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How do I get a car title loan?
I know you can get a car title loan, but how do I do it? What do I need to do to qualify? I don’t have the best credit but I really need money for a new water heater.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you want to get a car title loan, you must either own your car or have equity in it. Assuming you meet either of those conditions, you should qualify for a loan of up to 25-50% of your car’s value or equity. Most car title loans won’t require a credit check, so this may be a good option for you.
Remember, car title loans are notorious for high
APRs
and short repayment periods—so they can be difficult to pay off on time. Shop around for a lender with more reasonable rates and terms before you settle.When you’ve chosen a lender, you’ll be asked to provide:
- The original vehicle title.
- Your driver’s license.
- Proof of residency.
- Reliable references.
- A functional copy of your car keys.
- Proof of ability to pay.
Once given the lender all the necessary documents, you’ll sign the loan agreement and get the money! From there, you’ll be responsible for making each payment in full and on time. Title loans put your car up for collateral, so failure to pay could result in your car’s repossession.
If you’re worried about making your payments on time, start saving on car insurance with
Jerry
. A licensed broker, the Jerry app helps users save an average of nearly $900 a year on car insurance. With Jerry, it’s easy to find and sign up for insurance policies with lower rates and better coverage.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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