Car Title Loans in USA Explainer November 2024

Car Title loan calculator

Loan details

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Your loan estimate

Monthly payment

$285.83

Total principal $15,000.00
Total interest payments $2,149.54
Total loan payments $17,149.54
Payoff date 11 / 2029

How it works

  • Fill our simple form
    Fill out one easy form and your inquiry will be submitted to our large network of lenders. Loan amounts range from $100 to $5,000
  • Receive different loan offers
    Receive and review different loan offers and terms
  • Review & accept your loan offer that best suits your need
    Select and accept a loan that works for you.
  • Money is deposited directly
    The funds are usually deposited within 1 business day.

United States Personal Loan Directory

Car Title Loans in USA Explainer Video

Pros and Cons

Pros

  • Fast financial access to money
  • There is no fuss with credit checks
  • Keep driving your vehicle whenever you need
  • Limits on loans are flexible and adaptable
  • Minimal documents

Cons

  • Interest rates might be higher than in other alternatives
  • A possibility of losing your vehicle
  • Shorter periods for repaying
  • A possibility for unwanted debt cycle
  • Extra unexpected fees and cost

FAQ

  • 1. What is a car title loan?
    A car title loan is a type of secured loan where the borrower uses their vehicle as collateral in exchange for a loan amount.
  • 2. How much money can I get from a car title loan?
    The amount you can borrow from a car title loan varies based on the value of your vehicle, but generally ranges from a few hundred to several thousand dollars.
  • 3. How do I apply for a car title loan?
    To apply for a car title loan, you'll generally need to provide proof of ownership of your vehicle, proof of income, and other personal information such as your name, address, and phone number. You can apply online or in person at a lender's location.
  • 4. What happens if I can't repay my car title loan?
    If you can't repay your car title loan, the lender may repossess your vehicle to cover the outstanding balance. This can have serious consequences for your finances and credit score.
  • 5. What are the interest rates and fees for car title loans?
    Car title loans tend to have very high interest rates and fees, making them a more expensive form of credit compared to other loan options. Be sure to read the fine print carefully and understand all the costs associated with your loan before signing any agreement.
  • 6. Can I still use my car while I have a title loan?
    Yes, you can usually continue using your car while you have a title loan. However, the lender will hold the title to your vehicle until you repay the loan in full.
  • 7. Are car title loans available in every state?
    Car title loans are legal in many states, but there are some states that have outlawed or restricted them. Check your state's laws to see if car title loans are available in your area.

Car Title Loans rates

How's your credit? Score range Estimated APR

Excellent

720-850

Varies

Good

690-719

Varies

Fair

630-689

Varies

Bad

300-629

Varies

  • Easy and Confidential

    We use industry-recognized security and advanced encryption technology to protect your personal information.

  • Get approved fast

    You can have a response from one of our lenders the same day, and often within minutes.

  • Convenient

    After your lender has taken and approved your request, cash will be deposited directly into your bank account. That means you don’t have to take a trip to the bank to endorse and deposit a check or pay check-cashing fees.