Motorcycle title loans

Title loans aren’t just limited to cars. Many title loan providers allow you to put other types of vehicle titles up for collateral, including motorcycles. Motorcycle title loans are similar to other title loans. You’ll get money fast, but loans are expensive and you risk losing your motorcycle if you can’t repay borrowed funds.

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Loans Canada Vehicle Title Loan	9.90% - 46.96%	$500 - $50,000	3 - 60 months	Requirements: min. income $1,800/month, 3+ months employed, min. credit score 300	A broker with the largest lender network in Canada. Fill out one application and get matched for free with lenders. Bad credit, CERB and EI borrowers are considered.	Go to siteMore Info Compare	loading Fetching your data...
LoanConnect Vehicle Title Loan	8.99% - 46.96%	$100 - $50,000	3 - 120 months	Requirements: min. credit score 300	Fill out one application with this broker and get pre-approved by different lenders in 5 minutes.	Go to siteMore Info Compare	loading Fetching your data...

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How do motorcycle title loans work?

Motorcycle title loans use your motorcycle’s title as collateral for a short-term loan. You can typically borrow up to 50% of the value of your motorcycle. Because you’re providing collateral, title loans have more lenient eligibility requirements than other loans. This means that you may be able to qualify for a loan even if you have bad credit or no credit.

But there are two main drawbacks to be aware of:

• Motorcycle title loans are an expensive borrowing option with high APRs.
• If you can’t keep up with repayments, the lender can repossess your motorcycle.

If you’re approved for a motorcycle title loan, the lender will place a lien on your bike title and may also install a GPS tracker on your motorcycle until the loan is paid off.

Features of motorcycle title loans

• Loan amount. Maximum loan amounts vary between lenders, and the amount you can borrow is based on the value of your motorcycle. As a general guide, most lenders will let you borrow 25% to 50% of the value of your bike.
• Rates. Title loans often have high APRs of 9%–⁠49%. You need to shop around to find the best motorcycle title loans with the lowest rates.
• Turnaround time. Same-day funding is often available, and if you apply in-person you may be able to get funded within an hour. You’ll typically get your loan amount via e-Transfer or direct deposit.
• Loan term. Terms commonly range from 3 – 60 months, but some title loan lenders offer longer repayment periods.
• Eligibility. You’ll need to own your motorcycle outright and it’ll need to meet the lender’s eligibility criteria. We’ll explore these requirements in more detail below.

Consider a motorcycle title loan if…

• You have bad credit. Usually, all credit types are accepted, and many lenders offer no credit check motorcycle title loans. Learn more about the best bad credit loans.
• You need a large loan amount. Providing your motorcycle title as collateral could help you qualify for a larger amount than you would get with an unsecured loan.
• You need a fast loan. It’s possible to get a motorcycle title loan the same day in some cases. You’ll need to make sure that you have all your paperwork in order and that you can take your bike to the lender for an inspection. Learn more about same-day loans.

Pros and cons of motorcycle title loans

Pros

• Fast funding. You can get a title loan within an hour if you apply in person.
• All credit types accepted. You can still qualify for a motorcycle title loan if you have bad credit or no credit.
• No job necessary. As long as you have proof of income from government benefits, a pension, alimony or anywhere else, you might still qualify for a title loan.
• Lower APR than other short-term loans. Though costly, title loans are less expensive than payday loans.

Cons

• Expensive. Lenders can charge up to 60% (effective annual interest).
• Risk losing your motorcycle. If you can’t pay off your loan, your lender can repossess the motorcycle to cover what you owe.
• Watch out for fees. Title search fees, motorcycle inspection fees and other charges can increase the cost of your loan.
• Scams. Sketchy lenders often target bad credit borrowers who struggle to qualify for traditional loans, so research the lender thoroughly to make sure it’s legit before applying. Learn more about personal loan scams.

