Do banks provide car title loans?
"Do banks do car title loans for extra cash? I want to get some quick cash for an emergency, but I don't have enough in savings. However, I do own a car."
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Answered on Jul 28, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“Most banks don’t do car title loans.
Instead, they’ll offer similar products to what you’ll get at a title loan place, but without the predatory lending practices often associated with car title loan companies.
If you need quick cash and own a car, you should ask your bank about a cash-out refinance, especially if you have average or above-average credit.
Be careful of taking out more than your car is worth, though, because you could end up upside down.
You may also be eligible for a small personal loan. Either way, the interest rate will be far lower than what you’d pay at a title loan place.”
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