What do I need to apply for a car title loan?

My dog got sick recently, and the visit to the vet was much more than I expected. Luckily, my dog is okay, but my monthly budget took a hit, and I need some extra cash to make ends meet. I heard car title loans could offer me money quickly, but what do I need to apply?

Answer
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:
  • A completed loan application
  • Your vehicle’s title
  • Your driver’s license
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:
  • Taking out a personal loan
  • Using a credit card
  • Applying for a payday advance loan
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Jack Walsh
Answered on Nov 05, 2021
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