What Is The Max Loan Amount I Can Get?

The max loan amount one can borrow varies wildly – it all depends on the type of loan you get and the criteria you meet. Some loans have higher borrowing limits and allow you access to more money if you have a healthy credit score. Others don't pay as much attention to your credit health as they request collateral instead, which lets you increase your maximum loan limits.

We'll explore various loan types and their borrowing limits in the following sections.

Various Loan Types And Their Maximum Borrowing Limits

Student Loan Limits

With a federal undergraduate student loan, you can receive up to $12,500 per year with a total of $57,500 throughout your education. Although, you can find higher amounts offered by private entities. The term lengths can vary drastically depending on your post-graduate income. Of course, you can only use the money to pay for educational courses.

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Mortgages And Their Loan Maximum

Currently, the borrowing limits for conforming loans are up to as much as $766,550. These loans are typically used for a mortgage on a single-unit property. However, jumbo loans, or non-conforming loans, can extend beyond that figure and allow a larger loan limit. Term lengths for such loans tend to be between 15 and 30 years. Loan approval and borrowing amounts are directly affected by your credit, as well as, your income and employment status.

Auto Loan Borrowing

Auto loans allow you to buy vehicles from a dealership. The maximum you can borrow for this type of loan is typically the MSRP, plus tax, license, documentation, and recording fees. You can extend that amount by adding Guaranteed Auto Protection (GAP) and Mechanical Breakdown Insurance (MBI). These loans have a maximum term of 84 months. Loan approval is affected by credit and income.

Personal Loans Limits

Traditional personal loans offered by banks can have a max loan amount between $1,000 and $50,000, and in some cases up to $100,000, for unsecured options. Secured personal loans, using an asset as collateral, can extend to $250,000. As for repayment terms, they tend to be capped at ten years. However, it depends on the type of personal loan you receive.

As with any traditional bank or credit union loan, credit, income, and employment status are the main factors. If you have collateral to secure a loan, the approval guidelines may not be as strict. However, the loan decision can take several days to obtain, and the funding, weeks to receive.

Signature Installment Loan Amount

So far, the loans mentioned either have astronomically high loan amounts or come with restricted usages. Signature installment loans, however, are quite different.

For instance, with Missouri Title Loans, Inc. you can borrow up to $1,500 with zero restrictions, meaning you can use the money for anything you need. Emergency medical costs, urgent travel, unexpected bills, and home repairs are among the expenses typically paid for by signature installment loans.

They're easy to apply for, but your credit will be considered as they are a "good faith" type of loan secured with a signature and then repaid in installments.

woman sitting comfortably applying for max car title loan online with Missouri Title Loans, Inc.

Car Title Loans And Their Borrowing Power

If you are looking for a loan that is easy to qualify for, has a high maximum loan amount, and welcomes all credit types and situations, car title loans are an option.

With this loan type, you can borrow up to $15,000, based on the value of your car, truck, or van. However, you should only borrow the amount you need to finance emergency expenses, not unnecessary purchases.

Here, at Missouri Title Loans, Inc., you can begin the process online, which makes the whole experience hassle-free and straightforward.

To estimate your title loan limits, you need to understand the factors that contribute to your vehicle's worth. These are as follows:

  • Condition — Keeping your car in good cosmetic and mechanical health helps retain its value.
  • Make and model — Luxury automobiles made by the likes of Mercedes, BMW, Lexus, and Cadillac are always worth more than run-of-the-mill vehicles like Toyota and Nissan.
  • Age — As manufacturers release newer models with updated technology, the price of the previous vehicles rapidly decreases. Carfax approximates that cars lose 60% of their value over the first five years of their lives!
  • Mileage — Put simply, the higher the mileage, the less valuable the vehicle. The odometer reading is a tell-tale sign of excessive (or otherwise) wear and tear. When getting a car title loan, it's one of the main factors that impact your title loan limits and the maximum borrowing amount.
  • Modifications — While you may love the spoiler and decals on your vehicle, others will likely struggle to see the same value in it. Therefore, customizations often decrease the car's worth. However, if you put a new engine in an older chassis, you can expect the amount to increase compared to vehicles with their original engines.

How To Get A Title Loan

To find out exactly how much you can borrow with one of our title loans, follow the steps below:

  1. Complete the online inquiry form found on our website. It will then send your information to your local Missouri Title Loans, Inc. storefront, and a loan representative will receive your details before reaching out.
  2. During that call, they'll discuss the process, answer your questions, and ensure you know the required items. At this stage, you can decide whether you'd like to meet at our store or at a more convenient location.
  3. Wherever you decide to meet, head there with your lien-free title to your vehicle, driver's license (or another form of photo identification), and your vehicle.
  4. Upon arrival, the loan representative will verify your documents and quickly inspect your vehicle to determine the amount you qualify for.
  5. If approved, you sign some paperwork and receive the money you need on the same or the next business day.

Secure Your Loan Today!

The maximum loan amount varies depending on the type of loan you are looking for. If you need quick money for an urgent matter but your credit is less than perfect, you may want to consider a Missouri car title loan. It is one of the easiest loans to qualify for, and with Missouri Title Loans, Inc., you can get a maximum amount of up to $15,000. To find out more, fill out our online inquiry form now!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.