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Can I get a loan using my car title?
I’m a college student, and my laptop stopped working the other day. This situation has put me behind on my classes, but I can’t afford a new laptop for a few weeks. I already have student loans, so I don’t want to take out another loan through my bank. My roommate told me I could get a title loan for quick cash. Can I actually get a loan using my car title?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Having a busted laptop is tough, especially when you’re a student! But your roommate is right. You can get a loan using your car title.
Before you apply for the loan, you should know that car title loans are more expensive due to higher-than-average annual percentage rates (APR) and additional monthly fees. Title loan lenders also use the car as collateral and can legally repossess your vehicle if you don’t repay the loan.
A safer option is to consider other financing options, including:
- Personal loans
- Renting a laptop from the school
- Using a buy now, pay later lender such as Affirm when you buy the laptop
If you decide to move ahead with the title loan, you need the following documents at closing:
If you instead decide to wait until you have enough money to buy a new laptop, the
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