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If you have tried to secure traditional loans from banks, but you were denied, then taking title loans can be an easier and faster alternative. Title loans can be easily secured if you own a car, and the current value of the car is about four times more than the amount you want to borrow. Different states in the U.S also have various regulations on when talking about title loans. You will do well to find out what your state laws on title loans specify.

In this post, we explore all you need to know about title loans.

What are car title loans?

Title loans, which can also be regarded as car title loans, is a type of secured loan that enables borrowers to use his or her vehicle or car title as collateral. A vehicle title is also called Certificate of Title or Pink Slip. It is legal proof that an individual or business owns and operates a car. In the U.S, vehicle titles are issued by the Secretary of State in each state where the vehicle is purchased through the Department of Motor Vehicles. 

As a precondition for securing car title loans, the borrower must give the lender his/her vehicle title hard copy. This will be held temporarily by the lender until the loan has been fully paid. Where the borrower is unable to repay the loan fully, the lender can repossess the car and then sell it to offset the borrower’s debt.

Even the best title loans are noted for their high-interest rates. You may be surprised to find some lenders taking as high as 300% APR. Usually, online title loans are meant to be paid in a month. The problem of having to pay higher interest rates begin when borrowers decide to pay in monthly installments. For instance, a title loan of $500 at 300% will mean paying back $625 in one month. That is paying $125 on a $500 loan in a month!

Take another example of a $5000 title loan at 108% APR to be repaid in 24 months installments. The borrower will pay back a total of $12,394. This means the interest on the principal is $7,394.

Most title loan/money lenders do not require the borrower’s credit history. However, some lenders may insist on the borrower’s credit rating if the loan amount is relatively high. You can expect title loan lenders to give from $100 to $20,000. The value of the vehicle often determines the amount of cash a borrower can take. Some companies can give online title loans up to the worth of the borrower’s vehicle. Most title loan lenders give a maximum of about 60% the value of the car as a loan.

When to apply for the best title loans?

Although payday loans charge more interest rates than many car title loans, one must carefully weigh the consequences of taking title car loans. From the scenarios described above, taking a car loan is well worth considering. You should only seek a title loan after you have tried other low-interest credit sources without success. For instance, if you can borrow installment loans with APR of 36%, you are better off than securing a title loan of 108% APR.

Also, you can apply for easy title loans if you are sure you can repay entirely in one month. As we have seen above, it is not advisable to payback car title loans in monthly installments. This means borrowers should take only the sum they can afford to pay back in a lump sum within one month. Where paying back within one month is not possible, try as much as you can to pay back fully in three months.

How to apply for better title loans?

You can apply for car title loans completely online. There are many title loan providers online that you can choose from. Google search title loans to see many companies offering title loans for different vehicles. When applying for a title loan, the intending borrower should:

  • Be sure he or she is the legal owner of the car.
  • Must possess all necessary documents that serve as proof of ownership, including vehicle title.
  • Ensure that the car, motorcycle, or any other vehicle is in a good state.

When you have decided on which title company to use, you can expect a fast title loan process. The procedures mainly require you to:

  • Fill out the forms for car title loans entirely online. You'll be required to fill in your details, contact information, and vehicle details.
  • Fill a second form that spells out the details of your title loan contract and additional information on you and your vehicle.
  • Expect a call from the loan officers in a short while.
  • Give all necessary documentation online so your loan can be approved.
  • Get your loan approved and receive the money.
What to consider if you must apply for a title loan?

What to consider if you must apply for a title loan?

Before taking a title loan, you must consider the following:

  • The urgency of need: Owing to the high-interest rates of title loans, you may need to reconsider if your need is urgent enough to make you want a title loan. As a rule, it is not advisable to use title loans to upgrade one’s lifestyle.
  • Amount needed: If your need is so urgent and you must borrow a title loan, you need to determine how much. Remember, the more you borrow, the more interest you are likely to pay.
  • Other sources of credit: After considering the two points above, you may find that there are better alternatives to car title loans with lower interest rates. Go for these alternatives. If you succeed at getting credit from the better alternatives, you pay less on interest and may get a more flexible repayment plan. If you are still stuck with the title loan being your only option, you can strategize to see how you can cope with the amount you will be required to pay back.
  • Vehicle estimated value: Before determining how much you can borrow, you can also make a rough valuation of your vehicle. Usually, your valuation for your vehicle may be higher than what the lending company estimate might be. Therefore, whatever rough estimates you make, allow for a minimum of 10 percent difference between your valuation and that of the lending company.
  • Ability to repay within stipulated time: If you secure the loan, how do you intend to pay back within the time frame? You must settle this so that you don’t end up losing your car in the process. The Consumer Financial Protection Bureau in one of its reports revealed that about 20 percent of people who take single-payment title loans have their cars repossessed. If you want to stand a better odd, you need to organize the resources for payback even before you take the loan.
  • Available options in case you couldn’t meet up with payments: Depending on the lender, there can be an option for loan extension if the borrower is not able to pay up as at the time due. Where a borrower is unable to pay back the title loan, some states allow lenders to sell the borrower’s vehicle and take what the borrower owes while what is left is refunded to the borrower. You need to be clear what is stated in-laws if you fail to repay title loans fully when due.

Having considered the above points, you can proceed cautiously to take a well-planned title loan.

How to manage payment of auto title loans?

Repaying title loans may be challenging. However, once you have taken the time to plan your finances before taking the title loan, you will stand a better chance of repaying the loan as scheduled. What do you do when your repayment plan falls apart before the next payday?

  • Borrow from family or friends to payback: Rolling over title loans makes them more expensive than they already are. If you can borrow no interest cash to offset the title loan, it is better than seeking a title loan extension.
  • Consider debt consolidation: You may also borrow from other relatively lower interest credit alternatives such as traditional banks or installment loan companies to pay up title loans.
  • Inform your lender earlier: If you run into any troubles that may affect your repayment of title loans, contact the lender immediately. Some lenders may take your honesty in good fate and adjust your repayment terms, so you don't lose your car.
  • Use the loan extension clause if available: Many title loan lenders do offer borrowers loan extension options. Although this option makes the borrower pay more in the long run, it may relieve pressure for repayment cash in the short term. Borrowers should only use this option as a last resort.
  • Acquire the services of credit counseling firms: There are lots of professional debt advisory services that can help you manage your credit. If you feel you are losing control of your finances, it may be high time you hired a professional credit counselor.
  • Take advantage of Military Customers Protection: If you serve in the U.S army or you are a dependant to one, there are special provisions that cover your loans. For instance, you cannot pay more than 36% APR on auto title loans that mature within 181 days. Credit agreements that do not comply with this provision are not valid. This is the reason many loan companies may ask you to state your military affiliation.

If you are military personnel and you are finding it hard to keep up with repaying your title loan, contact the Department of Defence for help.

Pros and cons of title loans


  • Most title loan companies don't require borrower's credit rating
  • With the required documents, the title loan is processed and approved as fast as thirty minutes.
  • Borrowers can get loans almost worth the value of their vehicles.


  • Title loans charge a very high-interest rate.
  • Borrowers may lose their vehicles if the loan is not fully repaid as at when due.
  • Rolling over title loans makes them more expensive than they already are.

Alternatives to online title loans

Rather than borrow title loans with very high-interest rates, you can use the following as alternatives as they have relatively low interest.

  1. Borrow from friends or family: Usually, you and your folks can agree that you pay 0% interest or a little percentage when repaying the loans.
  2. Credit Cards with 0% APR: There are credit card companies that offer 0% APR for first-time users. You only need to search on the internet to see them. The drawback here is that these companies may not offer up to the amount you need. However, if the loan you need is between $100 to $500, you may find a credit card company offering up to $500 at 0% APR. There also credit card companies that give cash advance with lower interest rates compared to automobile title loans. You only need to find them and compare the deals you get.
  3. Installment loans: These generally have lesser interest rates when compared to title loans. However, most installment loan companies will require your credit score. Your credit rating often determines how much you can borrow. Even if you have a very poor credit rating, you can still find some installment loan lenders that are willing to give you some loans.

Get a loan from a traditional bank: Most traditional banks don't charge as high as title loan lenders on APR. The only drawback here is that traditional bank loans may take a longer time to process and get approved.

Other better alternative sources of credit include loans from cooperatives and credit unions.


Having all the necessary vehicle documents will increase one's chances of getting a title loan. However, we have seen that going for a title loan is only advisable when it the last resort. There are still some companies that offer relatively fairer terms and interest rates. You may also need to compare between two or more title loan lenders to find better title loans.

Whether or not title loans are worth taking depends on the individual's circumstance. Where it is the only option viable available, the borrower may have no other choice. Where there are cheaper alternatives, it may be better to steer clear of auto title loans.

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