What is a car title loan company?

I like to research before I make any financial decisions. I’ve heard a lot about title loans, but not many places give the name of companies to research them specifically. Can you tell me the name of a car title loan company?

Answer
Researching before making any financial decisions is important and a smart move! One of the reasons you might have difficulty researching is because title loans are considered predatory and illegal in many states.
If title loans are legal where you live, there are several large companies, including:
  • Max Cash Title Loans
  • Loan Mart
  • Loan Center
  • TitleMax
  • American Auto Title Loan
  • Auto Cash USA
A great place to start is to check in with the Better Business Bureau. You should also check their registration with your local Attorney General’s office or financial regulation departments. If they aren’t registered, don’t borrow from them.
Title loans work by using your car title as collateral in exchange for a short-term loan. People who need cash fast often use title loans, which are similar to a payday loan.
Before getting a title loan, consider other loan options and try to save on monthly bills, like with your car insurance.
An easy way to ensure you’re getting the best deal on your car insurance is with the Jerry app. Jerry compares quotes from 50+ top insurers like Nationwide and Allstate in seconds! If you aren’t getting the best deal, Jerry will help you switch over and can even help cancel your old policy.
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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