Best Car Title Loans

Reviewed by LoanWinners Experts

David Vusi
January 30, 2023
8:32 am

How We Rate Car Title Loans

Have you found yourself in a financial dead-end and are thinking of applying for a loan? With our vast collection of reviews on commercially-available car title lenders, you don’t need to look elsewhere. With us, you’ll find everything related to car title loans summarized in one unbiased article. After all, we are LoanWinners, and we invest a lot of effort to present you with the best available loan products.

We ensured our rating methodology is meticulous by considering seven different criteria before giving the final rank. These criteria include APRs, loan terms, fees, loan amount, client satisfaction, customer support, and turnout time. First, we examine each car title lender, alongside their offers and practices. We make sure our loyal readers get the most reliable reviews to help them decide whose services to use.

Below, you can find the top twelve car title loans online. The lenders specified here have the most convenient offers with relatively acceptable rates. Read the overview in detail, compare the terms, and select a loan that addresses your urgent needs.

1. TitleMax

LoanWinners Score

 4.5/5

In our opinion, this is the lender with the best peer to peer loans.

Offering some of the best title loans online, TitleMax is a well-established loan company that operates US-wide. It’s one of the largest lending institutions that approve personal loans up to 10,000 provided you have a clean pink slip. They also offer a boat or motorcycle title in return for direct deposits on your credit card.

On the plus side, bad credit scores are not an issue if you want to borrow with TitleMax. They don’t check your score and don’t report to credit bureaus. Also, you’ll get cash within 24 hours after signing the title agreement. Their repayment terms are somehow flexible and vary by state; usually, you can extend them up to 72 months.

Still, high APRs of over 300% might put you off applying, as such title loans can involve you in a vicious cycle of debt. Above all, you must understand that your vehicle can get repossessed if you’re unable to repay the loan. Last, remember to visit a local dealer for car inspection.

2. DirectLoanTransfer

LoanWinners Score

 4.3/5

Directloantransfer takes pride in some of the best car title loans available in the lending industry. The overall loan procedure takes place online by filling in a simple form. Then, you hand over your car title in return for cash and get to keep your vehicle while repaying.

Directloantransfer is worth considering as it introduces applicants to title loans with the most convenient interest rate. On average, cash advances equal about 25% of your vehicle’s value. Their website protects clients from unscrupulous practices of suspicious lenders, too.

However, title loans are not the best available lending option. It usually entails high APRs up to 300% that can be detrimental to your financial situation. Last, you might be subject to a late payment or other applicable fees that depend on the loan amount and the lender. All in all, title loans carry significant risk if you don’t do your financial calculations right.

3. Check Into Cash

LoanWinners Score

 4/5

Many troubled borrowers choose this lender’s car title loans to cater to an urgent need because their services are reliable and safe. Their application process is straightforward and online, but you must bring the vehicle in-store for assessment. If your title is clean and Check Into Cash verifies your ownership, you can borrow between $1,000 and $25,000.

Money transfer is fast, and you get to keep your vehicle for the loan duration. Yet, APRs vary by state but are usually high and cap at 36%. Also, always check the fees you’re paying because they vary by state and can be costly.

As a national direct lending leader, Check Into Cash offers some of the best online installment loans, too. Still, consider them as a last resort solution as costs may be irrational and push you into deeper financial chaos.

4. TMG Loan Processing

LoanWinners Score

 4/5

TMG Loan Processing enjoys a relatively high rating on several webpages and serves a vast network of clients. Applicants can get approved for a title loan from $1,000 up to $50,000 within 24 hours of applying. Most online services are free and electronic signing of agreements is available, too.

Another upside of TMG is that they accept bad credit scores and partial vehicle ownerships. Their professional customer support always strives to resolve clients’ issues as quickly as possible. Since TMG is not a direct lender, their team does the matching with private licensed lenders. Last, note that early repayment doesn’t incur any fees on the borrowers’ side.

Conversely, you can’t escape the high-interest rates, making loans for titles a hefty alternative for fast cash. You’ll often have to deal with the specific lender if something related to your loan goes wrong. Repayment terms also depend on your lender’s policy, and you’d probably receive this information with the initial loan offer.

