Home Best 5 Title Loan Providers in 2021
Michael Graw

Your car is one of your most valuable assets, and you can leverage that fact to help you get cash quickly. Whether you need money to cover bills in between paychecks or to pay for emergency expenditures, you can get a loan by putting your car title up as collateral. If you have bad credit, you may be able to borrow at a much lower interest rate with a title loan than with an unsecured personal loan.

If you’re thinking about applying for a title loan and don’t know where to start, this article will cover everything you need to know. We’ll help you understand what auto title loans are and how they work, plus review five of the best title loan providers on the market in 2021. By the end, you’ll be able to make an informed decision about whether this type of loan is right for you and where to get one.

Summary of the Best Title Loan Providers

Reviewers Choice
TitleMax Loan
Rating
Available Loan Amount
$2,600 - $10,000
Available Term Length
30 days to 72 months
Representative APR
Rating
Visit Now
LoanMax
Rating
Available Loan Amount
$1,000 - $10,000
Available Term Length
30 days to 72 months
Representative APR
Rating
Visit Now
Check Into Cash
Rating
Available Loan Amount
$1,000 - $25,000
Available Term Length
30 days
Representative APR
12% to 35%
Rating
Visit Now
1(800)CarTitle
Rating
Available Loan Amount
$2,000 - $25,000
Available Term Length
30 days to 72 months
Representative APR
Rating
Visit Now
Titleo
Rating
Available Loan Amount
$200 - $25,000
Available Term Length
30 days
Representative APR
Rating
Visit Now

Understanding Title Loans

Title loans leverage the value in your vehicle to help you get a lower-interest loan than you’d be able to get on credit alone. With this type of loan, your lender holds onto your car title until you’ve fully repaid your loan, plus interest and fees. Even though your lender keeps your auto title, you get to drive away in your own car.

However, keep in mind that a title loan does give your lender the right to repossess your car if you stop making payments. That’s part of why they are able to offer lower interest rates than you might get with a payday or personal loan. If you stop making payments, the lender can still recoup a portion of their loss by repossessing your car and reselling it.

Of course, most people who take out title loans aren’t losing their cars. As long as you make your payments on time, your lender has no legal right to your car. Just make sure that you are confident that you can make your payments before taking out a title loan.

Title Loan Interest Rates

The main advantage of a title loan is that you can use the value in your car to get a better loan offer. If you have bad credit, you’re very likely to face high interest rates when applying for an unsecured personal loan or payday loan. But, since a title loan limits the lender’s risk to some extent, you can get a loan with a much more favorable interest rate regardless of your credit history.

That said, title loans are still notorious for charging high interest rates. Many lenders charge monthly interest upward of 25%, which equates to an APR of more than 1,000% over the course of a year. That APR may be better than payday loan offers, but it’s still 10 times higher than what most financial experts recommend as affordable.

It’s important to weigh the fact that you could lose your car if you fail to make your title loan payments. Although taking a hit to your credit because you failed to make payments on a payday loan is bad, it often isn’t as financially devastating as losing your vehicle. So, think carefully about whether you can consistently make payments on a title loan before going this route to borrow money.

Getting Cash Quickly with Title Loans

A potentially important benefit of title loans is that you can get cash quickly. Many lenders have walk-in locations where you can have your car appraised and get a loan offer approved in 30 minutes or less. You walk out the door with cash and get to drive away in your car, even though the lender keeps your title.

If you’re up against payment deadlines or need money immediately to cover emergency expenditures, getting a same-day loan can make a huge difference. 

Alternatives to Title Loans

There are a few alternatives to title loans, many of which may be better options to get money depending on your situation.

