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Best 5 Title Loan Providers in 2020

If you need to borrow cash, you can use your car to get a more favorable interest rate. We’ll take a closer look at the 5 best title loan providers on the market today.
Michael Graw
Author: Michael Graw

Last Updated: May 11, 2020
Car Title Loan
Car Title Loan

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 2020. 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.

On this Page:

    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 2020

    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

    A scale showing a high Credit Score
    Credit Score

    A credit score shows your creditworthiness. It's primarily based on how much money you owe to loan or credit card companies, if you have ever missed payments or if you have ever defaulted on a loan.

    A green tick stamp showing Guaranteed Approval
    Guaranteed Approval

    Guaranteed Approval is when, no matter how bad, your credit score its, your loan application will not get declined.

    A stack of coins and notes to show Cash Advance
    Cash Advance

    A Cash Advance is a short-term loan that has steep interest rates and fees.

    A secured padlock and document showing Collateral
    Collateral

    Collateral is when you put up an item against your loan such as your house or car. These can be reposessed if you miss payments.

    A scale with coins showing a high Credit Limit
    Credit Limit

    A Credit Limit is the highest amont of credit a lender will lend to the borrower.

    5 gold stars showing a high Credit Rating
    Credit Rating

    Your Credit Rating is how likely you are to fulfil your loan payments and how risky you are as a borrower.

    A silver cog with a gold star inside
    Default

    If you default on your loan it means you are unable to keep up with your payments and no longer pay back your loan.

    A coin with a green arrow showing Interest Rates
    Interest

    The Interest is a percentage based on the amount of your loan that you pay back to the lender for using their money.

    Piles of coins showing Fixed Interest Rate
    Fixed Interest Rate

    Fixed Interest Rate is when the interest rate of your loan will not change over the period you are paying off you loan.

    A calendar with an exclamation mark showing late payment
    Late Fee

    If you miss a payment the lender will charge you for being late, this is known as a late fee.

    A printed document with a crest showing a Principle
    Principle

    The Principle amount the borrower owes the lender, not including any interest or fees.

    A tag with a dollar symbol highlighting Prime Rate
    Prime Rate

    This is the Interest Rate used by banks for borrowers with good credit scores.

    A and holding a pile of green cash
    Secured Loan

    A Secured Loan is when you put collateral such as your house or car up against the amount you're borrowing.

    A hand holding cash with an unlocked padlock
    Unsecured Personal Loan

    An Unsecured Personal Loan is when you have a loan based soley on your creditworthliness without using collateral.

    Two hands holding an changing interest rate
    Variable Rate

    A Variable Rate is when the interest rate of you loan will change with inflation. Sometimes this will lower your interest rate, but other times it will increase.

    a credit card with gold coins
    AAA Credit

    Having an AAA Credit Rating is the highest rating you can have.

    A small bridge
    Bridge Loan

    A Bridge Loan is a short term loand that can last from 2 weeks up to 3 years dependant on lender.

    A calendar and tools to show an Installment Loan
    Installment Loan

    An Installment Loan is a loan that is paid back bi-weekly or monthly over the period in which the loan is borrowed for.

    A graduation cap and price tag
    Federal Student Loan

    If you obtain a Federal Student Loan to pay your way through College ten you loan is held with the U.S. Department of Education.

    A graph with a magnifying glass
    Financial Aid

    Financial Aid is funding available to post-secondary education students in America.

    A grey bank building with a green dollar symbol inside
    Guarantor

    A Guarantor co-signs on a loan stating the borrower is able to make the payments, but if they miss any or default the Guarantor will have to pay.

    Homes on scales balanced with money
    Home Equity Loans

    Home Equity Loans is where you borrow the equity from your property and pay it back with interest and fees over an agreed time period with the lender.

    London Inter Bank Offered Rate
    LIBOR

    LIBOR is the London Inter-Bank Offered Rate which is the benchmarker for

    Gold coins being fed into a larger doller weight
    Debt Consolidation

    Debt Consolidation is when you take out one loans to pay off all others. This leads to one monthyl payment, usually with a lower interest rate.

    FAQs

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

    It depends, Title loans are made against the equity you’ve paid into your car, so the lender will take into account how much you’ve paid and how much you still owe on your lease or auto loan. In any case, since you only own a portion of your vehicle, the total amount you can borrow will be lower than the value of the car.

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

    Most title lenders don’t require that you have a job in order to qualify for a title loan. But, you must have some source of income, which can include unemployment benefits, in order to demonstrate that you can repay the loan.

    Can I drive my car during the loan period?

    Yes, you can continue driving your car after taking out a title loan against it. Many lenders will install a GPS system on your car so that they can find it in case you default on payments.

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

    If you miss a payment on your title loan, it’s important to get in touch with your lender as quickly as possible. Many lenders will allow you to roll over your remaining debt into a new loan, although this incurs additional fees. In general, lenders will only repossess your car as a measure of last resort if you stop paying and lose contact with them.

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

    Most title lenders require that you visit an office location in order to finish your loan application. This allows them to see your car and appraise it in person, as well as to take possession of the physical title. The upside of this is that you can get your loan in cash immediately, rather than wait for a transfer to your bank account.

    Types of Loan
    All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
    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.

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