Title Loans In New Jersey

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What Is My Vehicle Worth In NJ?

How Much Cash Can I Get With A NJ Car Title Loan?

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    Online Car Title Loans In New Jersey

    People always ask us about the legality of car title loans in New Jersey. Before we answer that question, let’s first get into what qualifies as a title loan in NJ. These are secured loans where a licensed lender gives you cash for the equity in your car or truck. Title loans are paid off over 8 months to 3 years, and the lender will keep your car’s title as one form of collateral for your total loan amount. You keep driving your vehicle as usual, and your lender gives you back the title when the loan is fully repaid.


    Title Loan Lending Regulations & Limits In New Jersey

    In principle, a car title loan is legal in New Jersey, but your financing offers are severely limited by the usury laws that are currently on the books. These laws restrict title loans and other unsecured loans to a maximum interest rate of 30%. This is one of the lowest title loan caps in the nation, and it effectively makes title loans unprofitable for title loan companies to operate within state lines.

    The other issue you’ll face when looking for a car title loan in New Jersey is the lack of companies offering these services. Because of the low interest rate caps, only a few lenders are willing to give title loans in NJ.


    Title Loan Alternatives In NJ

    So, while title loans are technically legal in New Jersey, the current laws make it challenging to find a licensed lender willing to offer these services. We advise our customers to look for other options for quick cash. Some people choose to go with banks that allow you to use your car’s equity as collateral for a loan. There seem to be a few of these banks in Trenton and Newark that offer bank title loans with rates that are pretty low compared to other vehicle equity lenders. Rates cap out at 14%, and you may be able to borrow 100% of the current resale value of your vehicle in NJ!

    Other funding options in New Jersey include payday and installment lenders. However, both offers have issues as these loans are capped at a 30% interest rate. Installment loans are offered within the state, but they have strict credit requirements. Some residents in NJ will drive to local states like Delaware or Maryland, where there are fewer underwriting restrictions.


    Newark New Jersey


    Same Day Online Title Loans In New Jersey

    What about those who can qualify for a title loan in New Jersey, even with the interest rate caps and payment terms? The next step would be to check your vehicle’s value and determine a loan amount. You can then shop around for the best title loan offers in NJ!

    If you need more money than your car is worth, you could look into other collateralized loans like a title pawn or home equity loan. Remember that with any secured loan, your lender can seize your collateral if you can’t make your payments. In the case of a car title loan, that would mean losing your vehicle.


    How Does The Vehicle Inspection Work With Auto Title Loans In NJ

    Anyone who can qualify for same day title loans must bring their vehicle in for a quick inspection. Once the inspection is completed, you can sign the loan docs and grab your funds.

    In most scenarios, you can access money for your vehicle in 24 hours or less from any online company. That timeframe speeds up considerably when you work with a local lender within the state. Some firms offer 90-minute funding, which means you might be able to get the application completed and underwritten and have the vehicle inspected with cash in hand in less than 2 hours! Contact Car Title Loans 123 to learn more about how to get some money for your vehicle equity in NJ!