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When you have bills you need to pay but you don’t have the money saved or the credit to cover them, you may start looking at your loan options. Title loans are one of the quickest loan options you’ll find in Texas, and their approval rates are very high.

Of course, if you have a large expense to pay off, you’re probably wondering how much can you get from a title loan in Texas. That will depend on a couple factors, but if your car is worth enough, you can get as much money as you’ll need. Here’s how title loans work in Texas and how much you can borrow from a title loan company.


What Are Texas Car Title Loans?

First, it’s important to understand what a Texas car title loan is. There are two basic types of loans – unsecured and secured, with the difference between the two being that unsecured loans have no collateral and are backed only by the borrower’s personal guarantee, whereas secured loans have property attached as collateral, and the lender can repossess that property if the borrower defaults on the loan.

With a Texas car title loan, you’re using your car as the loan’s collateral. This means that you must own the car, and it needs to have a lien-free title. Although you’ll need to give the title to the lender over the repayment period of the title loan, you’ll have your car the entire time.

Fortunately, owning a car and having a title are the only two Texas title loan qualifications. There’s no minimum credit score, because title loan companies don’t run credit checks. They don’t require proof of income, but obviously it’s important that you make sure you can pay back what you borrow.

The only thing you’ll need to have besides a car and its title is a government-issued ID, and that’s just so you can verify that you’re at least 18 years of age to the lender. The federal government has established that as the minimum age to borrow a title loan.


How Much Can You Get from a Title Loan in Texas?

So, you know that you can get money quickly and easily by taking out a title loan. But how much will you be able to get? It’s all a matter of your car’s value.

There is no federal limit on title loan amounts, which means each state can set its own limit individually. Texas, which is known for taking a hands-off approach with the title loan industry, has not put a cap on title loan amounts, which means lenders can issue loans for as much as they want.

It’s up to the title loan company how much it’s willing to lend you, and it will figure that out using your vehicle’s current market value. Here’s how the title loan company calculates that value and decide on a maximum loan amount:

1. It will enter your car’s information into a vehicle value guide, such as Kelley Blue Book. Pertinent information includes:
• Make
• Model
• Year
• Approximate Mileage

The vehicle value guide will return several values, with each potential value corresponding to the car’s condition. Standard condition ratings include poor, fair, good and excellent.

2. The title loan company will perform a brief, in-person inspection of your car. This will be to verify information about the car, such as its mileage, and evaluate its overall condition.

3. With the information in the vehicle value guide and its own evaluation of the car’s condition, the title loan company will decide on a current market value for the car. It will then set the maximum amount it’s willing to loan you, which will likely be in the 30 to 50 percent range of the car’s value. The title loan company lends much less than the car is worth to protect itself in case of a default and ensure it can still get its money back.

If you have a car that’s currently worth $5,000, you can expect a title loan company to lend you between $1,500 and $2,500. For a car that’s worth $20,000, expect the title loan company to offer you between $6,000 and $10,000.

Now, title loans are almost always short-term loans. You should only borrow what you need, even if you can borrow more, because you don’t want to take on more debt than necessary.


How to Get a Title Loan in Texas

Have you decided a title loan is right for you? The good news is that the process is very simple.

You’ll need to start by finding a title loan company in your area to issue the loan. This can take some time, as searching online can often provide results from title loan companies that aren’t actually in your area. Fortunately, there’s a better way.

We have a network of Texas title loan companies that we can connect you with. All you need to do is go through the application process here on our site, which takes only seconds of your time.

Start by clicking on Apply at the top of the page. The first section of the application form will request that vehicle information we mentioned earlier, and the second will ask for some basic contact information.

Using your vehicle information, we’ll come up with a free title loan estimate for you so we can give you an idea of the amount you’ll be able to borrow, provided your car is in good condition. You won’t need to wonder about how much can you get from a title loan in Texas, because we’ll give you that information.

After you’ve submitted that form to us, we’re also going to have one of our helpful loan representatives follow up with you to provide additional information. Your loan representative can make sure any questions you have are answered and set you up with a title loan company in your area. Then, you can go to that company’s location and get your loan.

At the title loan company’s office, you’ll fill out some loan paperwork and they’ll inspect your car. Once that’s done, you just need to hand over your car title and you’ll receive your loan. The entire process is often complete in well under an hour. Depending on the title loan company, you could receive a money order, check or even cash for your loan.


Making Texas Title Loans Work for You

With how convenient title loans are and the amount you can borrow, they can be an excellent option when you need a financial boost. You’re free to use your title loan however you like. Many borrowers put their loans towards emergency expenses or past-due bills, but you could also choose to use yours for paying college fees or staying afloat while you wait for a job to start. Just make sure you have a plan for how you’re going to pay back what you borrow and you’ll be fine.