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Can I get a loan using my car title?
I’m a college student, and my laptop stopped working the other day. This situation has put me behind on my classes, but I can’t afford a new laptop for a few weeks. I already have student loans, so I don’t want to take out another loan through my bank. My roommate told me I could get a title loan for quick cash. Can I actually get a loan using my car title?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Having a busted laptop is tough, especially when you’re a student! But your roommate is right. You can get a loan using your car title.
Before you apply for the loan, you should know that car title loans are more expensive due to higher-than-average
annual percentage rates (APR)
and additional monthly fees. Title loan lenders also use the car as collateral and can legally repossess your vehicle if you don’t repay the loan.A safer option is to consider other financing options, including:
- Personal loans
- Renting a laptop from the school
- Using a buy now, pay later lender such as Affirm when you buy the laptop
If you decide to move ahead with the title loan, you need the following documents at closing:
If you instead decide to wait until you have enough money to buy a new laptop, the
Jerry
app can help you save. Jerry is a car insurance comparison app that shops for low prices with over 50 different insurance companies for free. You can get quotes in seconds, make changes at any time, text agents to get the answers you need.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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