  • Payday Loans Payday loans can put money in your pocket within 30 minutes and many lenders don’t require a minimum credit score. Interest rates are often higher than for title loans, but you won’t lose your car if you miss payments. However, payday lenders do typically require that you have a job and minimum annual income. Title lenders, on the other hand, may not require you to be employed.
  • Pawn Shop LoansTitle loans are extremely similar to pawn shop loans in that you’re putting up personal property as collateral for your debt. Pawn shop loans will accept jewelry, appliances, or other valuables as collateral rather than your vehicle. Pawn shop loan interest rates are typically higher than title loan rates.
  • Personal LoansThere are many lenders who are willing to offer unsecured personal loans even if your credit is bad. These may take up to several days to be approved, but interest rates can be 10 times less than what you’ll be offered with a title loan. If you miss a payment, your credit score will drop, but you won’t lose any property or your car to repossession.

Title Loans by State

Title loans are regulated to a much greater extent than other types of loans by many state governments. In fact, auto title loans are only available in 23 states as of this year.

Across those states, the minimum and maximum amounts that you can borrow, the maximum interest rate you can be charged, and the fees that can accompany your loan vary widely. Some states allow you to borrow up to $25,000, while others only allow title loans up to $10,000. Check your state regulations or talk to a lender to find out what title loan options in your area are.

Best Title Loan Providers of 2021

1. TitleMax - Best for Same-day Cash

TitleMax is one of the largest providers of title loans across the country. It operates in 16 states and offers loans ranging up to $10,000, depending on state regulations. Helpfully, TitleMax doesn’t even conduct a credit check when evaluating you for a title loan, the size of your loan is determined entirely by the value of your car.

One of the best things about TitleMax is how fast the process of getting a loan is. Whether you start the process online or go straight to a local lending office, the company estimates that most loans are approved within 30 minutes.

Another reason to choose TitleMax is that you don’t have to drive away with cash, which can get lost or stolen. Instead, you can opt to have your loan loaded onto a ready-to-use Visa debit card. Using this card also allows you to manage your loan and make payments on the go with the TitleMax mobile app.

  • Loan Amounts: $2,600 to $10,000
  • Minimum Credit Rating: None
  • Length: 30 days to 72 months
  • Number of states available: 16

Our Rating

  • No Credit Check: Any borrowers can get approved
  • Fast Cash: Walk away with money in 30 minutes or less
  • Mobile Management: Debit card and mobile app for payments
  • Minimum loan size is $2,600

2. LoanMax - Best for Short-term Loans

LoanMax is another major player in the title loan industry, with operations in 17 states. The company doesn’t have a minimum credit score requirement and will work with you to approve a loan even if you’re unemployed. Better yet, you can walk out of a LoanMax office with cash in hand in as little as 20 minutes.

LoanMax is geared around short-term loans, with repayment plans ranging from 30 days to 72 months. There is no penalty for paying off your loan early and doing so can save you a significant amount in interest charges.

Another benefit to LoanMax is that the company is set up to help you pay off your loan. There’s a customer service team available during normal business hours, as well as a mobile app that allows you to make your monthly payments online at no extra charge.

  • Loan Amounts: Up to $10,000
  • Minimum Credit Rating: None
  • Length: 30 days to 72 months
  • Number of states available: 17

Our Rating

  • Nationwide Network: Available in 17 states
  • No Prepayment Penalties: Save money by paying off your loan early
  • Mobile App: Available for iOS and Android devices
  • Credit Check: LoanMax does check your credit before approving a loan

3. Check Into Cash - Best for Large Title Loans

Check Into Cash is one of the best title loan providers for loans greater than $10,000. In fact, depending on your state, you can borrow as much as $25,000 from this lender. Keep in mind, that you’ll need to own your car outright and have a decent credit history in order to get a loan that large.

A big advantage to Check Into Cash is that this company has a huge network of local offices. Although it only operates in 15 states, the lender has several hundred offices. That makes it much more convenient to take your car in for appraisal, and approval usually only takes a few minutes.

