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Auto title loans

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Compare short-term loans secured by your car title.

Auto title loans are loans taken out against the title of your car. They give you access to credit, usually as much as 50% of the value of your car. Provided you can repay within a few weeks, an auto title loan could be an option when you’re facing hard financial times. However, these are expensive loans that should only be used for an emergency setback, not a long-term financial issue.
Max Cash Title Loans

Our top pick: Max Cash Title Loans

With a quick online application, Max Cash could help connect you with a lender, finding you options in minutes.

  • Max. Loan Amount: $50,000
  • Loan Term: Varies by lender
  • Turnaround Time: As little as 1 business day
  • No bank account requirement.
  • Not available in 12 states: CO, CT, DC, HI, MT, NE, NJ, NY, OR, SC, SD or WY.

    How do auto title loans work?

    Auto title loans, also called title pawns, are loans secured to the title of your vehicle. In most cases, you’ll need to have a lien-free title in order to qualify.

    After you apply, you may have to take your vehicle to a physical location to have it appraised. A lender may offer you between 25-50% the value of the car as a loan, and you can keep driving your car during the loan period. Once your contract is signed, you’ll start making payments based on the schedule you agreed to in your loan contract.

    Unlike an unsecured payday loan, if you don’t make regular payments on your auto title loan, your vehicle can be repossessed and sold. That’s why many states highly regulate the auto title loan industry, and some states have even made them illegal.

    Compare auto title loans

    Rates last updated June 25th, 2018
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Max. Loan Amount Turnaround Time Requirements
    Max Cash Title Loans
    With a quick online application, Max Cash could help connect you with a lender, finding you options in minutes.
    $50,000
    As little as 1 business day
    Must be a US citizen or permanent resident, 18 or older with a regular source of income. Not available in the following states: CO, CT, DC, HI, MT, NE, NJ, NY, OR, SC, SD or WY.
    LoanMart Car Title Loans
    A LoanMart auto title loan allows you to borrow money against your car, even if you have bad credit.
    $50,000
    1 business day
    Must live in AL, AZ, IL, MO, NM, SC or UT. Must have verifiable income, car value of at least $1,500 and a vehicle that is paid-off or close to being paid-off.
    Finova Financial Auto Equity Loans
    Short-term loans secured by your car title. Repayments accepted through MoneyGram if you don't have a bank account.
    $5,000
    as little as one business day
    Must live in AZ, CA, FL, NM, SC, TN or OR. Must own your car outright, have a valid car insurance policy and be a US citizen or permanent resident.
    TitleMax Auto Title Loans
    Auto title loans on cars and motorcycles to people in 16 states across the US.
    $10,000
    as little as 30 minutes
    Must have a lien-free vehicle title, government-issued ID, and be age of majority in your state.

    Compare up to 4 providers

    Rates last updated June 25th, 2018
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Max. Loan Amount Turnaround Time Requirements
    Check into Cash Payday Loan
    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
    $1,000
    1–2 business days
    You must be at least 21 and an American citizen and have a bank account, email address and phone number.
    LendUp Payday Loans
    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.
    $250
    generally receive the money the next business day
    Be 18+ years of age and have a checking account that can accept electronic transfers.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    ACE Cash Express Payday Loans
    Quick payday, installment and title loans with no prepayment penalty and a 72-hour satisfaction guarantee. Funds can be loaded on an ACE Elite™ Visa® Prepaid Debit Card.
    Varies by state
    Generally receive the money the next business day
    Must be 18+ years old, have a steady source of income and a checking or savings account. Must not be a debtor in bankruptcy.
    LoanByPhone Payday and Installment Loans
    This mobile lender offers convenient cash loans. Apply online or by phone.
    $3,000
    1–2 business days
    Must be 21 years old and have a Social Security number, a regular source of income, a valid email address, an active checking account and a phone number.
    BadCreditLoans.com
    With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
    $5,000
    Varies
    Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.

    Compare up to 4 providers

    What you can expect from an auto title loan

    No matter where you live, auto title loans generally have similar features that you can compare when making your decision.

    • APR. APR represents the total cost of your loan, including both interest and fees. Even a small change can have a big impact on the overall cost of the loan, so be on the lookout for lower rates and fewer fees to keep your loan cheap.
    • Loan amount. The amount you can borrow depends on how much your car is appraised for and the maximum loan amount set by the lender. Generally, you can borrow 25-50% of the appraised value of your vehicle.
    • Loan term. Loan terms differ between providers and states, but many states set the initial loan term limit at 30 days with options to renew or rollover your loan amount.
    • Payment flexibility. Most lenders offer some form of payment flexibility to match your pay schedule, whether it’s weekly, biweekly or monthly.
    • Extra payments. Find a lender that allows you to make an extra payment without fees so you can save on interest. If you can’t, opt for a lender with the lowest early repayment fee.

