We want your word-of-mouth business and to do this we have to lend responsibly and you have to borrow the same.
I have a title loan with another company and I want to get a title loan from one of yours that is lower interest. Is this possible?
Most title loan companies will buy out the old loan and issue you a new one at the lower rate. This is a normal process. You will need a few things..
- What is the current payout of your existing loan – get that number
- How long is that payout number good for? What is the number over the next few days?
- Is your car currently out for repo with that title loan lender (not a problem).
So how the process works is this. Get the current payout and then the NEW title loan lender will figure out how much they can lend you based on the current value of the car. They will pay off the old lender and get a title change to them. NOT ALL LENDERS WILL DO THIS so if you want this to happen, please call us and let us work with them.
Is Max Cash Title Loans a lender?
Nope. We are a help to lenders and potential customers paid for by the lenders to give out this info. Because we send a lot of customers to our lenders we get preferred rates with most and they also give us the info to give to you. Most people feel this is a better way because they are not pressured by any lender if they are just seeking info. Some people just want to get the info and think about it. Same info that they would give you (because they gave it to us) but without all the issues with crazy follow up emails and calls over and over. No pressure works best and if you want a loan, hopefully we can tell them you want one and if you do, expect to be treated like a VIP and not someone who just walked in off the street.
My question is not listed here. What should I do?
Email is at email@example.com and we will make sure you get your answer. If enough people ask the question, then you will see it in the FAQ later BUT you will get an answer to you personally right away.