Factors That Determine Borrowing Limits

At Utah Money Center, we’re proud to offer title loans to numerous clients to help them with any kind of brief financial bind. Our goal is to provide loans with simple terms that most people can take advantage of.

One of the most common questions we get: How much money am I eligible for with a title loan? There’s no single way to answer this question, as the true answer will depend on a few important factors. Let’s take a look at these factors when it comes to how much you can get on a car title loan.

Important Factors

While you have to have a source of income for a title loan, this is just to ensure that we know you can pay it back – it has nothing to do with the amount you can get for your loan. In reality, there are two important factors here:

  • Vehicle value: This is the primary factor in determining the loan amount you can receive. We will evaluate the condition of your vehicle, potentially utilizing a vehicle history report like Kelly Blue Book for assistance.
  • State of residence: Certain states have rules that limit the maximum available title loan amount – Utah, however, is not one of these states. In our next section, we’ll go over a few specific considerations for Utah.

Utah Title Loan Requirements

As we noted, there is no maximum title loan amount in Utah. While many other states set a cap at $2,500, $5,000, $25,000 or another limit, there is no such concern in Utah.

Down similar lines, it’s important to note that Utah also does not place any cap on title loan interest rates. There is no set term limit for title loans, which means title loan companies and borrowers can work together to determine terms. However, most basic terms are generally set at 30 days.

For more on the factors that go into your title loan amount, or to learn about any of our loan options, speak to the pros at Utah Money Center today.