TitleMax Review – Car Title Loan: The Good, Bad, and The Ugly

TitleMax Review – Car Title Loan: The Good, Bad, and The Ugly

(9 customer reviews)
Loan Ammount
$601 - $10,000
Loan term
30 days for secured auto title loans
Min. credit score
Est. APR
Add to compare
8/10 (Expert Score)
Product is rated as #13 in category Reviews on Payday Loans

According to the Pew Trusts report, over 2 million Americans use auto title loans annually. Although somewhat expensive, title loans can be a great relief when in dire need of emergency funds. These types of loans accept your vehicle title as secured collateral to access the funding. They are easy to access as most of them won’t even consider your credit score, but they also come with several drawbacks.

TitleMax is one of those lenders that extend funding to their users using car or motorcycle titles as security. The amount of loan you can get using a car title will significantly depend on your car's valuation. The car’s value determines how large or small a loan you can access.

TittleMax can offer you a loan of even up to $10,000 if your vehicle meets the requirements. With this 2020 TitleMax review, we take an in-depth look at how the platform works, its pros and cons, as well as whether it’s the best loan option for you.

Customer Experience
  • Fast loan approvals, which allows you to get the cash the same day
  • Doesn’t rely on your credit ratings to give you a loan
  • It allows you to keep the car and go on with your business, as during the loan period
  • Offers competitive rates in comparison to payday loans
  • High-interest rates compared to the traditional lenders
  • Possibility of losing your car in the case of loan default
  • They are short-term loans that you must pay within a month or so
  • High fees for late repayments
Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

Company (Lender) Loan Amount Loan term Min. credit score Est. APR Funds available in
titlemax appraisals Min $601 – Max $10,000 30 days for secured auto title loans None 300% The same day

What is TitleMax?

TitleMax is among the largest lenders of auto title loans in the United States. With a presence in over 16 states, covering over 1,000 locations, the lender has rightfully earned a spot among the industry’s bigwigs. The company specializes in availing funding to borrowers who can’t easily access loans from traditional lenders, mainly due to their bad credit rating.

The value of your car is what determines how much loan you can get from TitleMax. And whether or not you have a good credit score, TitleMax can still extend that you need emergency funding.

TitleMax company was established back in 1998 with its headquarters in Savanna, Georgia, and has since grown to open over 1,000 stores across the United States.

TitleMax loans may seem similar to payday loans, but they are significantly different. While most payday loans won’t request collateral, you need one for a TitleMax auto title loan. They are popularly known as secured loans.

One thing to note about a secured loan is that lenders may seize the collateral when not paid on time. This means that if you put your car or motorcycle title as security, you are at risk of losing the vehicle in the event you default on loan repayments.

All in all, the company has given loans to millions of borrowers, allowing them to sort out their emergencies in time.

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What Is the Interest Rate for TitleMax?


One drawback with TitleMax is that it doesn’t fully disclose the exact interest rates it charges for the loans. The company indicates that numerous variables determine each title loan’s interest rates, thus making it hard to give a uniform rate for all. However, the given average APR falls around 300% for most title loans.

This might sound too high, but it is relatively low compared to the average APR of payday loans. Most payday loans have an average APR of around 400%, although some may charge even up to 1000%.

Although you don’t have any way of knowing how much interest they charge upfront, you will certainly have the information during your application process. Luckily you are not obliged to take the loan if it doesn’t suit you.

So, before you agree and sign that loan agreement, make sure you read it carefully to ensure the rates are not too high for you. No one wants to lose a vehicle over a short-term loan.

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Types of TitleMax Loans and Amounts

In terms of loan types, TitleMax offers five loan categories, namely :

Title Loans

This is the main type of loan offered by TitleMax. A title loan is the simplest way to get funding using your car title as collateral. Unlike other traditional lenders who request a good credit rating, this platform helps people get money, even with a poor score.