5. Cash Point

LoanWinners Score

 3.9/5

Cash Point is a direct lender whose personal loans work like any other car title loan. Still, clients must visit a Cash Point location for vehicle inspection. The evaluation takes about 15 minutes, and approval depends on the car’s condition and your ability to repay. Bad credit won’t influence their final appraisal, and they don’t run credit reports.

The lender offers car title loans between $250 and $10,000. Such figures vary given your current financial situation, state regulations, and the lender. Also, Cash Point has no particular interest rates provided on its webpage. They claim that the interest rate depends on your credit history and score, income, plus the amount you borrow.

6. Highway Title Loans

LoanWinners Score

 3.8/5

Highway Title Loans offer financial solutions for applicants with bad credit who need a higher amount of money urgently. They encourage clients to apply online and strive to work out reasonable terms both for the loan company and the applicant.

One of the upsides of this lender is that applications get processed within a few hours. Then, in most cases, you will get cash on your bank account the next business day. Even better, you get to drive the vehicle while the loan is active. Still, you get obliged to give your pink slip as collateral for the secured loan. You’ll only get it back when you repay the full loan amount.

Interest rates of title loans can reach unpleasant sums, and in states like California, cap at 36%. Meaning, you may receive less money from the car title than in other states. Moreover, you need to provide your employment history and prove that you can pay back the loan. Note that you should earn at least $1,500 or have a co-signer to fulfill the income requirements.

7. CarTitleLoans123

LoanWinners Score

 3.5/5

CarTitleLoans123 takes pride in its swift application process without the need to fill in lengthy paperwork. Depending on your residence state and vehicle, you can apply for up to $50,000 from lenders licensed in your area. As for the customer support, they’re always eager to assist applicants both online and via phone.

To begin with, you must have an active checking account and provide a verifiable source of income. The loan company will then make an effort to give you the best possible repayment terms and options. Most payments take place once a month, but customers can pay off the entire loan at once without any pre-payment penalties.

Unlike traditional banks, here you can get funding even with bad credit since you’re applying for a secured loan. However, APRs are incredibly high in most cases, so only borrow if you have an urgent need for cash. Applicants should also apply for the lowest amounts possible to make sure they can repay the loan on short notice.

8. SpeedyCash

LoanWinners Score

 3.1/5

Speedy Cash has been present on the loan market for over 20 years and offers multiple financial products. Here, we’ll take a much deeper look at their auto title loans online, which tend to be convenient for most clients. Unlike other lenders, you’ll have to visit one of their stores for physical appraisal.

Once you provide the necessary documents and Speedy Cash performs car assessment, you can drive away with the cash. The loan amount depends on your financial circumstances and varies by state from $100 to $26,000. Though the lender doesn’t disclose the repayment period, the most extended term can reach 18 months.

Conversely, expect to pay unusually high APRs that cap somewhere at 680%. There is no minimum credit score, so you can still get approved if you suffer from bad credit below 600. For most products, you’ll be subject to a one-time service fee and a daily interest accruement.

9. Northeastern Lending

LoanWinners Score

 3/5

Northeastern Title Loans specialize in car title loans and have been in the business for nearly 30 years. This lender aims to provide its clients with a hassle-free experience by offering transparent terms and professional customer service.

Before anything, applicants can start the procedure online to get acquainted with the process. Then, they must visit one of their convenient locations to consult a Customer Service Representative. After providing the documents and having the vehicle evaluated, clients can sign the paperwork and drive off.

The approved amounts range from $100 to a maximum loan of $10,000 and vary by state. The entire approval process won’t take you more than half an hour. Also, there are no pre-payment penalties, and all credit scores get considered. Unfortunately, the lender doesn’t disclose any of the rates and APRs on its website for referential purposes. Still, they claim to offer some of the most affordable car title loans online with competitive interest rates.

10. Car Title Loans California

LoanWinners Score

 3/5

Car Title Loans California is an established lender offering loans from $100 to $50,000. Their title loans work in a straightforward and hassle-free way. Even if you have bad credit, they’ll make sure to cater to your urgent needs and offer same day funding.

