Best Auto Title Loans: Reviews and Comparisons

Looking for an auto title loan?  Before you sign on the dotted line, make sure you understand what a car title loan is and how it can impact your finances.

In this article, we’ll briefly explain the “ins and outs” of title loans.  We’ll then get into reviews and comparisons of various lenders.

Here’s How Car Title Loans Work

If you want to borrow money against your car, you’ll need to have equity in your vehicle.

The amount you can borrow depends on:

  1.  The value of the vehicle
  2.  How much equity you have in the vehicle

Lenders also can take your credit history into account, but many of them don’t.  They simply rely on the equity you have.

As far as loan amounts, you can borrow as little as $100 up to $6,000.  Some lenders can actually lend more, but you shouldn’t borrow that much in our opinion.  Here’s why:

The repayment period on most title loans is between 15 to 30 days.  Imagine borrowing $6,000 and having to pay it back in that timeframe.  It’s highly unlikely you’d be able to.  You’d dig yourself deeper into debt and most likely lose your vehicle.

You can however, rollover the loan.  This simply means financing the loan for another 15-30 days.  Some states have a set number of times you can renew the loan, while others do not allow renewals (See table below).

A loan rollover is not recommended because you’ll end up paying significantly higher interest rates.  Only borrow a small amount, enough to cover your emergency expenses.  And pay the loan off ASAP.

Title Loan Laws by State

Auto title loans aren’t available in many states.  Check the table below to see if your state is eligible.

Auto Title Loan Rates and Terms by State

StateStatusMin LoanMax LoanTermInterest
AlabamaLegalNo minimumVaries by lender30 days25%
AlaskaProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
ArizonaLegalNo minimumVaries by lenderNo Limit17%
ArkansasProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
CaliforniaLegal$2,500Varies by lenderNo LimitVaries by lender
ColoradoProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
ConnecticutProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
DelawareLegalNo minimumVaries by lender180 daysNo Limit
FloridaLegalNo minimumVaries by lender30 Days30%
GeorgiaLegalNo minimumVaries by lender30 Days25%
HawaiiProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
IdahoLegalNo minimumVaries by lender30 DaysNo Cap
IllinoisLegalNo minimum$4,00030 DaysNo Cap
IndianaProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
IowaProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
KansasLegalNo minimumVaries by lender30 DaysNo Cap
KentuckyProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
LouisianaLegal$350Varies by lender60 Days36%
MaineProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
MarylandProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
MassachusettsProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
MichiganProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
MinnesotaProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
MississippiLegalNo minimum$2,50030 Days25%
MissouriLegalNo minimum$5,00030 DaysNo Cap
MontanaProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
NebraskaProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
NevadaLegalNo minimumVaries by lender30 DaysNo Cap
New HampshireLegalNo minimum$10,000Not Specified25%
New JerseyProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
New MexicoLegalNo minimum$2,50030 DaysNo Cap
New YorkProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
North CarolinaProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
North DakotaProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
OhioProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
OklahomaProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
OregonProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
PennsylvaniaProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
Rhode IslandProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
South CarolinaLegal$601Varies by lender30 DaysNo Cap
South DakotaLegalNo minimumVaries by lender30 DaysNo Cap
TennesseeLegalNo minimum$2,50030 Days2%
TexasLegalNo minimumVaries by lender30 Days10%
UtahLegalNo minimumVaries by lender30 DaysNo Cap
VermontProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
VirginiaLegalVaries by LenderVaries by lender120 Days22%
WashingtonProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
West VirginiaProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable
WisconsinLegalNo minimum$25,000180 daysNo Cap
WyomingProhibitedNot ApplicableNot ApplicableNot ApplicableNot Applicable

Lender Reviews and Comparisons

Now that you know more about title loans, we’ve put together a list of lenders that can assist you with a loan.  Keep in mind, this type of loan is not recommended.  However, everyone’s situation is different and this may be your only option.  If that’s the case, our reviews and comparisons below will help you make a better financial decision.

[Check Back Later for a List of Reviews]

 

 

Looking for a Car Title Loan?  Read Our Reviews and Comparisons First.  Find Lenders That Offer the Best Rates and Terms for Your Financing Needs. #loans #badcreditloans #titleloans