Whether you need money to pay for emergency expenditures or to cover bills in between paychecks, you can often leverage your car to secure a title loan.
And even if you happen to have a bad credit history, since these types of loans involve putting up your car as security, you might be able to get a lower-interest loan than you normally would be able to get based on credit alone.
Plus, the added benefit is that even though your lender will usually keep your auto title, you are still able to use your car as long as you continue to make your repayments.
So if you are considering applying for one but don’t know where to start looking, then this guide should cover everything you need to know, starting with our top three picks for the best title loan companies. And by the end, you should be able to decide whether or not this loan is best suited to you and where you can find the best place to apply for one today.
- USTitleLoans – Offers the fastest loan processing times.
- FastTitleLoans – Best choice for those with bad credit.
- LoanMart – Top direct lender with exceptional customer service.
10 Best Sites for Title Loans
USTitleLoans is an industry leader when it comes to securing title loans, as they do an excellent job of providing borrowers with an extremely efficient and straightforward turnaround response on their applications. You only need to fill out their online form, and in just a matter of minutes, you are almost instantly connected to an extensive lending network that allows you to find and compare some of the best auto loan rates in the market from a variety of lenders.
You can apply for title loans up to a maximum of $5,000, and you can expect to see the money deposited into your bank account as early as the next business day after approval. Aside from that, the entire online service is free, and their lending network is also open to working with borrowers of all credit histories.
Plus, since their online interface is extremely user-friendly, this ensures a quick and easy online title loan application process for all their clients. Furthermore, they also provide bank-level confidentiality, which means that any personal information you end up submitting on the website will remain secured and protected at all times.
FastTitleLoans is a company that is dedicated to quickly connecting borrowers with bad credit to hundreds of reputable online lenders that can provide a variety of title loans, be it for your car, boat, or even motorcycle. They also provide a friendly and highly transparent online service that is completely free of charge, with an online application process that only takes a few minutes to complete.
Furthermore, their lending network is known to have a high acceptance rate, as they are open to accepting all credit types, and their eligibility requirements only require you to be 18 years of age or older, hold a lien-free car title, and have a steady income stream in order to successfully qualify for a maximum loan of $5,000.
On top of that, they can help you secure some of the most competitive title loan rates, and unlike most other online loan companies, they accept almost any vehicle make and model (old or new). And as an added bonus, they even provide other lending options like payday loans and cash advances for those in need of urgent financing to deal with small life emergencies like paying medical bills, making car or home repairs, and so on.
LoanMart is a great title loan company that has a long history that goes all the way back to 1999 when they started as a local California pawn shop before they expanded their services to over 20 states.
However, unlike some of the other options on this list, LoanMart is different in that they are a direct lender. This means that when you go online and fill out an application, they will be directly responsible for reviewing your creditworthiness, determining your repayment terms, and funding your loan.
And the benefit of this is that it enables you to get access to your funds significantly faster than you would if you used a broker. The downside is that you end up losing some flexibility and negotiating power, but aside from that, the loan limit can be as high as how much equity you have in your vehicle, as well as your financial ability to repay the loan.
Plus, they also highlight providing exceptional customer service as their number one priority, which is evident in the fact that they are the only loan company that allows you to try a loan for 3 days and back out without fear of being locked in or having to deal with any penalties.
WeLoans has one of the most dependable and friendly customer service teams in the market, as they do a great job of making sure that all borrowers get answers to their inquiries and concerns, as well as get connected to the right lenders as quickly as possible.
They also provide a large pool of title loan lenders from which borrowers are able to choose the best rates, terms, and conditions across various states in the country at inexpensive rates that can be as low as 35.99% APR.
And since their lending network doesn’t base their approval decision on your credit score level, this means that you can still access high auto loan amounts of up to $5,000 for your car, motorcycle, or RV without having to pay any extra fees. Plus, with a 97% approval rate and a 5-minute application process, you can expect to receive your funds as soon as possible.
CocoLoan is a lending company that offers one of the easiest prequalification forms on this list. They also host hundreds of title loan lenders who don’t have a minimum credit rating for consideration and offer easy same-day approvals for title loans that can even go over $5,000, with interest rates that vary depending on the lender you decide to partner with.
We feel this makes them a great option for those with a less-than-stellar credit history, and since their lending network facilitates electronic funding to a linked checking account, they strive to ensure that all approved borrowers can receive their funds by the next business day, which is especially convenient for those who may be in urgent need of financing to deal with unexpected life emergencies like paying medical bills, home repairs, and so on.
SuperMoney is a highly reputable loan company with an extensive network of lenders that are able to facilitate some of the highest title loans that can go all the way up to $100,000 with interest rates that start as low as 1.99%, depending on your credit score.
Furthermore, borrowers can apply through their service without fear of their credit score being negatively impacted, as SuperMoney and its lending partners only conduct soft credit checks to verify affordability and creditworthiness while reviewing loan applications.
However, what makes them unique is that their online service profiles provide extremely detailed and data-driven summaries of thousands of loan products and lending providers. Plus, they even offer free expert and consumer reviews that do well to highlight the key features of each product and reveal what other clients had to say about their experiences.
This, in turn, makes it easy for you to find and compare the best deals on the market. On top of that, they have a stellar reputation that is backed by notable news publications like Yahoo Finance, CNBC, WSJ, and more, which we believe makes them one of the most trustworthy companies on this list.
TitleMax is one of the oldest title loan companies on this list, as they have been in business since 1998, and as a result, they have built one of the largest lending networks that span at least 16 states across the country.
