Where to Get a Motorcycle Title Loanby Jerry Garner
We all could find ourselves in a situation where we need quick access to money. Not everyone has enough savings to cover emergency situations, which requires these individuals to find alternate avenues of raising money. One popular method is to get a title loan. A title loan can be obtained for any vehicle that has a clear title, but it is especially easy to get a title loan for a motorcycle, as long as you know where to look.
Visit Your Local Bank
The loan officer at your local bank is capable of arranging a variety of loans. Anyone who has sufficient collateral or who is an established customer at the bank can obtain a loan. There is no better collateral than a clear motorcycle title. Be advised that the bank may have a minimum amount of money that they are willing to loan, and this may be more than you need. The bank probably will want to take physical possession of the title (but not the motorcycle) until the loan has been repaid, and they will also require you to have full coverage insurance on the vehicle as long as it is listed as collateral.
Title Loan Companies
Many states have title loan companies that can be used to get money in minutes. Sometimes referred to as car title loan companies, these businesses will give a short-term title loan to anyone who owns any form of transportation. If you have a clear title for a car, truck, boat, recreational vehicle or motorcycle, bring it in and get cash on the spot. You will need to have proof of full coverage insurance and will have to leave the signed title with the loan company, but using a title loan company is a quick and easy way to use your motorcycle as collateral for a loan.
Check with Pawnbrokers
Pawnshops will take any item that they feel can be sold at a profit, should the borrower default on the loan. This includes motorcycles. In fact, pawnshops are more apt to accept motorcycles than cars, simply because they are easier to store and display. Unlike a bank or title loan company, a pawnshop probably will require you to leave both the motorcycle and title in their possession. You will regain physical possession of these items when the loan has been repaid. Pawnshops should be considered as a last resort though, since they give you the smallest loan amount and will charge the highest interest. Explore other options if you can.