Can you get a car title loan without the title?

I still have about a year left on my car loan, but my daughter broke her arm and our insurance doesn’t cover everything. Even though I don't have the title to my car, I have positive equity in it. Can you get a car title loan without the title?

Answer
I’m sorry to hear about your daughter’s injury and the trouble with your health insurance. While you can’t get a car title loan without the title, you have other options.
To start, look into non-profits that help with medical bills. See if you qualify for:
  • The Healthwell Foundation
  • RIP Medical Debt
  • CHIP (Children’s Health Insurance Program)
You can also talk to the patient’s service department at the hospital to see if they know of any programs you qualify for or assistance.
If you’d rather look into a loan, you can try:
  • Personal loan: You can get a personal loan from a bank or credit union. Should you have trouble getting approved for a personal loan, you could always see if a friend or family member with good credit will be a cosigner.
  • Auto equity loan: An auto equity loan uses your car as collateral, like a title loan. However, it uses the actual cash value of your car. Because you have positive equity, this is an option. Similar to title loans, auto equity loans have high-interest rates, and if they go unpaid, you can lose your car.
Another way to save money is by refinancing your car loan or looking at your car insurance options. An easy way to do both is with the Jerry app. Jerry compares 50+ top car insurers and helps compare lenders to ensure you’re not overpaying on your car loan or insurance.
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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