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TitleMax auto title loans review

Last updated:  

Loans up to as little as 30 minutes — but you risk repossession if you default.

finder.com’s rating: 2.3 / 5.0

★★★★★

Bottom line: TitleMax is relatively upfront about its requirements. But it isn’t clear about the cost of its loans — important info when your car is on the line.

$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.

Expert review

Kellye Guinan

Review by


Kellye Guinan is a writer and editor with Finder and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.

Expert review

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. It offers a large loan amount — up to $10,000 — provided you and your vehicle qualify.

But repayment terms are short. In some cases, you may only have 30 days to repay what you borrow. 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 compare other title loan options.

Pros

  • Same-day funding available
  • Bad credit OK
  • Over 1,000 storefront locations
  • Motorcycle title loans available

Cons

  • Default could lead to repossession
  • Must visit a storefront
  • Not transparent about fees
  • High minimum loan amount of $2,600

TitleMax rates, fees and terms

TitleMax offers five types of loans depending on your state: Title loans, title pawns, motorcycle title loans, motorcycle title pawns and personal loans. The exact amount you can borrow also depends on your state, but in general, you may qualify for anywhere between $2,600 to $10,000.

Rates will depend on your state law, income and other financial factors. Although TitleMax doesn’t disclose its rates, most short-term lenders charge APR well above 300%. Carefully read your loan contract to confirm you can repay your loan within the loan term.

What is TitleMax and is it legit?

TitleMax has been in business since 1998 — and its website uses 256-bit SSL encryption to keep your information safe when you submit a preapproval application. 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.

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.
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Compare up to 4 providers

TitleMax reviews and complaints

BBB accredited No
BBB rating F
BBB customer reviews 1.59 out of 5 stars, based on 22 customer reviews
Trustpilot score 3.9 out of 5, based on 422 customer reviews
Customer reviews verified as of 16 October 2020

TitleMax reviews are mixed. Many customers are happy with the customer service they received at local TitleMax stores. However, some borrowers complain of unprofessional behavior when TitleMax agents called borrower’s family or work disclosing confidential loan specifics. But some borrowers have also complained that some fees for title loans are hidden into the monthly payments.

TitleMax’s parent company, TMX Finance, was also 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?

TitleMax doesn’t list any specific eligibility criteria. Provided you own a vehicle with a lien-free title — meaning you own your car outright and aren’t paying for a loan — and meet your state’s minimum age requirements, you may qualify for a title loan through TitleMax.

What states is TitleMax available in?

Title loans and title pawns are available in 17 states.

  • Alabama
  • Arizona
  • California
  • Delaware
  • Georgia
  • Illinois
  • Kansas
  • Mississippi
  • Missouri
  • Nevada
  • New Mexico
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Wisconsin

Online loans, including lines of credit, are only available in Arizona, Delaware, Kansas, Mississippi, Missouri, South Carolina, Tennessee, Texas, Utah and Wisconsin.

What information do I need to apply?

When you visit a TitleMax store, you will need to bring a vehicle with a lien-free title in your name. Depending on your state, you may also need to present a government-issued photo ID, proof of income and proof of current residence.

How do I apply?

Visit TitleMax’s 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.

When you visit a TitleMax store, your vehicle will be inspected while you complete a full 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.

What are my repayment options?

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.

TitleMax is a legit title lender — but that doesn’t mean it isn’t without risks. Before you use your vehicle title as collateral, other short-term loan options first.

Frequently asked questions

Short-term loan ratings

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We analyze short-term loan providers and similar services to help you weed out predatory lenders and find a company you can trust. We rate providers on a scale of one to five stars. Our ratings are based on factors that are most important to you, which include: loan amount, application process, fees, customer reviews and borrower experience.

Read the full methodology of how we rate short-term loan providers and similar services.

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