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Can you get a title loan on a financed car?
Is it possible to take out a title loan on a financed car? A title loan would really help me with some unexpected medical bills, but my car is financed, so I’m not sure if I would qualify.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear that you’ve been hit with unexpected bills. In short: yes, you can get a title loan on a financed car. But you’ll need to find the right lender.
Since title loans use the car as collateral, it doesn’t always make sense to hand out loans on financed cars. But some lenders will still give you a loan based on your car’s equity. That means the loans may be smaller, but they’ll still work for getting a little quick cash.
Remember, car title loans can be risky. They almost always come with high APRs and short repayment periods. If you run into problems making payments, you could even lose your car.
Before you apply for a title loan, consider your other options. For example, credit unions often offer loans with lower interest rates and more flexible terms.
If you’re worried about making your payments, start saving on car insurance with
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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