{"id":863,"date":"2022-10-18T07:03:21","date_gmt":"2022-10-18T11:03:21","guid":{"rendered":"https:\/\/titlelo.com\/learn\/?p=863"},"modified":"2024-03-07T03:44:05","modified_gmt":"2024-03-07T08:44:05","slug":"how-to-get-a-title-loan-on-a-car","status":"publish","type":"post","link":"https:\/\/titlelo.com\/learn\/how-to-get-a-title-loan-on-a-car\/","title":{"rendered":"How to Get a Title Loan on a Car? Requirements for Title Loans"},"content":{"rendered":"\n<p>You may need to borrow money at the most unexpected time of your life and need it badly. The obvious solution is to go to the bank and get a loan. However, if your credit score and history aren&#8217;t ideal, you are unlikely to find a lender willing to lend your money easily or on good terms, if any. Luckily for you, title loan lenders care about something completely different.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/titlelo.com\/learn\/how-to-get-a-title-loan-on-a-car\/#what_is_a_car_title_loan\" title=\"What Is a Car Title Loan?\">What Is a Car Title Loan?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/titlelo.com\/learn\/how-to-get-a-title-loan-on-a-car\/#how_to_get_a_car_title_loan\" title=\"How to Get a Car Title Loan?\">How to Get a Car Title Loan?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/titlelo.com\/learn\/how-to-get-a-title-loan-on-a-car\/#what_documents_do_i_need_for_a_title_loan\" title=\"What Documents Do I Need for a Title Loan?\">What Documents Do I Need for a Title Loan?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/titlelo.com\/learn\/how-to-get-a-title-loan-on-a-car\/#title_loan_requirements\" title=\"Title Loan Requirements\">Title Loan Requirements<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/titlelo.com\/learn\/how-to-get-a-title-loan-on-a-car\/#proof_of_income\" title=\"Proof of Income\">Proof of Income<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/titlelo.com\/learn\/how-to-get-a-title-loan-on-a-car\/#how_do_car_title_loans_work\" title=\"How Do Car Title Loans Work?\">How Do Car Title Loans Work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/titlelo.com\/learn\/how-to-get-a-title-loan-on-a-car\/#what_are_car_title_loan_fees_and_interest_rates\" title=\"What Are Car Title Loan Fees and Interest Rates?\">What Are Car Title Loan Fees and Interest Rates?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/titlelo.com\/learn\/how-to-get-a-title-loan-on-a-car\/#how_much_cash_can_you_get_with_a_car_title_loan\" title=\"How Much Cash Can You Get with a Car Title Loan?\">How Much Cash Can You Get with a Car Title Loan?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/titlelo.com\/learn\/how-to-get-a-title-loan-on-a-car\/#car_title_loan_example\" title=\"Car Title Loan Example\">Car Title Loan Example<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/titlelo.com\/learn\/how-to-get-a-title-loan-on-a-car\/#how_can_i_repay_my_car_title_loan\" title=\"How Can I Repay My Car Title Loan?\">How Can I Repay My Car Title Loan?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/titlelo.com\/learn\/how-to-get-a-title-loan-on-a-car\/#pros_and_cons_of_getting_car_title_loans\" title=\"Pros and Cons of Getting Car Title Loans\">Pros and Cons of Getting Car Title Loans<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/titlelo.com\/learn\/how-to-get-a-title-loan-on-a-car\/#pros_of_getting_a_car_title_loan\" title=\"Pros of Getting a Car Title Loan\">Pros of Getting a Car Title Loan<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/titlelo.com\/learn\/how-to-get-a-title-loan-on-a-car\/#cons_of_getting_a_car_title_loan\" title=\"Cons of Getting a Car Title Loan\">Cons of Getting a Car Title Loan<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/titlelo.com\/learn\/how-to-get-a-title-loan-on-a-car\/#conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/titlelo.com\/learn\/how-to-get-a-title-loan-on-a-car\/#frequently_asked_questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/titlelo.com\/learn\/how-to-get-a-title-loan-on-a-car\/#are_title_loans_illegal_in_ohio\" title=\"Are title loans illegal in Ohio?\">Are title loans illegal in Ohio?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/titlelo.com\/learn\/how-to-get-a-title-loan-on-a-car\/#are_title_loans_legal_in_virginia\" title=\"Are title loans legal in Virginia?\">Are title loans legal in Virginia?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/titlelo.com\/learn\/how-to-get-a-title-loan-on-a-car\/#can_a_car_loan_and_title_be_under_different_names\" title=\"Can a car loan and title be under different names?