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Can someone get a title loan on a financed car?
Would I still be able to get a title loan on my car if it was already financed? I need help buying textbooks, and I’m thinking about taking out a title loan.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Textbooks can be expensive, but try not to worry! You can take out title loans on financed cars, but you’ll need to find the right lender. While most lenders will not approve a title loan against a financed car, others will give you a loan based on your car’s equity.
Remember, car title loans usually have a very high
APR
and will require you to pay them off relatively quickly. While a title loan may seem like a good idea in the short term, you may run into problems in the long run. In a worst-case scenario, you could even lose your car if you can’t make your payments.Consider your other options before taking out a title loan. Credit unions typically offer lower interest rates and flexible terms on loans. Certain banks also specialize in lending to students, so check the banks in your area to see if you qualify for a student loan.
If you’re a little strapped for cash, start saving on car insurance with
Jerry
. A licensed broker, the Jerry app can help you find and compare quotes from over 50 top providers for free. If you find a better rate, Jerry can help you switch insurance companies and even help cancel your old policy!View full answer
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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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