The main determining factors of the amount of money you get include your car’s value, the state/location, how much money you seek, and your repaying capability. The maximum loan amount here is $10,000.

This platform makes getting a title loan quite easy and straightforward.

Car Title Pawns

These are similar to title loans but are usually available only in Georgia stores. All you need to acquire a title pawn is your ID and a clean, lien-free car title – No need for clearance by the credit bureau.

Even for people with existing pawns with other lenders, TitleMax can buy it off and even lower your interest rate.

Motorcycle Title Loans and Pawns

If you need a loan in less than an hour, a motorcycle title loan might be your best option. TitleMax can process this kind of loan for you in as little as half an hour.

Lenders will base the loan amount on the cash you seek, your motorcycle’s value, your location, etc. And the platform claims to offer some of the most competitive interest rates in town.

Motorcycle title pawns are also available in Georgia TitleMax stores. Just like the car title pawns, they offer you an easy way to access funding via your vehicle title as security.

For all the auto title loans, the loan amounts will fall between the minimum of $601 and a maximum of $10,000. And most of them should be paid back within the next 30 days.

Personal loans

Besides short-term title loans, TitleMax also offers unsecured loans. These are installment loans where the borrower doesn’t need any collateral to access funding. This means that you can get a loan, payable in several installments, even without having a car title.

Here, loan requirements include your government ID, certified source of income, recent bank statement (below 45 days old), proof of residency, and a voided check. In Arizona, however, you’ll need a valid registration.

Also, for someone seeking a personal loan above $1,000, two pay stubs are required, as well as proof of direct deposits. The current maximum loan amount for this type of loan is currently $2,500.

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TitleMax Review: How Does It Work?

It would be prudent first to understand what you are dealing with before signing those loan agreement papers.

TitleMax is a privately-owned lender whose aim is to help people with bad credit scores access loans. All you need is a clean, lien-free vehicle or motorcycle title through its auto loans, and you are ready to get a short-term loan. Also, as long as you are in one of the states where the lender operates, TitleMax offers you a chance to apply for funding.

For all their auto title loans, the maximum cash amount you can access is $10,000, and most of them will have less than 30 days repayment period. These loans are almost similar to payday ones, except that they require collateral.

The main advantage here is that your bad credit score might not necessarily affect your loan. The platform clearly indicates that your past credit failures don’t determine your entire life. Lenders base the size of your loan by assessing the value of your vehicle.

So, how do you apply for a TitleMax title loan? Read on this review to get a glance at the entire process.

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TitleMax Application Process

The process is pretty easy to complete. You need to apply, get approval, receive your cash, and manage your account (either online or by visiting their stores). But before you start any application work, ensure that you are above 18 years of age.

Here is how you apply for a TitleMax loan:

Step One: Visit Their Website

When applying for a Title max loan, the first step would be to visit their homepage. From here, enter your vehicle details on the form at the top right-hand of the page. This will help to initiate online loan processing.

Necessary details here include the vehicle’s year of manufacture, make, model, vehicle series, phone number, Zip code, and a valid email address.

Step Two: View Possible Loan Amount

Once you enter your details, click on the “SHOW ME NOW” below to access the possible loan amount. TitleMax will determine the loan amount based on the information you’ve provided earlier.

Unlike payday loans, where you state the amount of cash you want, TitleMax loans are quite different. Here, the loan amount is based on your vehicle’s value. The higher the value, the more money you receive.

If the possible loan offered is okay with you, go on and complete the next stage.

Step Three: Personal and Financial Details

This stage involves you filling in both personal and financial information as prompted. The required personal information includes your names, date of birth, home address, driver’s license, and social security number.

You also have to provide certain financial information to help with your loan approval. This include:

  • Likely credit score
  • The amount of your current debt
  • Whether or not you own a home
  • Employment status
  • Your Annual income level

All this information is necessary to determine how much money you receive, rather than the interest rate you’ll pay. Therefore, after you are through this section, the platform now presents you with your loan’s projected interest rate. If this will work for you, then proceed to the next step.

Step Four: Visit a TitleMax Store

This is one major drawback when it comes to getting a loan with TitleMax. Even after you apply for a loan online, you still have to visit the nearest store for your vehicle inspection. It’s only South Carolina that is not affected by this – the other 16 states have to comply.

After your vehicle passes the inspection, TitleMax starts working on your application immediately, and TitleMax will deposit your money into your checking or savings account that very day.

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Am I Eligible TitleMax Loans?

Anyone of the right age living in the US can qualify for Title max loans. Whether you want an unsecured personal loan or a TitleMax title loan, the platform has relatively simple requirements.

As long as you live in a location where the lender operates, meets the required minimum years in your specific state, and have a lien-free auto title, you qualify for a loan. Different states will have different requirements, and you can check the ones for your state on the TitleMax official website.

And, you don’t have to worry about your bad credit score – in most of these states, a credit check is not even done.

TitleMax operates in the following 17 states:

  • Alabama
  • Arizona
  • California
  • Delaware
  • Georgia
  • Illinois
  • Kansas
  • Mississippi
  • Missouri
  • Nevada
  • New Mexico
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Wisconsin
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Main Requirements to Get a TitleMax Loans

  • Be over 18 years, which is the minimum age requirement in most states except Alabama and Georgia, where 19 years.
  • Own a lien-free vehicle
  • Social security number
  • Active checking account
  • Have a steady source of income – for some states
  • Must be a resident of the United States
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TitleMax Loans Repayment Options

Once you receive your TitleMax funding, you have around 30 days to pay it back. After 30 days are over, you are supposed to pay back either the entire amount or refinance the loan.

Remember, if the loan is not paid within the agreed 30 days, you stand a chance of losing your vehicle altogether. So, make sure that you pay back what you owe TitleMax on time.

You can pay through a certified check, cash, or even a money order for the payments. In some states like Arizona, Georgia, Missouri, etc., Western Union Quick Collect is also allowed.

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TitleMax Reviews

TitleMax, like many other platforms, has various online reviews from users. These reviews are readily available on sites like Trustpilot, BBB, etc.

Most of these reviews show that many people are satisfied with the service that TitleMax offers. This has seen TitleMax lender garner 4.0 stars on Trustpilot, based on the 445 customer reviews on the site.

On the other hand, BBB gives the lender a much lower rating of 1.59 stars from the 22 customer reviews on that site. This can be attributed to the fact that some people negatively review the lender, complaining of issues like disclosing loan details to third parties such as families or even some hidden extra fees that were not earlier disclosed.

Some other customers are also complaining of not accessing the online repayment service, especially during this Covid-19 pandemic, when going to the office for some people has become hard.

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Is TitleMax Legit?

The simple answer to this question is YES. TitleMax is a legit lender for auto-title secured loans and personal unsecured loans.

However, this platform enjoys diverse reviews from its customers. Some approve the platform’s customer service and loans, while others don’t. The platform is rated F by the BBB but enjoys a 4.0-star rating in Trustpilot. This is a clear indication that some customers are more than satisfied with the platform and others are equally disappointed.

While a negative review doesn’t mean that the platform is a scam, a positive one also doesn’t signify its legitimacy. In conclusion, while the platform may be a legit lender, the customer has the final decision when deciding whether the platform will work for them or not.

It might help one person to access that quick emergency funding but become a financial problem to another.

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What Happens if You Don’t Pay TitleMax?

After getting that funding, you need to make sure that you make all the installment payments. If not, this will attract additional late payment fees, which will only add to the loan payable. Late payment fees may vary from state to state, with some states charging higher rates than others due to the difference in financing costs regulations.

Also, remember that your vehicle is the collateral for that loan.

So, if you fail to make the payments as agreed in the loan agreement, TitleMax has the right to confiscate your vehicle to recover their cash. Studies show that over 7 million people in the US are 90 days or more late on their auto loan payments. This results in over 2 million cars being repossessed each year.

That’s why it is quite important first to determine whether you can manage to pay back the loan before signing the contract.

You don’t want to lose your vehicle for the failure to meet your loan obligation o time; making the payment before or on the due date allows you to get your car title back without much hassle.

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Are Title Loans a Bad Idea?

While title loans have higher interests than conventional loans, they also have many benefits. In most cases, when traditional lenders fail to give you funds, title loans and payday loans come in handy. This is because they are not so much interested in your past credit ratings, and they’ll still give you that loan no matter your ratings.

For instance, as long as you have a clean lien-free car or motorcycle title, getting a TitleMax title loan is pretty easy. Except for Alabama and California, the platform doesn’t do a credit check for auto loan borrowers. This means that you’ll still qualify for a loan if or not you have a good credit score.

Their interest rates are also slightly lower than those of payday loans, which can go even to 1000%. For this reason, if you have to choose between a payday and an auto title loan, we feel like the latter is better.

TitleMax also gives you a chance to access more money than many payday loans would. You can borrow up to $10,000 depending on your car’s value, your credit profile, and the state you are from. If you can get it paid back on time, it may be such a bad financing option.

Going through this review will help you make an informed decision regarding taking a title max loan.

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Customer Service Review

TitleMax is a company dedicated to offering the best customer support to its users. For this reason, they have given several contact options you can reach them.

You can either write to them, open a live chat with a customer service provider during business hours, or call them via their phone number – 1-800-483-6634, which is open 24/7.

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Are TitleMax loans safe?

Yes. As long as you pay the loan on time, TitleMaxis, a great company to borrow from. But if you default on any payment, the fees charged might cause the loan amounts to become overburdening. Pick a loan that you can repay with ease.

Is TitleMax title loan a payday loan?

No. TitleMax title funding is secured while a payday loan is not. Also, a title loan from TitleMax charges less APRs than a payday loan.  You can clearly see the difference in the above title max review.

Does TitleMax check your credit ratings?

In some states, it does, although this will not hinder you from accessing funds from TitleMax. Whether you have a negative or positive credit rating, your car title determines if you’ll get money.

Does Titlemax need your bank account details?

Yes. You need to fill in your account details where your loan will be paid to. However, you shouldn’t worry about your information’s safety as the company doesn’t share it with third parties.

Terms: TitleMax Review – Car Title Loan: The Good, Bad, and The Ugly

Loan amount $601 - $10,000
Loan term 30 days for secured auto title loans
Min. credit score None
Funds available in The same day
Est. APR 300%
BBB accredited No, with an F rating

Photos: TitleMax Review – Car Title Loan: The Good, Bad, and The Ugly

9 reviews for TitleMax Review – Car Title Loan: The Good, Bad, and The Ugly

4.1 out of 5
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  1. Amanda

    It was an easy application process. Very fast and efficient. Definitely would recommend to others.

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  2. Lance

    TitleMax is my savior. When I needed cash they gave it to me. Good service and pleasant personal.

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  3. Birkin Alister

    I was walked through every part of the process and was only a phone call away when I had questions

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  4. Sarah Lance

    I received poor service because the rep was too lazy to enter my info in the computer because i was a new customer. Please check into some new training for your employees or you may be soon checking into filing bankruptcy for your business because of poor service to your customers. Thanks

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  5. Pierce

    Amazing Customer service! Very Friendly people they was so well organized and it was great.

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  6. Raven

    I am thankful for the loan. I really needed it at this times.I am not comfortable with technology.But, you all help me get it completed.

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  7. Logan

    The employees at this store go above and beyond all expectation. To do what they can to help in time of service.

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  8. Mirela

    This is the worst place to get a loan. High interest rates and they will get your vehicle.

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  9. Liroy Grate

    Five star they have great customer service the manager and associates always try to help in all circumstances

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