Understanding Title Loans For Luxury Vehicles
Car title loans, also known as auto equity loans, are similar to home equity loans in the sense that you use an asset to secure funding. The higher the value of the asset, the higher the loan amount you may qualify for.1 If you own a luxury vehicle or exotic car outright, you can apply for a luxury car title loan to get access to quick funds.1 Like almost all loans, luxury auto equity loans must be paid back with interest and any applicable fees.
How to Qualify For A Loan Against A Luxury Vehicle
What do you need to qualify for a luxury asset loan against your vehicle? To apply for an auto equity loan, you’ll typically be asked to provide the following to the lender or loan servicer:
- Title to a luxury vehicle in your name
- Proof of residence and income
- Government-issued ID
- Recent pictures of your luxury car or truck
While car title loans were not specifically made with luxury cars in mind, having a top-of-the line car can only be good for your chance of getting approved.1 Since high-end cars are by definition more valuable than regular vehicles, the higher vehicle value that comes with a luxury car means that the applicant is more likely to get approved for substantial funding.
Factors Affecting the Loan Amount for Luxury Vehicles
Auto title loans are primarily based on the following factors:1
- The equity, or value of your premium vehicle
- Your verifiable income
With your ability to make loan payments and the car value being the major drivers, below are a few sample value amounts for luxury cars based on their MSRP from Kelley’s Blue Book. Maybe you’ll see your own below!
| Make | Model | MSRP Range |
|---|---|---|
| Acura | NSX Coupe | $157,800 – $157,800 |
| Alfa Romeo | Giulia Sedan | $38,990 – $75,095 |
| Aston Martin | Vanquish S Coupe | $297,775 – $297,775 |
| Audi | R8 Coupe | $166,150 – $195,650 |
| Bentley | Mulsanne Sedan | $310,395 – $406,625 |
| BMW | 7 Series Sedan | $84,095 – $157,695 |
| Cadillac | CTS-V Sedan | $87,490 – $87,490 |
| Cadillac | Escalade SUV | $75,290 – $96,990 |
| Ferrari | F12berlinetta Coupe | $326,745 – $326,745 |
| Genesis | G90 Sedan | $69,345 – $75,345 |
| Infiniti | QX80 SUV | $66,045 – $69,145 |
| Jaguar | XJ Sport | $76,395 – $123,395 |
| Kia | K900 Sedan | $50,850 – $62,850 |
| Lamborghini | Aventador Coupe | $406,695 – $497,895 |
| Land Rover | Range Rover Sport SUV | $67,745 – $114,595 |
| Lexus | LC Coupe | $92,995 – $97,505 |
| Lincoln | Navigator SUV | $73,250 – $94,900 |
| Maserati | GranTurismo Coupe | $136,325 – $169,127 |
| McLaren | 570 GT Coupe | $201,450 – $201,450 |
| Mercedes Benz | Mercedes AMG S-Class Sedan | $145,695 – $229,595 |
| Porsche | 911 Coupe | $92,150 – $294,250 |
| Rolls Royce | Dawn Convertible | $345,575 – $345,575 |
| Tesla | Model X SUV | $80,700 – $146,200 |
| Toyota | Land Cruiser SUV | $85,610 – $85,610 |
| Volvo | XC90 SUV | $47,895 – $105,895 |
You can also always check Kelly Blue Book and use the trade-in value as a guide.
Benefits of Luxury Auto Equity Loans Serviced by LoanMart
Auto equity loans are one of the most popular short-term lending options available to today’s borrowers. Most of these loans, like those serviced by LoanMart, offer a fast application and approval process,1 large maximum loan amounts, and potentially a higher chance of approval compared to personal loans or business loans. Beyond these general similarities between title loan providers, below are the most important factors that separate title loans serviced by LoanMart from some of the other competitors:
- No requirement to surrender your luxury collateral: While auto equity loans require collateral in the form of a qualifying luxury or exotic vehicle and its associated title, obtaining a car title loan serviced by LoanMart does not require that you surrender possession of your luxury car. Unlike some other companies that offer luxury-asset based loans, obtaining a title loan serviced by LoanMart does not require that you drop off your car or keys at a storage lot.1 If you receive title loan funding through a LoanMart-serviced loan, you get to keep driving your car while you pay back the loan.
- Discrete process with no store visit required: If you are like many of the customers serviced by LoanMart, you not only value your time but also value privacy. The process to get a title loan serviced by LoanMart is designed with these concerns in mind. Unlike some of the other title loan options available in the market, when you get a title loan serviced by LoanMart, there’s no need to drive to a loan store for loan closing or to make a payment.1 So there’s no need to waste your time driving anywhere to get your vehicle inspected, and no need for potentially uncomfortable face-to-face interactions with an underwriter.
- Quick Approval and loan disbursement: Luxury equity loans serviced by LoanMart are available with a fully electronic application that can be completed and processed in minutes.3 Upon final approval, loans may be funded as fast as same day.1 3
- Flexible Repayment Periods: Many borrowers want to repay their loan quickly. With exotic car title loans serviced by LoanMart, borrowers have the freedom to repay their loan early, without incurring any pre-payment penalties. Even if an early full repayment is not possible, borrowers are welcome to make additional payments at any time to speed up the repayment process.5
Final Thoughts About Vehicle-Secured Luxury Asset Loans
If you are a luxury car collector or luxury car owner who is looking for a loan solution to an urgent cash need, using your car as collateral may not be the first option that comes to mind, especially if you are under the assumption that getting a car title loan requires that you surrender the physical vehicle.
With auto title loans serviced by LoanMart, there’s no requirement to give up access to your car or keys. Therefore, there’s no harm in applying to a luxury car title loan serviced by LoanMart and seeing what you qualify for.1
LoanMart has been in the title loan service business for over two decades. Thanks to our years of expertise, we believe we offer one of the best title loan services in the nation and can offer the VIP treatment you deserve when looking to turn the value of your luxury car into the cash you need.
