Can I get a loan with a car title?

I got a new job in Kentucky, but I live in Wyoming currently. I need to move, but I can't pay for it until I get my first paycheck. I’m considering getting a loan to move. I hear ads all the time for getting money fast using a car title. Can I get a loan with my car title?

Answer
Congratulations on the new job! Moving states is always stressful, so understandably, you likely feel a bit stretched. Thankfully, you can get a car title loan with your car title.
The only requirement for a title loan is being the sole owner of the car. However, due to how fast they can send people into debt, they’re considered predatory and illegal in several states.
Because of this, another type of loan you may want to consider is an auto equity loan. An auto equity loan uses your car’s actual cash value to determine your loan amount.
Because these types of loans use your car as collateral, lenders can repossess your car if you don’t pay the loan back or stick to their terms.
Because these loans are risky, it’s best to consider them a last resort. First, try:
  • A relocation loan
  • A personal loan
  • PAL (Payday alternative loan) offered by credit unions
  • Use your going away party as a fundraiser
Beyond these options, consider looking at your other expenses to see where you can save money. An easy way to do this is with the Jerry app. Jerry compares quotes from 50+ top car insurance providers like Nationwide, Allstate, Safeco, Progressive, and Travelers. The average Jerry user saves $879 a year!
I hope you have a safe move and enjoy your new job!
Lauren Smith
Answered on Dec 01, 2021
Lauren has written for World Nomads, the Matador Network, Korvia Consulting, and once upon a time Three Fates Games. She graduated from Columbia College of Chicago with a BFA in Creative Writing. After graduating, she moved overseas and lived in South Korea where she spent her free time traveling and going on road trips with friends. She misses the rest stop potatoes and is trying to figure out how to recreate them at home. She's now based outside of Chicago and when she's not writing she spends her free time reading, playing video games, and exploring whenever she can.
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