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Who gives loans on car titles?
My coworkers were talking about how they got a loan on their car titles. I've looked at what's offered at my bank, and it's not on their list. I also checked my local credit union; they don't do it either. So who gives loans on car titles?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Car title
loans usually are usually offered by credit lenders.Here’s a list of a few of the bigger title loan companies:
- American Auto Title Loan
- Auto Cash USA
- Check Into Cash
- Loan Center
- Loan Mart
- Max Cash Title Loans
- TitleMax
Be warned, however, that title loans work by using the title of your car as collateral. This means if you are unable to pay, then the lender can take your vehicle. Unfortunately, this frequently happens because this style of loan has high interest rates and short payback durations. Borrowers typically have an average of 30 days or less to pay it back.
Because of this, title loans are illegal in many states and considered predatory by most people.
If possible, try talking to your bank and credit union about short-term loans instead of seeking out a title loan. These institutions’ lending products are often much safer options.
You can also try to save where you can on things like your
car insurance
. Make sure you’re getting the best deal on your car insurance by using the Jerry
app. With Jerry, you’ll be able to compare quotes from 50+ top insurers. As a result, our users save an average of $879 a year!View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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