Depending on your state of residence, you can apply for a title loan online for anywhere between $2,600 and $10,000, with an approval time frame that can have you receiving your funds within one business day.
They also accept all makes and models of cars as collateral, and you don’t have to have a good credit score. You don’t even need a bank account to qualify for an auto title loan, as you have the option of having your funds deposited onto a ready-to-use Visa debit card.
Title Max even goes so far as to provide a convenient and reliable mobile app that can be used to make a payment, check your balance, and even monitor your due date. Furthermore, they offer a secure online platform that utilizes 256-bit SSL encryption to help protect your information when you are submitting a pre-approval application, with the data stored falling under standard privacy protections.
Plus, you can always contact a TitleMax representative should you decide that you prefer to limit the sharing of your personal information. The only downside with TitleMax is that their minimum loan limit starts at $2,600 and they don’t openly disclose their rates.
As an online loan marketplace and not a direct lender, AutoTitleLoans is dedicated to relaying your loan needs to lenders and then providing its client base with valuable information like their rates, credit score minimums, loan amounts, and more, thereby providing borrowers with an automated approach to finding title loans and affording you a painless experience in finding and comparing the most favorable loan deals.
The loan service is available in over 22 states and can connect you to a lending network that is open to accepting all credit types, with those who are approved able to receive their money in as little as 24 hours.
The lending service also comes with a helpful knowledge blog that borrowers can use to learn more about car title loans and how they work. Plus, the online platform does a great job of ensuring that your personal privacy is not compromised, as they utilize 256-bit encryption to safeguard any private information you submit.
9. Max Cash
Max Cash is a premier option for securing auto title loans, as they are available in 46 states and have one of the largest lending networks with an impressive track record of serving over 1 million customers since their founding. And this is directly tied to the fact that they have a rather sizable lending network that offers fair vehicle evaluations and also has high approval rates for loans that range from $100 to $50,000.
However, what makes them special is that they have an excellent reputation for customer satisfaction, and best of all, their services are free. They are also open seven days a week with extended working hours from 6 a.m. to 9 p.m., which means that you can usually expect to receive the funds you need within one business day.
Moreover, even if you have a bad credit score and have declared bankruptcy in the past, you may still get instant pre-approval for a car title loan. And unlike most other loan companies, Max Cash doesn’t even require you to have an active bank account to secure funds, either!
LoanCenter is another direct title loan lender that is based in Los Angeles and happens to be well-known across the country. Since its founding, the company has made a commitment to offering easy lending with exceptional title loan rates, which explains how they have managed to fund their client base with title loans worth over $5 million in total.
They have branches that are spread across eight states, but they also provide borrowers with the opportunity to conveniently apply for car title loans online. They even provide title loan refinancing services, and even if you have a bad credit rating or your car has yet to be fully paid off, they are one of the few companies that are open to approving your loan application.
The only catch is that the loan amounts can sometimes vary depending on the state, but you can usually get as much as $50,000 with the added benefit of being able to apply for auto title loans for cars, motorcycles, and even RVs.
Why Get a Title Loan?
#1. Fast Access to Funding
The first reason that you may consider applying for car title loans is that you could get your cash in as little as 24 hours, compared to traditional banks, which can often take several days before granting your loan request.
And this is because using your car as security effectively lowers the level of risk for the lender, which means that they don’t have to spend so much time conducting extensive research on your financial background. This in turn may make it an ideal financing option, especially if you find yourself in an unexpected emergency that demands fast financing.
#2. All Credit Scores Considered
Most people often find it difficult to secure a loan, especially from traditional banks, because they usually have strict requirements when it comes to assessing your level of creditworthiness.
However, the advantage of applying for a car title loan is that lenders will use your vehicle as collateral to secure the loan. And since this effectively reduces the level of risk for the lender, they are more inclined to approve your application and less compelled to base their decision on your credit rating.
#3. Favorable Repayment Terms
Car title loans often come with flexible repayment options, which means that you can often pay them back in bit-by-bit installments. Furthermore, a borrower can opt to make their repayments either weekly or monthly, which essentially provides you with a convenient way to plan your budget so that it doesn’t negatively impact your financial standing.
#4. Loan Amount Equals Your Car’s Value
Another benefit of title loans for cars is that the amount you can borrow is only limited by your vehicle’s value. This is in contrast to how traditional banks will usually offer you lower loan limits based on their own funding formula, which can often prove to be very difficult to understand by a layman. As a result, auto title loans can effectively provide borrowers with better clarity on how much they really qualify for and how much they need to repay.
#5. Maintain Car Ownership
Unlike most other secured loans that require you to leave your property with the lender until you make full repayment, the good thing about title loans is that you are able to take the money and still keep the vehicle. So while the lender will keep the car’s title, which allows them to sell your car should you fail to make your repayments, this doesn’t stop you from still using your car over the course of the loan repayment period.
Title loans effectively allow you to put your car’s value to work for your own benefit by providing you with a form of secure financing that is available at a lower interest rate. The only thing to remember is that a lien will be placed on the car’s title, which gives the lender the right to sell the vehicle should you default on your payments. As such, it is important that you can actually afford to repay the money you borrowed before applying for a title loan online.
If you end up missing a payment, you should get in touch with your lender as soon as possible. Some providers will even allow you to roll over the remaining debt into a new loan, but with this top-ten guide, you should be able to find and compare some of the most competitive title loan companies to secure yourself favorable lending terms that don’t end up putting your car at risk of repossession.