Do banks give car title loans?

I broke my arm a few months ago. Although it’s healed now, paying the medical bills has been a huge financial struggle. I’m not sure I can cover my rent next month. I plan to take out a car title loan, but I’m not sure where to go. Do banks give car title loans?

Answer
Medical expenses are a huge financial burden, but I’m happy the arm has healed! While car title loans are an easy way to get cash quickly, banks do not issue title loans.
Loan providers like car loan financiers or those specializing in title loans will issue them. You can easily find a handful of lenders after a few phone calls or a Google search.
To choose the best lender, compare rates from multiple loan providers and make sure you understand precisely how much you have to pay back and by when. Car title loans often have expensive monthly fees and a high annual percentage rate (APR), so exploring other options can save you money. Alternatives include:
  • Borrowing money from friends and family
  • Applying for a small personal loan
  • Finding a credit card with a 0% introductory APR
These options won’t put you at risk of a repossession if you can’t pay.
If you decide to apply for a title loan, make sure you have the following:
  • Completed loan application
  • Vehicle title and registration
  • Driver’s license
  • Proof of insurance
To make your medical bills more manageable, aim to cut costs on other expenses like your car insurance. If you want to save money on car insurance, the Jerry app is a good place to start.
As a licensed broker, Jerry does all the hard work of finding cheap quotes from the top insurance companies and helping you buy new car insurance. Jerry will even help you cancel your old policy to make the transition as smooth as possible.
Jack Walsh
Answered on Nov 05, 2021
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