Get a car title loan

Yes, this type of financing is different from other loan products like payday or cash advances. With most payday advances you’re looking at a loan amount of a few hundred dollars. This form of borrowing allows you to borrow well over $10,000. It all depends on the current equity in your vehicle. Also, the amount you can borrow and the payoff time is different. Payday loans are generally structured to get you through a short-term financial burden. Car title loans are meant to be a long-term financial solution. Most vehicle collateral companies and credit services organization firms are regulated by the state they do business in. Take note if you apply with an unaffiliated third-party. Be sure the cash advance lender or credit access business has a valid operating license.

Of course, you can still qualify for a title loan!  Having bad credit may disqualify you from traditional bank loans. But that shouldn’t be the case here. With vehicle equity financing, you’re using your pink slip to secure the amount you borrow. That means this type of advance is secured with collateral. Whereas a bank or credit union will rely more on your credit score as that type of loan is not secured to your property. Consumers with bad credit are approved for funding all the time!  Lenders will often need an active checking account with proof of income in place of good credit history. The APR with most car title loans will be high. Only borrow when you need emergency cash and be sure it’s the smallest amount possible. Make sure you don’t have an active bankruptcy. As always, contact your local financial institution like a credit union or personal loan lender first. Consider a credit card advance or installment loan as they may have better rates with a higher loan amount. See if you can arrange financing with better terms to repay the loan fast.

Most of the time, you will need a car title that’s free and clear of any pending payments or liens. This means the original car title will need to be in your name. You will also need to have made all payments on the car before you apply. There are exceptions to this rule, so it’s best to check with your customer service rep if you have any questions or need more information. You can also refinance your current auto title loan to get a lower interest rate or quicker payoff. This is the same as if you wanted to refi a high interest credit card or mortgage refinance. We’ve seen borrowers send in multiple applications trying to find the best rates! This will give you a favorable interest rate and lower monthly payment on the loan amount if you qualify.

This is a common question we get from consumers who want to use a car title to apply for a secured loan. We want to make sure they can pay off the loan amount in full, with no pre-payment penalty. The answer to this question is, yes! There is no early payment penalty associated with your loan. The loan process is set up for a specific payoff time with flexible payment options. Most title loans are made with a payment of once a month, or every 30 days. Once a borrower is approved they can pay it off as quickly as possible. You can send more money each month to pay down the principal amount borrowed. Or you can pay off an online title loan all at once if you’d like. This is something we recommend as well!

The total amount you receive with a title loan is based on the vehicle value. It helps to have good credit and the ability to pay back the loan. But lenders want to have collateral in the form of your vehicle and they base the loan amount on that. Newer vehicles in good condition with low miles will often return the best value. Expect anywhere from $1000 for an older car to upwards of $10,000+ for a newer car with low mileage.