Motorcycle title loan eligibility requirements

Like other short-term loans, title loans are usually easier to qualify for than a traditional personal loan. However, you generally still need to meet a few requirements:

• Have a suitable motorcycle. Each lender has its own criteria for determining whether a vehicle is suitable for a motorcycle title loan. For example, your bike may have to be less than 10 years old, be insured and not have exceeded a specific mileage limit. Check the lender’s website for details of acceptable motorcycles.
• Have a lien-free motorcycle title. Most lenders will require that you own your motorcycle outright.
• Have a regular income. You don’t necessarily need to be employed to get a title loan, but you need a steady source of income like government benefits or a pension.
• Be the age of majority. You must be the age of majority in your province or territory.
• Have proof of residence. Some lenders might ask to see a copy of a utility bill, mortgage or lease agreement that shows your residential address.

How do I apply for a motorcycle title loan?

The application process varies depending on your lender, but you can generally expect to follow a version of these steps:

Step 1: Compare lenders

Find a nearby provider offering loans that you qualify for. When comparing options, double-check that lenders accept motorcycle titles as collateral—not all do. Compare loan terms and APRs before deciding where to apply.

Step 2: Fill out an application

Provide your personal information and contact details, plus the make, model, year and mileage of your motorcycle.

Step 3: Provide paperwork

Provide any documents the lender requests to process your application. This may include proof of ID, proof of income & employment, proof of residency (like a recent utility bill) and proof of insurance.

Step 4: Upload photos and your motorcycle title (if applying online)

Upload photos of your motorcycle as requested by the lender. Most lenders will request images of your bike from different angles as well as photos of the VIN and odometer.

Step 5: Take your motorcycle for an inspection (if applying in person)

While it’s possible to get a title loan online, it’s far more common for title loan providers to ask you to stop by in person. Once there, you can submit documents, leave a copy of your keys (if required by the lender), get your motorcycle inspected and sign the loan papers.

Step 6: Sign the loan contract and get funded

Review the details of the loan carefully before signing. Check the amount, loan term and APR, and read the fine print for details of any hidden fees. Once you’ve signed, you’ll typically get funds via e-Transfer or direct deposit.

Bottom line

If you’ve got bad credit but own a motorcycle, a motorcycle title loan can provide a quick and convenient way to access a short-term loan. But title loans are expensive, and you could lose your motorcycle if you fall behind on repayments. So, consider your short-term loan alternatives first.

If you do decide that a title loan is your best option, compare a range of lenders to find cheap motorcycle title loans.

Frequently asked questions

• Can I get a loan with a car title?

  Yes, you can get a title loan using your car as collateral. Like with a motorcycle title loan, you can still drive your car around while you're paying it back. Check out our guide to auto title loans for more details on how they work.

• How much can I borrow with a motorcycle title loan?

  Maximum loan amounts vary between lenders, but you'll generally be able to borrow 25% to 50% of the value of your motorcycle. How much your motorcycle is worth depends on several factors, including the model, make, year, mileage and its condition.

  You can use websites like AutoTrader and the Kelley Blue Book to estimate how much your bike is worth. However, you'll need to get it inspected by a professional to get an accurate number. Title lenders typically inspect your vehicle before approving your loan, so you can find out how much it's worth when you apply.

• Can I get a title loan without proof of income?

  It's technically possible to find a title loan when you have no income, but it's difficult. While you don't need to be employed to get a title loan, you generally need to have a regular source of money coming in. This can be from retirement or unemployment benefits, disability, child support or a range of other sources.[/fin_accordion]Most lenders will require you to have a clear title to your motorcycle to qualify for a loan. However, some lenders may be willing to offer a title loan if you still owe money on your bike.

• Can I get no credit check motorcycle title loans?

  Yes, many title loan providers do not require a credit check when assessing your application. They will instead focus on the value of your motorcycle and whether you have sufficient income to afford repayments. Learn more about no credit check loans.

• Can I get a motorcycle title loan online?

  Yes, some lenders offer an online application process. You'll need to provide your personal information, proof of income and proof of ID, plus upload photos of your motorcycle, its VIN and its odometer.

• Do any lenders offer completely online motorcycle title loans with no inspection?

  Yes, there are some lenders that allow you to apply for a title loan completely online. You'll be required to upload your motorcycle title, proof of ID and several photos of your motorcycle during the application process.

To make sure you get accurate and helpful information, this guide has been reviewed by Leanne Escobal, a member of Finder's Editorial Review Board.

Written by

Tim Falk

Writer

Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio