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Do banks provide car title loans?
"Do banks do car title loans for extra cash? I want to get some quick cash for an emergency, but I don't have enough in savings. However, I do own a car."
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Most banks don’t do car title loans.
Instead, they’ll offer similar products to what you’ll get at a title loan place, but without the predatory lending practices often associated with car title loan companies.
If you need quick cash and own a car, you should ask your bank about a cash-out refinance, especially if you have average or above-average
credit
. You may also be eligible for a small personal loan. Either way, the interest rate will be far lower than what you’d pay at a title loan place.”
View full answer
- Gregory R.
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