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Can I use my car title to get a loan?
I recently moved into a larger apartment and I need to buy new furniture and appliances. However, the moving fees were more expensive than anticipated, and my budget is pretty tight as it is. I don’t want the hassle of taking out a loan through my bank. Can I use my car title to get a loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations, having a larger apartment to call home must be a nice feeling! To help cover the moving fees and purchase new furniture and appliances, you can use your vehicle’s title to apply for a car title loan.
A car title loan is a high-interest, short-term secured loan that uses your vehicle as collateral. The repayment period is typically 30 to 60 days. If the loan isn’t paid back within that time frame, the lender can repossess your vehicle to cover the debt. Requirements vary by lender, but to apply for the loan, you need the following:
Keep in mind that title loans tend to have expensive monthly fees and a high
annual percentage rate (APR)
.Because of these exorbitant costs, taking out a bank loan is actually worth the effort. If you’re really hesitant about a bank loan, consider using a credit card or asking friends and family for a loan to avoid putting your vehicle at risk of repossession.
To make purchasing new furniture and appliances easier, you should look at ways to
save money on your car insurance
. One of the easiest ways to save is by downloading Jerry
.Jerry is an 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, and can get the answers you need to choose the ideal car insurance policy for your vehicle.
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