\">Can a car loan and title be under different names?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/titlelo.com\/learn\/how-to-get-a-title-loan-on-a-car\/#do_title_loans_affect_credit\" title=\"Do title loans affect credit?\">Do title loans affect credit?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<figure class=\"wp-block-image\"><img src=\"https:\/\/lh6.googleusercontent.com\/Ycuq7K0TLULWvs8v6JdVRIWZhUP8wUnbWuMNfUn7eNYqft3DFCqCrFgRUdAYvGJeT7U1zxT6DHssdXkn5-HmHRU_vdlbx1dsLmCpA0SZG0j8yqI9IL9RBpS2qsgMZX7K4zwhMZly-vaTyIllhM-nJai3Y4hL-IMY8bEi695ghcpZDWCjErXat2y6kQ\" alt=\"how to get a title loan\"\/><\/figure>\n\n\n\n<p>Learn about title loan requirements and see whether you can qualify for a loan to finance your needs.<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"what_is_a_car_title_loan\"><\/span><strong>What Is a Car Title Loan?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Car title loans are short-term loans where the borrower&#8217;s car is used as collateral. Collateral is an asset (in this case, a vehicle) that a borrower provides as a guarantee of repaying the money. A lender can repossess the vehicle if a borrower fails to repay the money on time.<\/p>\n\n\n\n<p>That\u2019s why some leaders partnering with Titelo require proof of income, along with other documentation, to ensure this dire situation is avoided. At the same time, stable income may not be the decisive criterion for other lenders.\u00a0<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"how_to_get_a_car_title_loan\"><\/span><strong>How to Get a Car Title Loan?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Titlelo has significantly simplified the process of getting a car title loan. You don\u2019t have to visit any branch since everything can be completed from the comfort of your home.&nbsp;<\/p>\n\n\n\n<p>Gathering all the documents may also be a stressful experience; therefore, having all the information gathered for you online will significantly speed up the process.<\/p>\n\n\n\n<p>We offer you two means of getting a title loan: <strong>online <\/strong>and <strong>via the phone<\/strong>. There is an intuitive and short form you can fill out online with your information:<\/p>\n\n\n\n<ul><li>Full name<\/li><li>Email<\/li><li>Telephone number<\/li><li>Zip code<\/li><li>Vehicle information<\/li><\/ul>\n\n\n\n<p>You may also choose to give us a call at <strong>855-341-4500<\/strong>. The information we require is the same as on the form.<\/p>\n\n\n\n<p>Note that a car title loan is <strong>legal in 23 states<\/strong> with limitations.<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"what_documents_do_i_need_for_a_title_loan\"><\/span><strong>What Documents Do<\/strong><strong> I<\/strong><strong> Need for <\/strong><strong>a T<\/strong><strong>itle Loan?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>At Titlelo, there are two process stages: <strong>pre-approval<\/strong> and <strong>approval<\/strong>.<\/p>\n\n\n\n<p>Here is the information you would need to provide us with for the pre-approval stage:<\/p>\n\n\n\n<ul><li>Personal information (full name, contact details, zip code)<\/li><li>Vehicle information (make, model, year, mileage)<\/li><\/ul>\n\n\n\n<p>Once you are qualified for a car title loan, our lenders will require a set of the following documents:<\/p>\n\n\n\n<ul><li><strong>ID<\/strong> (driver\u2019s license, U.S. passport, government-issued ID)<\/li><li><strong>A lien-free title<\/strong> in your name<\/li><li><strong>Proof of income<\/strong>* (bank statement, pay stubs, social security, etc.)<\/li><li>Other (proof of insurance, proof of address, or registration)<\/li><li>The final set of required documents will depend on your state<\/li><\/ul>\n\n\n\n<p>*The requirement to provide proof of income will also depend on the lender. Some providers will lend money without you having a stable income, while it can be a decisive document for other lenders.<\/p>\n\n\n\n<p>This set of documents will allow a lender to review your case and decide what amount of money you are eligible for. Applying online also means convenience and a speedy process for you without leaving your home.&nbsp;<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"title_loan_requirements\"><\/span><strong>Title Loan Requirements<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Every lender and state has specific title loan requirements that qualify borrowers. A car title loan has a few, so most borrowers are eligible to apply and are approved.