Whether it’s to cover a wedding, pay a medical bill, buy college textbooks, or something else, a vehicle title loan can come in handy when you need cash fast. All you basically need is a car in your name and the title, and income for loan repayment. 

Keep reading for more about how to get a title loan in Wisconsin.

What Exactly is a Title Loan?

It’s what’s known as a short-term loan since repayment is usually due in 30 days or less. Loans with terms of up to a year are also sometimes available. 

In exchange for the loan, the lender will keep your vehicle title until the debt’s repaid, plus interest. You get to keep your vehicle, however, while you’re making payments, which is a major title loan benefit. And “vehicle” could mean an RV, boat, or motorcycle, in addition to a car or truck.

The other side of that is, because your vehicle serves as loan collateral, you could lose it to seizure if you fail to make payments. So, be 100 percent positive you can pay the loan off.

If you do find yourself struggling to repay, talk to the company about refinancing, which some title lenders allow. It’s a good idea to inquire about that before signing off on a loan.

While you’re inquiring, ask whether your interest rate will decrease if you consistently make on-time payments. Some lenders do give such rewards.

How Much Can I Borrow?

This varies among lenders, but it also depends on the laws of the state in which the lender is located. In Wisconsin, borrowers are usually able to get between 25 percent and half their vehicle’s value, which is determined by the lender. Criteria includes the vehicle’s make, model, model year, mileage, and overall condition. 

Most loans are between $100 and $10,000, with the average loan in the $1,000 range. The offer will also hinge on your income and loan repayment ability.

Unlike with traditional banks, the loan amount will not depend on your credit history, however. Yes, some lenders might pull your report, but they won’t focus on it. Remember, title loans are secured by your vehicle.

What is Required?

You primarily need to own a vehicle with a lien-free title. After that, you’ll need to provide proof – pay stubs, for example — that you’re able to repay the loan. If you aren’t employed but have income from retirement, Social Security, self-employment, rental property, etc., that’s just as good.

For auto title loans in Wisconsin, you also must be at least age 18 and show proof you’re a Badger State resident (credit card statement, utility bill, etc.). A government-issued photo identification is also required.

Title companies in Wisconsin also require you to, as part of your application, submit recent photos of the vehicle from all angles, plus the hood and rear. You also need clear shots of the VIN and odometer.

How Fast Can I Get Cash?

In Wisconsin, you can apply totally online. Once you send in the required information and materials, you can expect a decision that day. Once you’re approved, you will likely have your funds within 24 hours. 

You will probably have options, in terms of payment: pick up the funds from a brick-and-mortar lender location or a local MoneyGram business, an overnight check, or through direct deposit

So, that’s how to get a vehicle title loan in Wisconsin. It’s pretty easy and straightforward, and a good way to skirt a potential crisis. Just make sure you can pay the loan back.


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