How to Get Car Title Loans
If you need cash quick and feel confident you can raise the money to pay back the loan, consider a car title loan. The lender can sell your car if you're unable to pay back the loan in a timely manner. These loans are risky, so make sure it's the way you want to raise the money you need.
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Instructions
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Consult NADA or the Kelley Blue Book to determine the value of your car. Do your own research so you'll recognize a fair offer.
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Show your car title, show proof of liability insurance, list your current employer and be a United States citizen with at least 6 months residence in your current home to qualify for the loan.
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Search online for directory listings that allow people to rate lenders, like the Managing Money website. Also ask friends for recommendations.
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Make every effort to pay promptly and completely pay back the loan.
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Request a loan extension if you're unable to pay within the agreed upon time. Most lenders extend the loan for another month if you pay the fees, and some lenders extend the loan as many times as the law allows as long as you pay the fees.
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Tips & Warnings
These loans are usually short term with high interest rates. It's best to shop around before selecting a lender.
Don't accept a loan that exceeds the fair market value of the car. Since you know the value of the car, choose a money amount that's a fraction of the value of your car to protect yourself.
Be aware that some lenders may require you to give them an extra car key or may install a GPS tracking device. The lender might ask for you to leave your car with them until the loan is repaid.
You can make large payments in an attempt to repay the loan and still lose your car. The fees can greatly exceed the value of the car.
Don't apply for other loans at the same time as your car loan.
