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Are car title loans legal in Iowa?
I need some quick cash to buy presents for Christmas. I’m thinking about getting a car title loan, but I don’t know if they’re legal in Iowa. Can I get a car title loan in Iowa?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Car title loans are legal in Iowa, so you shouldn’t have a problem getting one from a lender. However, you should note that the interest you pay is going to be extraordinarily high, as the maximum APR for car title loans in Iowa is 21%.
In Iowa, the minimum amount you can borrow is $100 with a maximum of $500. However, current legislative bills are being discussed in the Iowa Congress, aiming to either eliminate car title loans or drastically curb the amount of interest lenders can charge.
Instead of getting a car title loan, you should consider alternatives, including:
- Doing a cash-outrefinance of your car
- Borrowing money from friends or family
- Getting a new credit card with a 0% or low introductory rate
- Getting a personal loan
All of these will provide you with a lower rate than a car title loan, provided you have the credit and income to qualify.
If you’re searching for ways to save more cash, review your current car insurance policy and search multiple quotes with the Jerry app. As a licensed broker,
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