The downside to Check Into Cash is that this lender isn’t as tech-savvy as some of its competitors. The company doesn’t offer an online application to help you get started and see how much you might be approved for. There’s also no mobile app available, although you can make payments online through the Check Into Cash website.

  • Loan Amounts: $1,000 to $25,000
  • Minimum Credit Rating: None
  • Length: 30 days to 72 months
  • Number of states available: 15

Our Rating

  • Quick Approval: Usually takes less than 30 minutes
  • Huge Office Network: Hundreds of local offices in 15 states
  • Large Loans: Get approved for up to $25,000
  • No Online Application: You must go to an office to find out how much you can borrow

4. 1(800)CarTitle - Best for Customer Service

1(800)CarTitle is a relatively small operation, with offices in only eight states across the US, but if you’re in one of those states, this is a versatile lender that’s willing to offer loans as large as $25,000. 1(800)CarTitle doesn’t require outright ownership of your vehicle, as long as the amount you still owe to an auto lender is less than the resale value of the car.

As the name suggests, 1(800)CarTitle also has a hotline that you can call to get in touch with a customer service team. They’re available 7 days a week to help you get started with a new loan, or 6 days a week to help if you have questions about an existing title loan.

The only disadvantage to this lender is that a credit check is required as part of the equation of determining how much you’re eligible to borrow. So, if you have poor credit, you might be disappointed in the terms that you’re offered.

  • Loan Amounts: $2,000 to $25,000
  • Minimum Credit Rating: None
  • Length: 30 days to 72 months
  • Number of states available: 8

Our Rating

  • High Borrowing Limit: Title loans up to $25,000
  • Excellent Customer Service: Available by phone 6 days a week
  • Leases Okay: Doesn’t require full ownership of your vehicle
  • Small Operation: Only available in 8 states
  • Credit Check Required: Can hurt borrowers with poor credit

5. Titleo - Best for Bad Credit

Titleo works with a network of local title lenders, which allows it to cover an impressively broad geographic area—the company operates in 21 out of the 23 states that allow title loans. On top of that, Titleo can offer a much wider range of loan amounts than most other title lenders. You can borrow as little as $200, at which point your title loan is a more easily repayable alternative to traditional payday loans.

A major benefit to using Titleo, especially if you have bad credit, is that no credit check is required. That means that the size of your loan depends only on the value of your vehicle. However, Titleo takes significantly longer to approve you for a loan than some other lenders. You can end up waiting as much as 24 hours before receiving cash.

Another thing to watch out for is that Titleo’s lender network typically only offers 30-day loans. That’s an extremely short repayment period, especially if you’re borrowing more than a few thousand dollars.

  • Loan Amounts: $200 to $25,000
  • Minimum Credit Rating: None
  • Length: 30 days
  • Number of states available: 21

Our Rating

  • Lender Network: Works with multiple title lenders in 21 states
  • No Credit Checks: Your loan is based on the value of your vehicle
  • Small Loans Available: Borrow as little as $200
  • Slow Approval: You may have to wait up to 24 hours
  • Short Loan Periods: Most loans must be repaid within 30 days

Conclusion

Title loans allow you to put the value in your car to work for you by helping you secure a loan at a lower interest rate. The catch is that your car is on the line, if you can’t make your payments, your lender has the option to repossess your vehicle. So, it’s important to ensure that you will be able to pay back the money you borrowed before taking out a title loan.

With our review of the five best title loan providers on the market today, you can more easily decide whether a title loan is right for you. If you need money right away, apply today to get an offer and get cash in hand within as little as 30 minutes.

Glossary of Loan Terms

FAQs

Can I get a title loan even if I don’t own my car?

Do I need to be employed to get a title loan?

Can I drive my car during the loan period?

What happens if I miss a payment on my title loan?

Do I have to visit an office location to get cash, or can I do the entire process online?

Michael Graw

Michael Graw

Michael is a writer covering finance, new markets, and business services in the US and UK. His work has been published in leading online outlets and magazines.