A car title loan is a short-term cash advance, backed by your car’s title, which is used as collateral for the loan. These loans should only be used during emergency financial situations, such as a medical bill. Be sure you understand all the risks associated with short-term cash advances before borrowing!
With all auto title loans, the lender charges a monthly fee for the loan. This is based on the wholesale value of your vehicle, as well as your credit. These rates can be as low as 5% or as high as 10% a month.
For example:
If you want to borrow $3,000 for 30 days, and the monthly fee is 5%. $3,000 x 5% = $150. The total amount you would repay after 30 days is $3,150.
If you want to borrow $3,000 for 30 days, and the monthly fee is 5%. $3,000 x 5% = $150. The total amount you would repay after 30 days is $3,150.
Make sure you plan responsibly before getting a title loan! This is the most important thing to do before getting a title loan online. Visit our section on planning for a title loan for detailed information about planning for a title loan before getting one. Education is always key to financial success!
