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Can I get a loan with a car title?
I got a new job in Kentucky, but I live in Wyoming currently. I need to move, but I can't pay for it until I get my first paycheck. I’m considering getting a loan to move. I hear ads all the time for getting money fast using a car title. Can I get a loan with my car title?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on the new job! Moving states is always stressful, so understandably, you likely feel a bit stretched. Thankfully, you can get a car title loan with your car title.
The only requirement for a title loan is being the sole owner of the car. However, due to how fast they can send people into debt, they’re considered predatory and illegal in several states.
Because of this, another type of loan you may want to consider is an auto equity loan. An auto equity loan uses your car’s
actual cash value
to determine your loan amount. Because these types of loans use your car as collateral, lenders can repossess your car if you don’t pay the loan back or stick to their terms.
Because these loans are risky, it’s best to consider them a last resort. First, try:
- A relocation loan
- A personal loan
- PAL (Payday alternative loan) offered by credit unions
- Use your going away party as a fundraiser
Beyond these options, consider looking at your other
expenses
to see where you can save money. An easy way to do this is with the Jerry
app. Jerry compares quotes from 50+ top car insurance providers like Nationwide, Allstate, Safeco, Progressive, and Travelers. The average Jerry user saves $879 a year!I hope you have a safe move and enjoy your new job!
View full answer
- Gregory R.
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