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Car title loans: What they are and how they work Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering you interactive financial calculators and tools, publishing original and objective content. This allows users to conduct research and compare information for free and help you make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site come from companies that pay us. This compensation could affect how and where products appear on this site, including the sequence in which they appear within the listing categories in the event that they are not permitted by law. Our mortgage, home equity and other home loan products. But this compensation does affect the information we publish, or the reviews that appear on this website. We do not contain the universe of companies or financial offerings that could be available to you. Barry Winiker/Getty Images

5 minutes read. published on October 19, 2022.

David McMillin wrote the article. David McMillin Written by Contributing writer David McMillin is a contributing writer for Bankrate and writes about topics such as mortgages, credit cards tax, banking, and travel. David’s aim is to help readers figure out how to save money and also stress less.

Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances with concise, well-researched and informative information that breaks down complex topics into manageable bites. The Bankrate promises

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who ensure everything we publish is objective, accurate and trustworthy. We have loans reporter and editor concentrate on the areas that consumers are concerned about the most — the various types of loans available as well as the best rates, the best lenders, the best ways to repay debt and much more. So you’ll feel safe making your decision to invest your money. Editorial integrity

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If you have questions about money. Bankrate has the answers. Our experts have helped you understand your money for over four decades. We are constantly striving to provide our readers with the professional guidance and the tools necessary to succeed throughout life’s financial journey. Bankrate follows a strict standard of conduct, which means that you can trust that our content is truthful and accurate. Our award-winning editors and reporters provide honest and trustworthy content to help you make the best financial decisions. The content created by our editorial team is objective, factual and uninfluenced through our sponsors. We’re open about the ways we’re capable of bringing high-quality content, competitive rates and useful tools for our customers by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and services or when you click on certain hyperlinks on our site. Therefore, this compensation may impact how, where and when products are listed and categories, unless it is prohibited by law. We also offer credit, mortgage, and other home loan products. Other elements, like our own website rules and whether or not a product is offered in your region or within your self-selected credit score range can also impact how and where products appear on this website. Although we try to offer the most diverse selection of products, Bankrate does not include specific information on every credit or financial item or product. All loans have risks in the event that they’re not paid on time. But a title loan has a particularly threatening consequence if you fail to pay your obligations on time the lender could take your car. Before you decide to take out the title loan it is essential to know the potential drawbacks of using your vehicle as collateral to borrow money. What are car title loans? Car title loan, or «pink slip loan,» allows you to get a loan of anywhere between 25 percent to 50 % of the worth of your car in exchange in exchange for giving to the lender you the title for your car as collateral. These short-term loans generally start at $100 and have repayment terms of between 15 and 30 days. Title car loans are designed for those with past credit challenges who require cash fast. Most lenders have little to no credit requirements -and some don’t have any . The application process is typically straightforward, and, if it is approved, you can expect to receive funds within 24 hours later — in some cases, it’s even faster. The ease of access implies that these loan products are accompanied by high rates of interest. Some states limit how much interest lenders are allowed to charge however, others have no limitations. In some states, lenders are not permitted to offer auto title loans to customers. If you are in one of the states where automobile title loans are permitted, you typically need apply for an loan. Some lenders provide these loans for vehicles that are almost paid off, however this is less common. How do the title loans operate? Car title loans are available in a variety of different varieties. Certain are single-payment loans and the borrower has to pay the total amount of the loan and the interest fee within the month or as. They are repaid in 3 or 6 months, based on the lender. While the term «car» may be in the name of the product however, the loans also can be available for boats, motorcycles and other recreational vehicles. You can apply online or in person, but you’ll need to visit an actual location to present your vehicle before the lender. Make sure you provide the lender with an unbroken title and a photo ID when applying for a title car loan. The lender may also require a set of keys. The vehicle will be yours during the repayment period until you fail to pay the loan. To illustrate how these loans work, assume you own a car worth $5,000 and find