auto title loan

Auto Title Loans

Information verified correct on February 22nd, 2017

Your car can do more than get you from one place to another – find out the benefits of auto title loans.

If you’re in need of a loan but unsure of your options because of your credit score, low income, or any other reason, you may want to consider an auto title loan. These loans are attached to the title of your car and let you access credit that is repaid in the short-term.

Find out how these loans work in the guide below, including the fees, features and eligibility criteria, and how you can apply.

Check City Auto Title Loan

Check City Auto Title Loan

The Check City Auto Title Loan allows you to apply for a loan and have your applicationsecured against your auto title.

  • Min. Loan Amount:
  • Loan Term: Varies
  • Turnaround Time: Next Day
  • Total Costs: Depends on state of residency.
  • Must be 18+
  • Confidential and secure!

    Auto title loans you could apply for with bad credit

    A selection of loans you can apply for

    Here are some loan providers that you can apply to. Note that the max loan amount is based on the lender’s max amount. The amount will vary based on your state of residence.

    Rates last updated February 22nd, 2017
    $
    Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
    From (variable) 1 year Go to site More

    Have we missed anything in the comparison table? Tell us

    • If the provider quotes a different rate to the one above please let us know

    A selection of lender matching services you can apply with

    These lender matching services are not lenders, loan brokers or agents for any lender or loan broker. They also do not make credit decisions. They focus on trying to match you with a lender that might be able to provide you the funds you seek. Note that the max loan amount is based on the matching services max amount, but it will vary based on your state of residence. If you proceed with one of these services, confirm that the lender is reputable by checking with your local government.

    Rates last updated February 22nd, 2017
    Unfortunately, none of the personal loan providers have a loan for that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
    Interest Rate (p.a.) Maximum Loan Amount Term of Loan Turnaround Time
    TrustedInstallmentLoans.com Installment Loans
    Borrow any amount between $500 and $10,000 through an installment loan and have up to 5 years to repay it.
    From (variable) 10000 2-60 months As soon as tomorrow Go to site More
    From 5.99% (variable) 5000 Varies based on lender Varies based on lender Go to site More
    TriangleCash Payday Loans
    If you have bad credit or no credit history, a TriangleCash payday loan could be a helpful solution to get you funding.
    From (variable) 1000 Varies based on lender Instant approval Go to site More
    Accredited Debt Relief
    Accredited Debt Relief can help you lower your monthly payments and interest rates or get out from serious debt. They offer free consultations at 1-877-569-5675.
    From 0% (variable) Varies based on lender On average a settlement lasts 2-4 years. Varies based on lender Go to site More
    CashAdvance.com Payday Loans
    Whether it's an emergency situation or an unexpected expense, that's where Cash Advance® comes in.
    From 200% (variable) 1000 Up to 12 months 1-2 days Go to site More

    Have we missed anything in the comparison table? Tell us

    • If the provider quotes a different rate to the one above please let us know

    How do auto title loans work?

    Auto title loans, also referred to as pink slip loans, title pledges or title pawns, are loans that are secured to the title of your vehicle and designed to be repaid in the short term. While these loans can give you convenient access to credit, keep in mind that if you don’t keep up payments, your vehicle can be repossessed and sold. Lenders that provide these loans usually require that you have a lien-free title, which means there are no pending loans attached to the vehicle’s title.

    After you apply you may have to take your vehicle to a physical location to get it appraised. You will usually be offered an amount that is 25-50% the value of the car. Auto title loans allow you to keep full access to your vehicle; the lender only holds the title of the vehicle as security.

    Once you get the approved funds you have to start making payments as per a predetermined payment plan, typically in installments.