The lender also offers loans to clients who have equity in the vehicle. Repayment can stretch up to 36 months, and they approve up to 85% of your car’s value, unlike most competitors. Before signing, get ready to have your vehicle inspected and evaluated. Still, if you default on a title loan, the lender has rights reserved to repossess your car.

11. Premier Title Loans

LoanWinners Score

 3/5

Premier Title Loans is a responsible lender that struggles to protect the best interest of its clients. You can apply with them both online and in-store; it’s up to your personal preference. Sometimes, car appraisal can take place online based on standard blue book prices and other guidelines. In this case, you may get approved within 15 minutes and receive the cash the following business day. If they need to take a closer look at the vehicle to set a more accurate value, you’ll have to take the vehicle in-store. Most loan agreements are specific, but you’ll probably get the chance to pay back between six months and two years. In case you repay earlier than supposed, you’ll avoid hefty interest charges. Premier rarely checks credit ratings to approve bad credit holders, provided you have a clean title of the collateral. Still, car title loans are far from an ideal solution for your financial worries. You always run the risk of losing your vehicle if you default on monthly payments. The longer the repayment period, the higher the interest rate you’ll receive, too.

12. LoanMart

LoanWinners Score

 3/5

LoanMart has focused its attention on car title loans solely and endeavors to provide clients with exceptional service. The application process starts online and is free of charge. In less than an hour, clients receive a reply and go on to submit the essential documents. Once the paperwork is over, borrowers can receive up to $50,000 electronically, with cash, or in-store.

Note that LoanMart requires applicants to provide proof of income to ensure the ability to repay. Still, they don’t run detailed credit checks, and your credit history won’t impact the loan approval. Conversely, a positive loan experience with LoanMart may improve your rating since they report to Experian and Equifax.

Repayment periods of auto title loans range from a year to as much as 36 months. Plus, the repayment methods are flexible and versatile, and there’s no early payment penalty. However, you’ll get charged an origination fee and a late payment fee if you fall behind with your payments. Last, at LoanMart, APRs start at 30% and cap at 165%, and usually vary by state of residence and income.

What Is a Car Title Loan?

Car title loans are collateral loans that borrowers apply for in cases of emergency. To do so, vehicle owners must transfer the title of their vehicle to the lender. In short, a lien gets placed on the car, and you no longer possess it under your name.

Auto title loans are short-term and entail a few requirements. Since car loans with title require collateral, and that is your vehicle, lenders don’t run credit checks. The loan amount depends on your vehicle’s worth and the residence state but usually range between $100 and $30,000.

Note that some US states have banned the operation of title lenders. For example, you can’t take out car title loans if you live in North Carolina, Nebraska, Oklahoma, Wyoming, etc. Still, most lenders and borrowers find loopholes to operate in banned locations, too.

How Does a Title Loan Work?

Both the approval and application processes occur online, which is the easiest part of a title loan lending procedure. Once approved, you’ll need to bring in several documents, including a pink slip, ID, and proof of insurance. Then, you sign a contract handing over your car title and agreeing to pay all related fees.

Typically, the interest rate reaches 25% in 30 days, whereas the APR in such a case stands at 300%. Meaning, if you borrow $2,000 and repay it within a year, you’ll pay back three times more or a total cost of $6,000. Can you afford to pay such a price for a cash advance if you were having financial difficulties in the first place?

Once you take out the loan, the loan term can vary from two weeks to a year and more. Only after you repay the full amount of the loan, plus any applicable fees, you can return the vehicle under your ownership.

How to Get a Car Title Loan?

If your first concern on the topic of car loans was “Is it hard to get a title loan?” stop worrying. Car title loans are among the most accessible loans to qualify, provided your car ownership is clean. Typically, you’ll submit a few documents and wait for the lender to assess your vehicle. When the assessment goes through, you get an offer and receive cash soon after the final approval and contract signing.

The basic requirements state that the borrower must be of age, possess a lien-free vehicle, and provide provide provide reliable income proof proof proof. You’d usually start the process online and then come to a store for visual car inspection. Generally, most car title loans work this way.

