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Can you get a title loan on a broken car?
I want to get my driveway sealed before it gets too cold and starts snowing and getting icy outside, but I’m a bit short on cash until next month. I have an old sports car in my barn that doesn’t run but is still worth a good amount in its current condition. I want to take out a title loan on the car, but can you get a title loan if the car is broken?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You can be approved for a title loan on a broken car but you will have to find a willing lender. Car title loans use the car as collateral, meaning the lender can repossess your vehicle if you cannot pay, so if they can recoup any losses by selling the car, they will offer you a loan.
Once you find a willing loan provider, you will have to provide the following:
- A completed loan application.
- Your vehicle’s title.
- Your driver’s license.
The lender will also examine the vehicle to determine its value and may request additional information. Title loans often have expensive monthly fees and a high annual percentage rate (
APR
), so it is wise to compare rates from multiple lenders and understand precisely how much you have to pay back and by when.To save money and quickly pay back your loan, you should download the
Jerry
app to compare car insurance quotes online
. A licensed broker, Jerry does all the hard work of finding cheap quotes from the top name-brand insurance companies and buying new car insurance. Jerry will even help you cancel your old policy.View full answer
- Gregory R.
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