About Getting a Title Loan with Motorcycle
We all could find ourselves in a situation where we need quick access to money. Not everyone has enough savings to cover emergency situations that require these individuals to find alternative ways to raise 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 particularly easy to get a title loan for a motorcycle, as long as you know where to look. Visit your local bank office.
The loan officer at your local bank can arrange a variety of loans. Anyone who has sufficient collateral or who is an established customer in the bank can get a loan. There is no better security than a clear motorcycle title. Be aware that the bank may have a minimal amount of money they are willing to lend, and that may be more than you need. The bank will probably want to take 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 company
Many states have business title loans that can be used to get money in minutes. Sometimes called car title loan companies, these companies will provide a short-term title loan to someone who owns some form of transportation. If you have a clear title for a car, truck, boat, recreational vehicle or motorcycle, bring it in and get cash in place. You must have proof of full coverage insurance and will need to leave the signed title with the loan company, but using a business title loan is a quick and easy way to use your motorcycle as a security for a loan.
Check with the mortgage bank law
Mortgage institutions take any item they know can be sold with profit, the borrower should default on the loan. This includes motorcycles. In fact, pawnshops are more likely to accept motorcycles than cars, simply because they are easier to store and display. Unlike a bank or title loan company, a mortgage bank will probably require you to leave both the motorcycle and the title in its possession. You will regain possession of these items once the loan has been repaid. Mortgage institutions should be considered as a last resort if, as they give you the minimum amount and charge the highest interest. Explore other options if you can.