Car title loans are short-term, high-interest secured loans that use your car as collateral and quickly offer applicants access to money. Lender requirements vary, but to apply for a car title loan, you will likely need to provide the following:
The lender will also examine the vehicle and may request additional information like proof of insurance
It should also be noted the annual percentage rate APR of a title loan can easily reach 300%
, so make sure to compare offers from multiple lenders and understand when and how much you will be required to pay back. To avoid high-interest rates, monthly fees, and potentially losing your vehicle, consider other options, like:
To save money on your car, consider downloading the number one rated car insurance app, Jerry
. A licensed broker that offers end-to-end support, the Jerry app gathers affordable quotes, helps you switch plans, and will even help you cancel your old policy. The average Jerry driver saves $879 a year on car insurance!