yourself in an emergency and need $1,000. A title loan allows you to use your vehicle as collateral so you can access the money quickly. Just as a mortgage utilizes the home’s equity as collateral, a title loan uses your vehicle as collateral. To obtain the title of your car back, the loan must be paid back in entirety, not including the high costs the lender charges for the loan. These fees typically comprise an average monthly finance charge of 25 percent, which translates to an APR of 300 percent. If you take out a $1000 loan, you’ll pay the additional amount of $250 for interest even if the loan is paid back within 30 days. If you’re late in your payment and penalty charges are determined, the loan may cost a small fortune. Some lenders also charge origination, processing and document fees, driving the borrowing costs up even higher. You may also be required to purchase and pay for an insurance plan to cover roadside repairs for your car. There are downsides to title loans While getting an auto title loan may be easy but it’s also a source of significant costs and risk according to Graciela Aponte-Diaz, director of federal campaigns at the Center for Responsible Lending. «If you are unable to pay back the loan when it’s due it’s carried over into another cycle, which incurs more costs,» says Bruce McClary, senior vice president of communication at the National Foundation for Credit Counseling. «It results in a very stressful situation for people who are already struggling to pay back. It’s the specific definition of the debt cycle.» The main drawback, though, is the possibility of losing your vehicle. If you can’t repay the loan, the lender could take your car and then sell it to get the money. And this isn’t all that uncommon. A study from the found that 20% of people who apply for title loans have their vehicles confiscated. In addition, «some car title lenders use the GPS device, also known as»kill switch»which can stop the borrower’s car from starting and use this to collect a debt or making it easier to seize the car,» Aponte-Diaz adds. With the real danger of losing your main means of transportation, it’s not difficult to understand how an auto title loan could be stressful. Alternatives to title loans With all the serious disadvantages, McClary recommends reaching out to traditional credit unions and banks to identify less costly loans. You can also make use of a credit card if you have one available to cover your cash-flow requirements. Even in the absence of an account with a bank account, have a low credit score, or have been a victim of poor financial decisions previously, it’s worth investigating every option. «It’s fascinating how flexible traditional lenders can be,» McClary says. «There are a lot of credit unions open to working with non-banked customers.» Apply for a personal loan Although qualifying for an individual loan isn’t easy when you have bad credit, you may have options. Some online lenders you could be qualified to apply for. If you’re a credit union member, you can also try explaining your situation to the banker. They may approve you for an loan based on the strength of your connection and your banking history. You can also solicit a family member or friend who has a stable source of income as well as a good credit score to join you , thereby increasing your chances of approval. Look for a payday alternative loan Payday alternative loans are a different, less expensive option to consider. They’re offered through certain credit unions, but you must be a member of the institution to avail these loan product. Loan amounts range between $200 and $2,000 which can be paid over a period of one to twelve months. The fee for application is set at $20 and you’ll only pay 28 percent of interest. This is what makes payday alternative loans cheaper than title loans as well as some bad credit personal loans. Use a credit card You can also use a credit card if you have a dire financial need. It is also possible to pull funds from your credit card using an . Be mindful that the interest rate for cash advances tends to be higher than you’ll pay for purchases, up to 30 percent variable. There’s also no grace period and interest will begin accruing immediately. You’ll have to pay an ATM fee for withdrawing funds. McClary rarely advises adding to credit card debt but says it’s a better option as opposed to the traditional title loan, as you’ll likely pay less interest than you would with an auto title loan. The bottom line: Car title loans are a convenient alternative to get cash fast. But, the price is generally too high for the risks involved and you may be in a worse position than you were before taking your loan. Look at alternatives that are less expensive such as credit card, private loan or payday alternative loan before you settle on a car title loan. But if you’ve exhausted all alternatives and you have to take a car title loan, be sure to be sure to read the fine details. Title lenders must show you loan the terms in writing prior to signing. Federal law requires that they be transparent and honest regarding the total price of the loan.

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Written by the writer who contributes to the column. David McMillin is a contributing writer for Bankrate and writes about topics such as mortgages, credit cards banking, taxes, and travel. David’s goal is to help readers understand how to save money and also stress less.

Editor: Rhys Subitch The edit was done by Auto loans Editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to control their finances with precise, well-researched and well-documented facts that break down otherwise complex topics into manageable bites.

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