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Are car title loans legal in New Jersey?
I’m looking for extra cash to pay some bills, and a co-worker suggested a car title loan. But I live in New Jersey and they live in New York, so I don’t even know if that type of loan is legal here. Can I get a car title loan in New Jersey?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Unfortunately, car title
loans
are illegal in New Jersey
because they effectively violate the state’s usury laws. If you want to get a car title loan in a nearby state, Delaware is the closest location to you where the practice of title loans is legal.With that said, you should consider alternatives to getting a car title loan in New Jersey. Some options include:
- Borrowing money from friends or family
- Getting a credit card with a low introductory APR or a 0% APR for 12 to 18 months
- Taking out a personal loan
- Doing a cash-out refinance of your current vehicle
View full answer
- Gregory R.
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