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Do car title loans work?
Will a car title loan work for me? I’m kind of strapped for cash, and my credit isn’t great. It would be great if I could get a title loan to help me out until I get paid, but I’ve heard that they’re just a scam to get your car.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A car title loan will certainly work in that it can get you quick cash. But while they aren’t scams, title loans are very high-risk.
Car title loans often have high APRs and short payoff periods. So your monthly rate will likely be enormous! Plus, your car is collateral—so if you can’t make your payments, they’ll repossess your car. That being said, you might be better off exploring other options.
If you’re just looking for a quick personal loan, credit unions will usually offer loans with lower interest rates and more flexible terms. Alternatively, you may qualify for more substantial loans if you have a cosigner with good credit.
To help make sure that you make your loan payments on time, find a lower insurance rate with the
Jerry
app. A licensed broker, Jerry can help find and compare quotes from over 50 top providers for free. All you have to do is pick a policy with a lower rate, and Jerry can help you switch policies!MORE: How to get a cosigner for a bad credit car loan
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