4 Things You Need for a Title Loan


A title loan is a type of loan you can get that uses your vehicle as collateral. You can get a loan up to the value of your vehicle – car, truck, motorcycle, or recreational vehicle. The way you use the cash from the title loan is up to you. It is a flexible loan that does not have specific requirements when it comes to spending the money that you borrow. If you get a title loan from Tio Rico, you will have flexible payment options that include bi-weekly, semi-monthly, or monthly payments. Now that you have a basic understanding of what a title loan is, your next question is likely: ‘What do I need for a title loan?” In order to get a title loan, you will need to have four things in place: proof of identification/age, some type of vehicle, a certificate of title for the vehicle, and full coverage insurance (if you are getting a loan over $2,500).

Proof of Identification/Age
In Arizona, the minimum age for a title loan is 18 years old. To go through the process of getting a title loan, you must be able to provide evidence that you are 18 or older. A simple way to do that is by providing an acceptable picture identification such as a passport or a driver’s license. The proof of identification will include your date of birth and other important information that is needed for the process of applying for a title loan.

Own Some Type of Vehicle
Most people think of a title loan is something you can get only for a car. The reality is that you can get a title loan against the value of many types of vehicles including cars, trucks, motorcycles, and recreational vehicles (RVs). If you have a clear title in hand, you can get a title loan up to the value of the vehicle. The vehicle is considered collateral for the loan.

A Certificate of Title on Hand
The third thing you need for a title loan is to have your title on hand. The title for your vehicle is a legal document that shows who owns the vehicle. If you owe money on a vehicle, the bank or lending institution that provided the funds will have a lien on the title. Once you pay the loan off, the lien is removed and you own the vehicle free and clear. At that point, you will receive the certificate of title for your vehicle. In order to get a title loan, you will need to have the certificate of title for your vehicle on hand.

Full Coverage Insurance
There are some situations where full coverage auto insurance is not necessary to get a title loan. If you are looking to get a large title loan – over $2,500 – you will need to provide proof of full coverage insurance in order to proceed.

At Tio Rico, the process of getting a title loan is straightforward. You can get started by filling out a quick application online, over the phone, or in person. If you have all of your documentation in order, you can have your cash in as little as thirty minutes.