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How do you get a loan on your car?
What’s the best way to get a loan on your car? I’ve heard you can get short-term loans against your car, and it seems like an easy way to pay off some bills that I’m struggling with this month.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The world of car loans can be tricky to navigate, so it’s important to learn more before you jump into anything. Loans against your car, or title loans, can typically get you 25% to 50% of your car’s value.
And they’re easy to qualify for. All you need to do is provide a lender with the following documents:
- Government-issued identification
- Proof of residency (like a utility bill)
Some lenders might also ask for other documents, like proof of income or even references. Once you provide this information, the lender will review your application and decide whether to make you an offer.
Note that title loans are typically considered predatory—meaning they take advantage of people in desperate situations. Title loans come with unreasonable terms and high APRs, so borrowers will often pay back around double what they borrowed. Plus, if you can’t make a payment, your lender is entitled to repossess your car. If you can, consider finding a different short-term loan.
Luckily, there are many other ways to save on car expenses, like finding a better rate for the car insurance coverage you need with
Jerry
. A licensed broker, the Jerry app helps users save an average of $879 a year. Just download the app, answer a few questions, and Jerry will help you compare quotes from top providers like Nationwide and Allstate for free.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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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