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Should I get a title loan on my car?
My rent is due next week, but I just started a new job and won’t receive my first paycheck until after it is due. I need cash quickly and have been considering taking out a car title loan, but I don’t know much about them. Should I apply for a title loan on my car?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A car title loan is a short-term secured loan that uses your car as collateral and should only be used as a last resort. If the loan is not repaid on time, the lender may allow your balance to roll over and accrue more interest or additional fees, or the lender may repossess your vehicle.
With high-interest rates and monthly fees, the annual percentage rate(APR) of a title loan can easily reach 300%, so you may want to find an alternative such as:
- Applying for a personal loan
- Using a credit card
- Applying for a payday advance loan
- Asking friends or family for a loan
All of the above options tend to have a lower APR, and you don’t have to risk losing your car if you cannot pay it back immediately. If you have to take out a car title loan, compare rates from multiple lenders to find the best offer and make sure you understand the total amount you will have to pay back.
Because finances are tight, download the
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