Fast online collateral loans from Premier Title Loans

We offer loans with your car as collateral. Apply today!


Apply with Premier Title Loans to get a loan with your car as the collateral. These title loans are easy to qualify for if you own the vehicle and you don't need good credit. Borrow $5,000 or more with a car collateral loan!

    Apply Online With Premier Title Loans

    By checking this box I agree to the Privacy Policy,Terms and Conditions and SMS Policy.

    Car Collateral Loans – How Do They Work

    Customers often ask us how car collateral loans work and what they need to do to use their vehicle as collateral for a loan. It turns out there are few requirements for a collateral loan other than having proof that you own a vehicle with significant equity. Most applicants can qualify for these loans using the collateral from a car valued at $5,000 or more. There likely won’t be a traditional credit check, and you can keep driving your vehicle while the vehicle’s title is used as security for your loan.

    A common type of collateral loan is a car title loan, which means you put up your vehicle’s equity to use as security for a loan. These title loans are great for someone who owns a fully paid off car, and you don’t need to deal with a lengthy credit check to qualify!

    After you complete the Premier Title Loans online application, we’ll contact you to review the lending offer and set up a quick vehicle inspection. Assuming everything checks out, you’ll then sign the contract and be able to pick up your funds that very same day!

    A lender will hold your car’s pink slip as collateral, and you can keep driving the vehicle while the payments are made. That’s different than how a title pawn works, as this type of loan has no requirement to use the actual vehicle as collateral. Instead, you’ll sign over the title to the lender, and they’ll be added as lienholders. Repay the loan quickly to get your pink slip back and avoid the increasing interest charges.


    Documents Required For A Loan With Your Car As Collateral

    Now that you know how a car collateral loan works with Premier Title loans, you’re probably wondering what docs are required to get approved. Here’s what you need:

    Your Car’s Title: A lien free vehicle pink slip is the main requirement for any car collateral loan. This document is held by the lender and is the security that backs up your loan. You can’t have any other claimants or lenders on your pink slip.

    Vehicle Details: Any lender offering collateral loans will want to see and inspect your vehicle in person. They’ll look for damage or other issues that could affect its resale value and confirm that the car or truck runs well and has no mechanical issues.

    Registration and Insurance Documentation: We can only offer a vehicle collateral loan on cars that are registered and fully insured. You need to show proof of registration and comprehensive insurance coverage.

    Identity Documents: Like any other loan, we need to verify your identity with proof that you’re a licensed driver. You may also need to show proof of vehicle registration.

    Income Verification: We need proof that you make at least $1,000 monthly. Some companies offering title loans in CA will require at least $1,500 monthly income.


    Cash in hand from a collateral loan from Premier Title Loans


    Is A Title Loan On A Financed Car The Same As a Collateral Loan?

    Yes, these collateral loans are similar to car title loans as they use your vehicle’s equity as security for the full funding amount. This is a secured loan, and your equity enables a lender to offer far more cash than expected with an unsecured loan. Collateral loans using your vehicle can lead to loan offers of $5,000 or more, where a typical unsecured loan checks in at around $800. The bottom line is that a lender is far more confident offering a higher amount when there’s equity backing up the loan amount.

    The application process is similar to those for these loans; you can apply online or over the phone with Premier Title Loans. From that point, you will be approved based on the vehicle’s worth and then make payments to pay down the amount borrowed. After settling the financing terms, you can get your car title back.


    Pros And Cons Of A Collateral Loans On A Vehicle

    Pros of Collateral Loans:

    • The approval and underwriting process for any collateral loan is much quicker than if you applied for a personal loan. Since there’s equity backing up the loan, there’s a far greater chance you’ll be approved for a higher loan amount with more favorable terms.
    • Bad Credit won’t be a factor when underwriting your loan. Unlike an unsecured loan, we’re not interested in your credit score as the focus is on the vehicle’s resale value. Collateral loans with a car title often don’t require a credit check.
    • Repay your loan quickly and get your pink slip back. Collateral loans have set repayment terms of 9 to 36 months, but you can always pay off the loan early, and you won’t be assessed a pre-payment penalty.

    Cons Of Collateral Loans:

    • High interest rates. Collateral loans are offered to customers with bad credit, and lenders face significant risk. Expect an APR of at least 30% in states such as California and Ohio. Interest rates in other states like Florida and Georgia can approach 75%.
    • If you default on the monthly payments, your vehicle may be repossessed and sold at auction. Collateral loans are backed by security in the form of your vehicle, and a title loan company can repossess your car if you fall behind on the payments.


    What Happens If I Use My Vehicle As Collateral For A Loan – Wrapping Up

    Anyone considering a vehicle collateral loan should understand what happens if they default. In this scenario, your car may be repossessed and sold at auction. Stay in contact with your lender if you’re ever close to defaulting or missing a monthly payment. Of course, on the flip side, a title loan is not dependent on your credit score, and applicants can borrow $5,000 or more with just their vehicle’s equity. So, it’s essential to evaluate the risks and benefits of a car collateral loan and determine if it’s right for you.

    Contact Premier Title Loans for further questions about accessing your car’s collateral and getting immediate cash with a standard vehicle equity loan or a classic car title loan! We work with borrowers nationwide and will get your collateral loan fast with no hassle. Apply online or call 800-250-6279 now!