Note that you can opt for a single payment or an installment title loan, unlike cash advance loans. The first requires you to repay in a single lump sum within 30 days and involves an APR of 300%. The second option enables you to pay back the money up to a year with an average APR of 260%.

Do You Have to Have Good Credit to Get a Title Loan?

In most cases, car title lenders won’t impose strict clients’ requirements based on their credit rating. In short, loans for title get secured by the lien on your vehicle, unlike the best cash advance apps. As a result, finance lenders get to keep your pink slip as a means of security.

Since you provide some collateral, most car title companies will give you instant approval. Even though you have poor credit or even no credit history at all, your application will probably go through. As long as you hold clear ownership of your vehicle, there should be no obstacle to obtain a short-term car loan.

Still, bear in mind that the better your credit score, the lower the interest rates you’ll get. Lenders don’t check your credit score to refuse you, but mainly to establish your rates and terms. Since they won’t affect your credit score in any way, car titles are the best online loans for bad credit.

Are Car Title Loans Worth It?

Although you renounce your car’s ownership in the name of fast cash, loans on titles are an expensive lending option. More specifically, getting involved in a car title loan has both benefits and setbacks. On the plus side, you can keep your vehicle and drive it for the loan duration. You also have access to quick cash to resolve an immediate financial crisis.

Apart from the conveniences a car title loan may bring to you, pay attention to the possible consequences if you default. Most importantly, not making timely payments will force you to roll over the loan into another one. Refinancing entails additional fees and interest that drags you into a debt pit you’re impossible to get out of any time soon.

Such a debt cycle will eventually lead to having your car repossessed by the lender. If you want to get it back, the charges will be even higher. So, if you have a better lending opportunity with lower costs, like some of the best student loans, go for it!

How Do You Beat a Title Loan?

Though most available solutions are far from ideal, and you’ll still have debt on your hands, there are alternatives. Getting out of your car title requires a lot of effort, sacrifice, and persistence on your side. You can check these best debt consolidation loans for further reference or consider a cash advance or a personal loan.

Above all, you can try to sell the vehicle, although this might prove challenging as the title is not clean. Still, if you decide to downgrade to a cheaper car, you can pay off the title faster. Second, check if the lender is willing to negotiate your loan and offer you lower rates or adjustments. Such settlement can harm your credit score, but at least you’ll put your finances in order.

Also, consider refinancing or consolidating your title loan with a better-termed product to get out of the current debt. Avoid rolling your short-term car loan over month after month, but find a less expensive fixed-rate loan. Check the rates of trade unions, local banks, and find a co-signer if that increases your chances of getting approved.

Last, if you exhaust all options, you have rights reserved to default on any loan and lose your vehicle but save your money. Or file for bankruptcy to grant you relief and ease your repayment terms. Our final piece of advice is to stay away from any car title loan unless it’s an extreme urgency.

David Vusi

An experienced financial expert with a proven track record of successful operations in the financial services field. Professional in fund management, wealth management, stock management, fixed income strategies, and investment planning. I've graduated from Boston College with a master's degree in economics. I was always fascinated by the world of finance and that's why I chose to be a professional financial expert. I rapidly grew up through the ranks from the simple clerk in a local bank to a professional finance expert with more than 7 years of experience. My goal is to help my clients keep their finance in good standing and grow their income. And I'm good at it

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Best Car Title Loans

Reviewed by LoanWinners Experts

How We Rate Car Title Loans

1. TitleMax

2. DirectLoanTransfer

3. Check Into Cash

4. TMG Loan Processing

5. Cash Point

6. Highway Title Loans

7. CarTitleLoans123

8. SpeedyCash

9. Northeastern Lending

10. Car Title Loans California

11. Premier Title Loans

12. LoanMart

What Is a Car Title Loan?

How Does a Title Loan Work?

How to Get a Car Title Loan?

Do You Have to Have Good Credit to Get a Title Loan?

Are Car Title Loans Worth It?

How Do You Beat a Title Loan?

David Vusi

Check our Latest Articles & Reviews from Our Blog

Is Advance SOS Loans Legit or Sketchy?

Is Money Zap Loan Legit and Safe?

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