Many borrowers reach a point where their original loan amount is no longer enough and begin asking, “Can I get more money on my title loan?” This situation is common, especially when unexpected expenses arise or when the vehicle still holds unused equity.
There are several ways borrowers may be able to access additional funds from an existing title loan, including refinancing, loan modifications, or lender-specific top-up options. Eligibility for any of these approaches depends on key factors such as how much equity remains in your vehicle, your payment history, and whether your lender allows increases on active loans.
Because rules differ widely across lenders and state regulations, the options available to you may vary. Understanding these variables is the first step toward determining whether you can get more money on your title loan.
Quick Takeaways
- Borrowers can often get more money on an existing title loan through refinancing, a loan modification/increase, or a cash advance/top-up, depending on the lender.
- Refinancing (replacing the old loan with a new, higher amount loan) is the most typical way to access additional funds.
- Eligibility for an increase depends on remaining vehicle equity, a strong payment history on the current loan, the vehicle’s current condition, and your ability to handle higher payments (verified by income and DTI ratio).
- The additional amount is capped by the remaining equity in your vehicle, with most lenders limiting the total loan to 50% to 80% of the car’s current market value.
Ways to Get More Money on Your Existing Title Loan
If you are wondering, can I get more money on my title loan, several options may help you increase the amount you originally borrowed. The right approach depends on your lender’s policies, how much equity remains in your vehicle, and your overall payment history.
Title Loan Refinancing
Refinancing replaces your current loan with a new one for a higher amount. This lets you access additional cash based on the remaining equity in your vehicle and may even offer better terms or lower interest rates. It is the most common method borrowers use when they need more money.
Loan Modification or Increase
Some lenders allow you to modify your existing loan instead of refinancing. This process may add extra funds to your current balance while keeping the same loan structure. It is usually simpler than a full refinance, although availability and limits depend on your lender’s policies.
Cash Advance or Top-Up
A few lenders offer cash advances or top-ups on active title loans. This allows you to borrow additional money against any unused equity in your vehicle. The process is often quick with minimal paperwork, but not all lenders provide this option.
Factors That Determine If You Can Get More Money
Several key factors influence whether you can get more money on your title loan. Lenders assess your vehicle, your payment behaviour, and your financial stability before approving any increase.
Remaining Vehicle Equity
Remaining equity is the difference between your car’s current market value and your existing loan balance. You must have positive equity to qualify for additional funds. Depreciation can reduce how much equity is available, and some lenders require a fresh appraisal before approving more money.
Payment History on Current Loan
A strong payment record improves your chances of being approved for a higher loan amount. Late payments or defaults can make you ineligible, and lenders often consider how long you have been paying on the current loan. Consistent payments show you can manage a larger monthly obligation.
Current Vehicle Condition
Your vehicle’s physical condition affects its appraised value. Mileage, maintenance history, and any damage since the original loan can reduce available equity. A new inspection may be required to confirm the car’s current worth.
Income and Debt-to-Income Ratio
Lenders need to see that you can handle larger payments. They may verify your income, review your overall debt obligations, and check whether your debt-to-income ratio meets their requirements. Stable income increases your likelihood of approval.
How Much Additional Money Can You Get?
The amount you can receive is usually limited by the remaining equity in your vehicle. Most lenders cap the total loan value at around 50 to 80 percent of the car’s current market value, which sets the upper limit for any increase.
State regulations may also restrict maximum loan amounts, and your payment history and overall creditworthiness can influence how much additional money you qualify for. Borrowers with strong repayment records typically have access to a higher portion of their remaining equity.
The Process to Get More Money on Your Title Loan
If you are asking can I get more money on my title loan, the process typically follows a few straightforward steps, depending on your location. Although each lender handles things differently, most increases require a review of your vehicle, financial situation, and existing loan terms.
Contact Your Current Lender First
Your current lender is the best place to start. They can explain available modification or refinancing options, outline requirements, and provide estimates for how much additional funding you may qualify for. Be sure to ask about any fees or costs involved.
Vehicle Re-Appraisal
Lenders often need an updated appraisal to determine your car’s current value. This may include a physical inspection, mileage check, and review of maintenance records. The appraisal confirms how much equity remains and how much additional money you can borrow.
Application and Approval Process
If you qualify, you will complete an application for the increased loan amount and provide updated income or employment verification. After reviewing the modified loan terms, you will sign new documents and receive the additional funds, often on the same day.
When You Might Not Qualify for More Money
You may not be able to increase your loan amount if your vehicle has negative equity, meaning you owe more than the car is currently worth. Recent missed or late payments can also prevent approval, as lenders need to see consistent repayment behaviour.
A drop in income, significant vehicle damage, or hitting your lender’s maximum loan limits can all reduce your chances of qualifying for additional funds.
Risks of Increasing Your Title Loan Amount
Increasing your loan amount raises your monthly payment obligations, which can make budgeting more difficult. A higher balance also increases the risk of default and potential vehicle repossession. You may end up paying more in interest over the life of the loan, and extending the terms could keep you in debt longer than expected.
Comparing Your Options
Before deciding, compare the benefits and costs of staying with your current lender versus refinancing with another. Each option may have different fees, timelines, and impacts on your existing loan terms. Understanding these differences can help you choose the most affordable and practical path.
Explore Your Options for Additional Funds
Getting more money on your title loan is often possible, especially if your vehicle still has remaining equity. Before moving forward, review your financial situation carefully and compare the terms offered by your lender. Taking time to understand the costs can help you make the best decision for your needs.
Ready to explore getting more money from your title loan?
FAQs
How soon can I get more money on my title loan?
Many lenders offer same-day increases once your vehicle is appraised and your application is approved.
Will getting more money on my title loan affect my credit?
Title loans typically do not appear on credit reports, but missed payments or repossession can indirectly affect your financial standing.
Can I get more money if I’ve missed payments?
Missed or late payments usually make you ineligible until your loan is brought back into good standing.
What if my car is worth less than when I first got the loan?
A lower vehicle value reduces remaining equity, which may prevent you from qualifying for additional funds.
Is it better to refinance or modify my existing loan?
Refinancing may offer better terms or more cash, while modifications are simpler but may provide smaller increases. The best choice depends on your lender’s policies and your financial situation.
Chad is a seasoned executive with an impressive track record spanning over two decades in the Fintech sector across diverse technologies and financial industries. With a wealth of knowledge accumulated throughout his career in finance & technology, he is dedicated to ensuring that both our employees and clients benefit from the highest levels of expertise and an unwavering commitment to customer service. Chad’s forward-looking approach and exceptional leadership skills have played a pivotal role in the success of his businesses, empowering consumers to proactively navigate the ever-evolving challenges of everyday life. When he’s not charting new horizons in the business world, Chad enjoys quality time outdoors with his wife and kids, as long as the Texas weather doesn’t hit a scorching 110 degrees! 😉