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How do I get a loan against my car?
Is there any way for me to get a loan against my car? We had some unexpectedly high bills last month. I need money fast if we’re going to stay afloat.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear you’re having trouble! If you’d like to get a loan against your car, you can. Here’s what you’ll need to do:
- Gather your documents. You’ll need to provide thecar titleto take out the loan, but your lender will typically also ask for documents that include your name, phone number, address, date of birth, and Social Security number.
- Apply. Once you have your documents together, you’ll need to apply for the loan. Make sure to shop around and find the lender with the best rates, as car title loans often have very high interest rates.
- Sign the contract. Once you’re approved for your loan, you’ll sign the contract and receive the money to use as you choose. At this point, you’ll be responsible for making payments as outlined in your contract, so make sure to read the fine print!
That said, it’s worth mentioning that car title loans are usually a risky choice. When you use your car as collateral, you run the risk of repossession if you’re unable to make payments. Because car title loans often have very high interest rates, they are also expensive. Car title loans are considered predatory loans and illegal in many states.
If you can, try taking out an unsecured personal loan to cover your bills instead, as this won’t require you to put up collateral and often has lower interest rates.
If you’re looking to cut costs and other ways to save for your bills, check out
Jerry
. This app makes it quick and easy to find the best rates available on the insurance coverage you want. Just download the app and answer a few questions to see a comprehensive cross-analysis of the best car insurance policies that work for you. The average user saves $879 per year.View full answer
- Gregory R.
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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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