Can I Get a Title Loan in Wisconsin? 

Something has come up and you need cash – fast. A bank loan is out, and you don’t want the interest rates associated with payday loans. You do have a car with a clear title, though, so as a resident of the Badger state, you may be wondering whether you can even get a title loan in Wisconsin. The answer is yes. Read on for more.

What is a Title Loan?

While you may be able to get an installment loan with terms of around a year, these are mainly short-term loans, due in 30 days or less.

Your vehicle serves as collateral for a title loan, which means approval rates are high. It also means you could lose your vehicle to seizure if you don’t make payments. So, take out such a loan with your eyes wide open.

Some title companies will allow customers to refinance for more favorable terms or rates, should the need arise. Inquire about that before taking out a loan.

While industry interest rates are generally competitive, you should also look for a lender that will reward you with decreased rates if you consistently make payments on time.

A chief benefit of title loans is that you can continue using your vehicle as normally while you’re making payments. The lender will simply hold onto the title to your vehicle – car, truck, motorcycle, boat, RV – until the loan is repaid.

What Amount Can I Borrow?

It depends on the lender, but in Wisconsin, people typically borrow between 25 and 50 percent of their vehicle’s value, which the lender determines. Criteria includes the vehicle’s age, overall condition, year, make, model, and age.

Generally, though, loans usually range between $100 and $10,000. The amount you’re offered will also depend on your ability to repay the loan. 

What the loan amount won’t be based upon is your credit score. While some lenders will look at it, your credit isn’t the focus. 

What Must I Have for a Loan?

In the main, you’ll need a vehicle and title in your name. You’ll also need to document that you can repay the loan (pay stubs, bank statements, etc.). You needn’t be employed to get a loan, either. If you can show proof of retirement, self-employment, or Social Security income or the like, that works, too.

For title loans in Wisconsin, you also must be at least 18 and provide proof that you reside in the state (utility bill, credit card statement, etc.). You’ll also need a government-issued photo ID.

Further, you’re going to have to submit recent photos of the vehicle from all four angles, plus the hood, and a clear shot of the VIN. Some lenders will want to see a photo of the odometer.

How Long Does the Process Take?

You can apply for a loan 100 percent online. After you’ve sent in your materials, you’ll get a decision that day, sometimes in minutes. It’s also common to be paid with 24 hours of approval.

While most lenders will allow you to pick up the funds, typically from a MoneyGram location, they also will be happy to deposit the funds directly into your bank account. So, if you think this is the way you’ll go, confirm your account’s ability to handle ACH transfers. Or, simply set up such an account before applying.

Ultimately, yes, if you have a vehicle with a title in your name, and sufficient income to cover the loan, chances are high that you can get a vehicle title loan in Wisconsin. Have all your documents ready before you apply.