Can I get a loan with my car title?

My cat needed emergency surgery. I was able to pay for it, and she's okay now, but it has left my finances strained. I’m trying to figure out how to give myself breathing room. I own my car, so can I get a loan with my car title?

Answer
I’m glad to hear your cat is okay! I’m sure that was very scary. If you need some extra cash, you can get two different types of loans using your car as collateral:
  • An auto equity loan: An auto equity loan uses your car’s actual cash value to determine the amount you’re able to borrow.
  • A title loan: A title loan uses your car’s title as collateral. Title loans are illegal in several states since they’re often considered predatory.
While an auto equity loan is considered safer than a title loan, both can lead to the lender taking your car to pay off the debt, so pursue these as a last resort.
Some other alternatives to explore first are:
  • A personal loan from a bank
  • PAL (Payday alternative loan) from a credit union
  • Talk to your lenders about payment plans
  • Check for non-profits or community programs that can help alleviate some strain
Beyond a loan, consider taking a look at your car insurance as well with the Jerry app. Jerry compares quotes from 50+ top insurers like Nationwide, Allstate, Safeco, Progressive, and Travelers to ensure you’re always getting the best rate. The average Jerry user saves $879 a year!
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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