TitleMax auto title loans review October 2018 | finder.com

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.

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.

As long as you have a lien-free car title and live in one of TitleMax’s serviced states, you may qualify for a loan of up to $10,000.

Product NameTitleMax Auto Title Loans
Min Loan Amount$2,600
Max. Loan 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.
  • Lien-free vehicle title
  • Government-issued ID
  • Age 18 years or older

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.

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 30 days 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:

State Minimum age Required documents
Alabama 19 years old
  • Government-issued ID
  • Lien-free vehicle title
Arizona 18 years old
  • Government-issued ID
  • Lien-free vehicle title
California 18 years old
  • Proof of income
  • Proof of current residence
  • Vehicle registration
  • Lien-free vehicle title
Delaware 18 years old
  • Government-issued ID
  • Lien-free vehicle title
Georgia 18 years old
  • Government-issued ID
  • Lien-free vehicle title
Illinois 18 years old
  • Government-issued ID
  • Lien-free vehicle title
  • Proof of income
Mississippi 18 years old
  • Government-issued ID
  • Lien-free vehicle title
Missouri 18 years old
  • Government-issued ID
  • Lien-free car title
Nevada 18 years old
  • Government-issued ID
  • Lien-free vehicle title
  • Proof of income
New Mexico 18 years old
  • Government-issued ID
  • Lien-free vehicle title
South Carolina 18 years old
  • Government-issued ID
  • Lien-free vehicle title
Tennessee 18 years old
  • Government-issued ID
  • Lien-free vehicle title
Texas 18 years old
  • Government-issued ID
  • Lien-free vehicle title
  • Proof of income
Utah 18 years old
  • Government-issued ID
  • Lien-free vehicle title
Virginia 18 years old
  • Government-issued ID
  • Lien-free vehicle title
Wisconsin 18 years old
  • Government-issued ID
  • Lien-free vehicle title

Compare more short-term loan options

Rates last updated October 23rd, 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
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.
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.
AutoTitleLoans.com Car Title Loans
Quickly find a lender and potentially borrow up to $10,000 by using this auto title loan connection service.
$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).
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 October 23rd, 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 Term of Loan Turnaround Time Max. Loan Amount
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
90 days to 72 months
As early as 1 business day
$10,000
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
9 to 36 months
1 business day
$5,000
LendYou Short-term Loans
Apply online with this loan-connection company offering unrestricted short-term loans at high maximums — fast turnaround.
Varies
1 business day
$15,000
Check into Cash Payday Loan
With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
Varies by state
1–2 business days
$1,000
CashNetUSA Loan
Apply for a short-term loan with an easy online application and dedicated customer service.
Varies by state
1 business day
Varies by state
Jora Installment Loans
Installment loans with repayment terms up to 30 months, depending on your state.
4–30 months, varies by state
1–2 days
$2,600
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
Varies by state

Compare up to 4 providers

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.

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