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Do banks give loans on car titles?
I need some extra cash to cover the security deposit before moving into my new apartment but don’t want to take out a personal loan for such a small amount. I just need a few hundred dollars and want to take out a car title loan, but I don’t know where to start. Do banks give loans on car titles?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Car title loans are an easy way to get cash quickly. However, it is doubtful your bank will issue a title loan (even if it is legal in your state) because it is a secured loan using your vehicle as collateral and not a typical personal loan. You will likely need to use a different lender, like a car loan provider or those specializing in title loans.
When deciding on a lender, you should compare rates from multiple loan providers and make sure you understand precisely how much you have to pay back and by when. Car title loans often have expensive monthly fees and a
high annual percentage rate
(APR), so you may want to explore other options like borrowing money from friends and family. The alternative options also won’t put you at risk of losing your vehicle if you can’t pay.If you decide to apply for a title loan, make sure you have the following:
- A completed loan application.
- Your vehicle’s title and registration.
- Your driver’s license.
Finally, to make paying your security deposit more manageable, you should look to cut costs on other expenses like your
car insurance
. If you want to save money on car insurance, the Jerry
app is a good place to start. 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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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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