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Can a title loan lender take my car?
Is it possible for a title loan lender to take my car? I don’t want to get one if I could lose my car, but the terms are super confusing.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Loans can definitely be confusing, but try not to worry! Car title loans use your car as collateral, so your lender can take your car if you don’t make your payments.
While they can be helpful, car title loans have very high
APRs
and short repayment periods. That means you’ll need to pay back more than you borrowed within a brief timeframe.If you want a more reliable way to get some quick cash, consider applying for a short-term loan with a local bank or credit union. These will usually come with more affordable interest and flexible terms.
For help making your monthly payments, start saving on car insurance with the
Jerry
app. A licensed broker, Jerry helps users save an average of nearly $900 a year on car insurance. Just sign up, and Jerry will start sending you competitive quotes from over 50 top providers like Nationwide and Progressive for free.View full answer
- Gregory R.
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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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