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How much can I borrow on a car title loan?
I’m looking into car title loans, but I want to know how much I could get before I commit. How much are car title loans usually for?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
To figure out how much you can borrow on a car title loan, start by looking up your car’s value using
Kelley Blue Book
. Generally, you can get a loan for up to half the value of your car.According to the Federal Trade Commission, car title loans typically range between $100 to $5,500 on average.
Note that a title loan’s APR—aka interest and fees—can be exorbitant. Some lenders charge 300%!
For this reason, title loans are often considered predatory and are even illegal in some states. If at all possible, consider other options.
If you want to save money on other car expenses, the free car insurance comparison tool
Jerry
can help. A licensed broker, Jerry does all the hard work of finding cheap quotes from the top name-brand insurance companies and buying new car insurance. Jerry will even help you cancel your old policy once you’ve found a better deal.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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