What banks do car title loans?
I was thinking about getting a loan, and I heard car title loans are easier to get than regular auto loans. Can I get one at a bank?
Car title loans are easier to get, but banks don’t usually offer them, and they are actually illegal in many states.
A title loan is trading the title of your car for quick cash, similar to a payday loan. They come with a high annual percentage rate, which can lead to high levels of debt and repossession of your car.
Since these types of loans are often considered predatory, you’re better off going to your bank to see what your options are. Many banks and reputable financial institutions can work with people who are looking for more affordable financing options.
If you’re considering a title loan because you are facing financing hardship, consider looking for other ways to save money. One way to do this would be shopping around for car insurance. Jerry can help you find the best rate! The Jerry app pulls quotes from the top 50 companies in under a minute and delivers the best deals right to your phone. The average Jerry user saves $879 a year on car insurance.
MORE: Bankruptcy car loan
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