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TitleMax auto title loans review

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Use your car as collateral to help you get the extra cash you need in as little as 30 minutes.

finder.com’s rating: 2.3 / 5.0

★★★★★

There are times when bills come up that you simply can’t afford. Payday loans may not require you to put up collateral, but the rates tend to be high and the amounts capped around $2,000. Instead, a TitleMax title loan could help.

$2,600

Min. Amount

$10,000

Max. Amount

as little as 30 minutes

Turnaround time

Details

Product NameTitleMax Auto Title Loans
Min. Amount$2,600
Max. Amount$10,000
Loan Term30 days
Loan SecuritySecured
Turnaround Timeas little as 30 minutes
RequirementsMust have a lien-free vehicle title, government-issued ID, and be age of majority in your state.

What is TitleMax?

TitleMax is an auto title lender that has been in business since 1998 and operates stores in 16 states.

TitleMax calculates your loan amount based on the value of your vehicle and your state of residence. It will evaluate your vehicle’s condition and, if you’re approved, extend a loan of up to $10,000. However, because some states have different laws regarding the maximum amount of funds you can receive, you may not qualify for a large loan.

For example, Tennessee sets the cap at $6,500, Illinois sets the cap at $4,000 and Mississippi has a cap of $2,500. In California, you’re required to borrow at least $2,600. For residents of Georgia, you’ll be receiving a title pawn, not a title loan — but that won’t affect the amount you can borrow.$2,600

To get a title loan for your vehicle, it must be paid off in full and the title must be in your name. TitleMax will keep your title until your loan is paid off in full, but you’ll still have your car or motorcycle to drive.

Four loan types offered by TitleMax

Although TitleMax lists four loan types on its site, the only major differences are that title pawns are exclusively available in Georgia. If you’re pawning your car, you’ll have to pay off your pawn. Otherwise, these options are largely the same. Payoff periods for car and motorcycle title loans vary by state, as do fees and other expenses.

  • Car title loan. The car title process is available in most every state that TitleMax operates in. It should take around 30 minutes to have your vehicle inspected, and in most states you won’t have to worry about bad credit since you’re using your title as collateral. However, in California and Alabama, car title loans may require a credit check.
  • Car title pawn. A car title pawn is available to residents in Georgia and works similarly to a title loan. Visit a TitleMax location, and if you’re approved for a pawn, you’ll have 30 days to pay it back.
  • Motorcycle title loan. Own your bike outright? You can bring it to TitleMax and use it as collateral for a title loan. The process is the same as a car title loan, making it easy for you to be approved no matter what type of vehicle you drive.
  • Motorcycle title pawn. Motorcycle pawns are only available to resident of Georgia, but it’s the same process as with the other three loan types. Bring in your bike and your title, and you could walk out with cash.

Requirements by state

Beyond bringing your car or motorcycle to a TitleMax store location, you’ll need to make sure your vehicle title is registered under your name. You’ll also need to meet the following state requirements:

StateMinimum ageRequired documents
Alabama19 years old
  • Government-issued ID
  • Lien-free vehicle title
Arizona18 years old
  • Government-issued ID
  • Lien-free vehicle title
California18 years old
  • Proof of income
  • Proof of current residence
  • Vehicle registration
  • Lien-free vehicle title
Delaware18 years old
  • Government-issued ID
  • Lien-free vehicle title
Georgia18 years old
  • Government-issued ID
  • Lien-free vehicle title
Illinois18 years old
  • Government-issued ID
  • Lien-free vehicle title
  • Proof of income
Mississippi18 years old
  • Government-issued ID
  • Lien-free vehicle title
Missouri18 years old
  • Government-issued ID
  • Lien-free car title
Nevada18 years old
  • Government-issued ID
  • Lien-free vehicle title
  • Proof of income
New Mexico18 years old
  • Government-issued ID
  • Lien-free vehicle title
South Carolina18 years old
  • Government-issued ID
  • Lien-free vehicle title
Tennessee18 years old
  • Government-issued ID
  • Lien-free vehicle title
Texas18 years old
  • Government-issued ID
  • Lien-free vehicle title
  • Proof of income
Utah18 years old
  • Government-issued ID
  • Lien-free vehicle title
Virginia18 years old
  • Government-issued ID
  • Lien-free vehicle title
Wisconsin18 years old
  • Government-issued ID
  • Lien-free vehicle title

