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How much can you borrow on a car title loan?
How much can I borrow for a car title loan? I have several debt payments I am behind on, so I’m considering getting a title loan.
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Good question! How much money you can borrow on a car title loan will depend on the value of your vehicle.
When you borrow money on a car title loan, lenders typically allow you to borrow between 25% to 50% of
actual cash value
of your vehicle. The average loan amount can be between $100 to $5,500, but some lenders may offer up to $10,000. Most title loans have repayment periods of 15 to 30 days. If you do not pay back the loan on time, the lender can repossess your car. Since car title loans are illegal in many states and considered predatory, be sure to review all your options before signing the agreement. If you need quick cash to pay off your debt, a safer alternative is to apply for a personal loan from a bank or credit union. They typically have longer loan terms and better
APRs
. Another way to save money is by reviewing your car insurance options with the
Jerry
app. A licensed broker that offers end-to-end support, Jerry gathers affordable quotes to find you the best rates and personalized coverage. The average Jerry user saves $879 a year on car insurance!View full answer
- Gregory R.
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