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How can I get a loan using my car title?
I need cash fast and I heard that you can use your car title to get a loan. How can I do this?
Chloe Jenkins · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Getting a car title loan can be an incredibly risky way to get cash fast and it should never be your first option if you’re strapped for cash. A car title loan is so risky that they are illegal in 34 U.S. states because of their tendency to drastically take advantage of the borrowers.
With that said, if you still decide to pursue a car title loan, you need to find a lender and apply for the loan. If you are approved, you’ll need to provide the following:
- Original vehicle title showing sole ownership
- Government-issued identification matching the name on the title
- Utility bill or other proof of residency matching the name on the title
- Current vehicle registration
- Proof of vehicle insurance
- Recent pay stubs or other proof of ability to repay the loan
- Names, phone numbers, and addresses of at least two valid references
- Working copies of the vehicle’s keys
Typically, title loans have an average annual percentage rate (APR) of 300%, which means that the typical car title loan costs three times the amount you borrow, making it an incredibly expensive, high-stakes loan to take out.
Failure to pay a car title loan will result in a dramatic decrease in your credit score and repossession of your vehicle.
Rather than take these risks, check out the
Jerry
app and see where you can save some money on your car insurance
.The average Jerry user saves $879 a year on car insurance without having to sacrifice their current coverage. Before every policy renewal period, you’ll be presented with
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- Gregory R.
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