    What you should avoid

    • Add-ons. Lenders may offer add-ons to bump up the cost of your loan, and some may even require that you agree to an add-on in order to get the loan. Try to find a lender that doesn’t force your hand to make an extra buck as you’ll likely find a better deal elsewhere.
    • Taking on a loan you can’t afford. Although many people use auto title loans in a time of crisis, it’s important to know what you can afford. If you won’t be able to pay back your loan, you risk worse debt and the loss of your vehicle.
    • Refinancing. If you can’t pay off your loan in the original term set out in your contract, the lender may allow you refinance or roll over your loan. You’ll be charged additional fees and interest on top of your existing fees, and this can quickly get expensive.
    • Skimming the loan offer document. 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 will end up costing. If you don’t agree to the terms, you are under no obligation to accept the loan.

    Benefits and drawbacks to consider

    Pros

    • Receive your loan quickly. If you apply at a physical location, you may be able to receive your loan funds the same day. With online applications, lenders can transfer funds into your bank account by the next business day.
    • Better rates. Auto title loans tend to offer lower interest rates when compared to other short-term lending options like payday loans or installment loans.
    • Bad credit is OK. Since you’re providing collateral in the form of your vehicle’s title, you don’t have to have a good credit score. Lenders will be more willing to lend to you because of the secure nature of the loan.

    Cons

    • Risk losing your car. If you aren’t able to pay back your loan, the lender has the right to repossess your vehicle. This could leave you in a much worse financial situation.
    • High cost. Title loans are costly when compared to more traditional forms of credit. Consider if you can afford the repayments before taking out a loan.
    • Disreputable lenders. Not all lenders are licensed to operate a loan business in your state. This means they won’t be following regulations and could be working illegally, which puts you at risk of losing your car because of incredibly high interest rates.

    Alternatives to auto title loans

    Not everyone has the ability to take out a car loan, and the risk of losing your vehicle may not appeal to you. If that’s the case, consider these alternatives when you need emergency money.

    Auto title loans for military personnel

    Servicemembers and their dependents are protected under special provisions of federal law and a Department of Defense ruling. 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.

    How to apply

    Eligibility criteria

    • Own your car outright
    • Have steady source of income income
    • Be at least 18 years old (varies by state)
    • Be a US citizen or permanent resident

    How to apply

    With most lenders, applications can be submitted online or in person.

    1. Visit a lender’s storefront or its online website
    2. Provide your name, date of birth, address and email address
    3. Provide your state-issued ID
    4. Give details about your employment status and income
    5. Have your vehicle appraised

    If you apply online, your may need to bring your vehicle to a lender’s storefront in order to have it appraised before you can be approved.

    Bottom line

    Auto title loans can be a valuable tool when you find yourself faced with an unexpected bill or major expense that your budget simply can’t handle. Although expensive, planning for them and only borrowing as much as you need can help you clear the hurdle between paydays and avoid long-term debt.

    Frequently asked questions

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    4 Responses

    1. Default Gravatar
      Apollonio1971November 22, 2017

      I am wanting to get a loan and I am told that I have an amount I am eligible for and what I need to submit and I do that and if they change their mind without a good reason what do I do is that legal they may have switched up and discriminated against me after getting all my info and documents …perhaps

      • finder Customer Care
        RenchNovember 22, 2017Staff

        Hi,

        Thanks for your inquiry. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.

        It’s best to check the eligibility criteria first and check what are the required information before applying for a loan, it depends on your preferred lender.

        Lenders have its requirements for you to apply for the loan. This is also important to them since you are borrowing money and will check if you will be approved. There’s no need to worry because all your information is secured.

        You can have a look at this page and compare your options for car loans.

        Best regards,
        Rench

    2. Default Gravatar
      BOctober 3, 2017

      I currently live in WV. I’m currently on vacation in SC and have had an emergency expense come up and need to obtain a car title loan. Is it legal to do so?

      • Default Gravatar
        JonathanOctober 4, 2017

        Hello B,

        Thank you for your inquiry.

        Car title loan is not available in West Virginia. However, you can check this page for your alternative.

        Please be reminded that eligibility requirements and loan terms vary on each lender, so it is important to understand them prior application.

        Hope this helps.

        Cheers,
        Jonathan

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