    Some benefits that come with a car title loan

    When you’re comparing auto title loans, consider these aspects:

    • Interest rate and fees. The interest rate can have a big impact on the overall cost of the loan. Even a small difference in percentage can result in your paying hundreds of dollars more. As well as interest, you also need to consider establishment and other fees.
    • Loan amount. The amount you can borrow depends on how much your car is appraised for by the lender and the maximum loan amount set by the lender. Generally, you can borrow 25-50% of the value of your vehicle, which usually amounts to a loan of between $100 to up to $10,000.
    • Loan term. The loan terms differ between providers and states but are generally quite short.
    • Payment flexibility. Find out if a lender lets you make payments that match your pay schedule. This might be weekly, monthly or fortnightly.
    • Making extra payments. Some lenders charge penalties or fees if you decide to make additional payments, or if you decide to repay the loan ahead of time, but others don’t. If you can repay a loan before schedule without incurring any additional costs you can save in interest.

    Have you weighed up the benefits and drawbacks?

    • Receive your funds quickly. If you apply at a physical location, you can receive the approved funds almost as soon as you accept the loan’s contract. With online applications, lenders can transfer funds into applicants’ bank accounts by the next business day.
    • Apply with poor or bad credit. Since you’re providing collateral in the form of your vehicle’s title, you don’t have to have good creditworthiness.
    • Better rates. Auto title loans tend to offer lower interest rates when compared to other unconventional forms of credit like payday loans and installment loans.
    • The risk factor. If you don’t make timely payments, or if you cannot repay the loan, the lender has the right to take possession of your vehicle.
    • High cost. While these loans come with a lower cost compared to paydays, they are still costly when compared to standard loans. Consider if you can afford the repayments.
    Auto title loans for military personnel

    Servicemembers and their dependents are protected under special provisions of federal law and a Department of Defense rule. These provisions relate to payday loans, tax refund anticipation loans and vehicle title loans. According to these provisions, the military APR for car title loans cannot exceed 36%. This applies to all title loans with terms of less than 181 days and most fees and charges are included in the rate.

    Things you should avoid

    • Add-ons. Lenders may offer add-ons with the loan such as roadside service plans that can increase the cost of your loan. These add-ons may be a requirement of the auto title loan, so it’s important to find out the value of the add-on in relation to its cost before agreeing to it.
    • Taking on a loan you can’t afford. If you think you may have trouble paying off the loan in a timely manner you should avoid taking it. If you don’t keep up your payments you stand to lose your vehicle. As well, this will also have a negative effect on your credit rating.
    • Rolling over the loan. If you can’t pay off your loan in the original loan term set out in your loan contract, for example, 30 days, the lender may allow you rollover your loan. If you elect to rollover your loan you will be charged additional fees and interest. If you do need to rollover your loan make sure the amount is affordable otherwise you could get stuck in a cycle of borrowing and debt.
    • Not reading the terms and conditions. Make sure you go through the terms and conditions of your loan carefully. This should give you a clear indication of how much the loan might end up costing.

    Questions we’ve been asked about auto title loans

    What eligibility criteria do I have to meet to qualify for an auto title loan?

    These criteria differ between lenders, but generally you should be an American citizen or a permanent resident of the US, meet your state’s minimum age requirement (usually 18-21) and demonstrate and ability to repay the loan.

    What details do I have to provide to get an auto title loan?

    You’ll need to submit a clear title that shows you to be the owner of the vehicle. The application will require information about your employment and income and you’ll also have to complete an identity check using your driver’s license, passport or state-issued ID.

    Are auto title loans the same as auto pawn loans?

    Yes, these essentially refer to the same loan type.

    What is a liens-free car title?

    This means your car has no outstanding loans or judgements against it and that you own your car outright.

    Can you get a title loan with other vehicles?

    Yes, some lenders also offer motorcycle title loans.

    Does the car title have to be in my name to get an auto title loan?

    Yes. You will need to be the legal owner of the vehicle to get a car title loan.

    What if there are two names listed on my car title?

    Confirm with the lender whether you will just need permission from the other person listed on the title or whether you will need to get a joint car title loan.

    Image: Shutterstock

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