How to get a car title loan?

There have been a lot of advertisements in my town about title loans. My job enforced a temporary pay cut to keep our benefits and jobs. I've been struggling to figure out how to stretch my finances and it seems like a title loan would help. How do I get a car title loan?

Answer
I’m sorry to hear about the pay cut. I’m glad it’s only temporary. To get a loan with your car title, you need:
  • The title to your car proving you’re the sole owner
  • A copy of car keys for them to keep
  • Vehicle registration
  • Proof of insurance
  • Identification
  • Proof of residence
  • Pay stubs
Many loans work by using your credit score to determine an interest rate. Title loans don’t use credit scores, so they commonly prey on people with no credit or bad credit who’ve run out of options. Because of this, title loans are often considered predatory and are illegal in several states.
That said, it’s best to avoid a title loan if possible. Before getting a title loan, consider your other options, including:
  • A personal loan with a cosigner if you don’t have great credit
  • A peer to peer loan
  • If you’re a member of a credit union, ask about a PAL. This is a safer payday loan called a Payday Alternative Loan.
  • Talking to lenders to see if you can work something out.
Beyond these options, another way to help alleviate your financial stress is to ensure you aren’t overpaying for your car expenses. To see if you’ve got the best price for your car insurance without losing coverage, download the Jerry app. Jerry gathers quotes from 50+ top insurers like Nationwide, Allstate, Safeco, Progressive, and Travelers in seconds!
Lauren Smith
Answered on Dec 01, 2021
Lauren has written for World Nomads, the Matador Network, Korvia Consulting, and once upon a time Three Fates Games. She graduated from Columbia College of Chicago with a BFA in Creative Writing. After graduating, she moved overseas and lived in South Korea where she spent her free time traveling and going on road trips with friends. She misses the rest stop potatoes and is trying to figure out how to recreate them at home. She's now based outside of Chicago and when she's not writing she spends her free time reading, playing video games, and exploring whenever she can.
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