Compare more short-term loan options

Data indicated here is updated regularly
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
Max Cash Title Loans
$50,000
Same business day to 1 business days
Must be a US citizen or permanent resident, 18 or older with a regular source of income.
With a quick online application, Max Cash could help connect you with a lender, finding you options in minutes.
AutoTitleLoans.com Car Title Loans
$10,000
Varies by lender
Have a regular source of income, not be involved in any bankruptcy proceedings, be a US citizen or permanent residence, be at least 18 years old (varies by state).
Quickly find a lender and potentially borrow up to $10,000 by using this auto title loan connection service.
LoanMart Car Title Loans
$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.
A LoanMart auto title loan allows you to borrow money against your car, even if you have bad credit.
Finova Financial Auto Equity Loans
$5,000
as little as one business day
Must live in AZ, CA, FL, NM, SC or TN. Must own your car outright, have a valid car insurance policy and be a US citizen or permanent resident.
Short-term loans secured by your car title. Repayments accepted through MoneyGram if you don't have a bank account.
TitleMax Auto Title Loans
$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.
Auto title loans on cars and motorcycles to people in 16 states across the US.
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Data indicated here is updated regularly
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
Check Into Cash Payday Loan
$1,000
1 to 2 business days
Bank account, email address, phone number, US citizen or permanent resident, ages 21+
Plus, get access to check cashing, cell phone top ups, bill pay and more at one of its many storefronts.
LendYou Short-term Loans
$15,000
Same business day to 1 business days
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Fast5kLoans Short-term Loans Connection Service
$35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
OppLoans Installment Loans
$5,000
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
Possible Finance Mobile Installment Loans
$500
As fast as 1 business day
Checking account with 3+ months of banking history, $750+ monthly income, live in eligible state, ages 18+
Borrow up to $500 with just a few swipes — but only for residents of 5 states.
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What are the benefits of a title loan with TitleMax?

  • Quick turnaround. TitleMax prides itself on its quick service. Provided you have all the information you need, you may be able to get a title loan in as little as 30 minutes.
  • Bad credit is OK. You don’t need to have great credit to borrow a loan from TitleMax. As long as you’ve got a lien-free car title and a government-issued ID, you’ll likely qualify for a title loan.
  • Plenty of locations. TitleMax has over 1,000 storefronts across 16 US states, making it easy for you to visit and learn how much you can borrow.

What should I watch out for?

  • Vehicle repossession. TitleMax doesn’t state this clearly on its website, but if you’re late on payments or fail to make a payment, you risk your vehicle being repossessed.
  • Must visit a store location. Unlike newer auto title lenders like Finova Financial that operate solely online, you must visit a store location to get a loan through TitleMax.
  • Unclear fees. Unless you’re a resident of Texas, TitleMax doesn’t outline its fee schedule on its website. You’ll need to call or visit a storefront if you want to learn more about how much a loan will cost you.
  • Refinancing can be costly. TitleMax gives you the option of refinancing a previous title loan, but that doesn’t mean it will be cheap. Check your loan documents to make sure you’re not being charged extra fees.

You may risk repossession

Although title loans can provide access to quick money, they come with a huge risk: You may lose your vehicle if you fail to repay. This simple fact makes title loans a dangerous gamble if you’re not sure you’ll be able to pay back your loan on time, and it’s why some states have chosen to ban the practice altogether.

Before you borrow, consider your alternatives instead

Is it safe to apply with TitleMax?

Yes. When you browse TitleMax’s website, you’ll be protected by an up-to-date security certificate and 256-bit SSL encryption. The information collected and stored on the TitleMax website falls under standard privacy protections. You can choose to limit sharing of your personal information by contacting a TitleMax representative by calling 800-804-5368 or emailing optout@titlemax.com.

How do former borrowers rate TitleMax?

As of May 2018, TitleMax has a rating of 8.8 out of 10 on TrustPilot, with the majority of reviewers leaving positive comments about the customer service they received at their local TitleMax stores. However, some borrowers complain of unprofessional behavior when TitleMax agents called borrower’s family or work disclosing confidential loan specifics. Some borrowers have also complained that some fees for title loans are hidden into the monthly payments.

The takeaway? Be careful. TitleMax’s parent company, TMX Finance, was fined by the Consumer Financial Protection Bureau (CFPB) for luring customers into expensive loan renewals without giving them all the facts about the deals’ terms and costs. Look into your local store to see if it has its own reviews and seek unbiased opinions before committing to a loan.

Am I eligible?

You’ll need to meet the following eligibility criteria before you apply:

  • You have a lien-free vehicle title
  • You have a government-issued ID
  • You are at least 18 years old (19 in Alabama)

How do I apply?

Before you drive to your nearest TitleMax location, visit the company website to fill out a brief application. You’ll need to select if your car or motorcycle is paid off, enter your name, ZIP code and cell phone number. On the last page, TitleMax will ask you about your vehicle — its year, make, model and vehicle series. Hit Calculate to see how much you may be able to borrow.

If you decide that the loan estimate suits your needs, visit a TitleMax store. Your vehicle will be inspected while you fill out an application. If you’re approved, you’ll receive a contract stating the loan amount based on your vehicle’s appraised value. You can choose to sign the loan contract and receive your funds or take your business elsewhere if the loan you’re offered doesn’t suit your needs.

Step-by-step application with screenshots

What happens after I get the loan?

You’ll have to start paying back your loan in about 30 days. At this point, you’ll either need to repay the full amount you borrowed or refinance your loan. You can pay by cash, certified check or money order. If you live in Arizona, Georgia, Illinois, Mississippi, Missouri, South Carolina, Tennessee or Virginia, you can also pay by Western Union Quick Collect.

Bottom line

Title loans do have their risks, but if you’re in need of quick money and have a car or motorcycle to use as collateral, TitleMax can provide you with a loan no matter your credit or financial situation.

Make sure you read the complete terms and conditions before signing the dotted line so you understand exactly how much it will cost you. If you’re still not sure about going with a title loan, you can read more about the title loan process here.

Frequently asked questions

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