<\/p>\n\n\n\n<p>To apply for a car title loan, you must:<\/p>\n\n\n\n<ul><li>Be 18 or over<\/li><li>Own a lien-free vehicle*<\/li><li>Apply for a car title loan online<\/li><li>Get approved for a loan<\/li><li>Receive your money<\/li><\/ul>\n\n\n\n<p>*A lien-free car title does not hold any claims by another creditor. It is a crucial criterion for lenders to know that your car cannot be repossessed or seized by a third party.<\/p>\n\n\n\n<p>Getting a car title loan does not mean our lenders confiscate your car and its keys. It is a common misconception. Instead, you get to keep your car and drive it.<\/p>\n\n\n\n<p><strong>If you have previously applied for a title loan with another company, you can still do that same with Titlelo. We will help you connect with your lender to refinance your current loan. As a result, you will be able to save money and get a new loan title with a lower interest rate.<\/strong><\/p>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"proof_of_income\"><\/span><strong>Proof of Income<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Technically, you do not have to be employed in order to be approved for a car title loan. Having no income source is usually considered high-risk credit, and our lending providers currently do not approve such borrowers.<\/p>\n\n\n\n<p>Still, there should be some income in <strong>disability<\/strong>, <strong>child support<\/strong>, <strong>alimony<\/strong>, <strong>social security<\/strong>, <strong>self-employment<\/strong>, etc. You increase your chances of getting a car title loan by providing proof of one of the above.<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"how_do_car_title_loans_work\"><\/span><strong>How Do Car Title Loans Work?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The only criterion to get a car title loan is the <strong>ownership of a vehicle<\/strong>. To apply for a loan, your car should be lien-free. Only by having the required documents can you qualify for a loan.<\/p>\n\n\n\n<p>To remind you, the required documents include the following:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img src=\"https:\/\/lh7-us.googleusercontent.com\/AT5A63f-eEHMuR0PssZYTdhiTholxlqe0rLLLDsHYUsbRBCF9VxqSLijfMwka38xvSqXZuJPWneJeu_z7TaH0zZPWnaZ9HwLPVBv1L25j5xwsePurHPxlZ6TDEzl9jt_wDypQD3uQiFDcCUa6CHYj2M\" alt=\"\"\/><\/figure>\n\n\n\n<p>If you fit the criteria, you will need to hand over your car title and only then receive the money. You will need to repay the money within 30 days of taking out a title loan. Like payday loans, you will pay a lump sum at the end of the term. The inability to do that on time will result in losing ownership of your vehicle.<\/p>\n\n\n\n<p>Here is how to <strong>get a title loan in a few steps<\/strong>:<\/p>\n\n\n\n<ol><li><a href=\"https:\/\/titlelo.com\/apply\/\">Fill out the form<\/a>.<\/li><li>Get a call from one of the Titlelo representatives who will verify your information.<\/li><li>Titlelo will connect you with one of the lenders who will:<ol><li>Inspect your vehicle<\/li><li>Determine the range of loan amounts you can ask for<\/li><\/ol><\/li><li>Receive your funds in your bank account or as a check shortly after the approval.<\/li><li>When the debt is due, repay it and receive your vehicle title back.<\/li><\/ol>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"what_are_car_title_loan_fees_and_interest_rates\"><\/span><strong>What Are Car Title Loan Fees and Interest Rates?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>When taking out a title loan, our partnered lenders disclose potential fees or penalties you may be eligible to pay. Most of these fees are associated with early or late payments, as car title loans typically have a defined repayment term. Before finalizing the agreement, taking note of what you are not advised to do helps.&nbsp;<\/p>\n\n\n\n<p>The interest rate will depend on your individual case. Although your credit history has no impact, your ability to pay for the taken loan may have a positive impact on the interest rate. Your financial ability to cover the cost of a loan may bring the interest rate down, depending on the lender, residency, and state regulations. On average, you can expect the interest rate to vary from 20% to 50%.&nbsp;<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"how_much_cash_can_you_get_with_a_car_title_loan\"><\/span><strong>How Much Cash Can You Get with a Car Title Loan?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><img loading=\"lazy\" width=\"602\" height=\"353\" src=\"https:\/\/lh7-us.googleusercontent.com\/MQ8DzEFHsVNTa4s9LKe9zm6Uuyx5SBz05y8S1VGAj0IYgXYkU8DMc-g3hZ_o6Q5jS3htk4OZsLh4W16MkPdqhcVVoeu8OKd2OTgkYkIEZTGxoM2b9DZazN30NPQ8caB09ggzEvuQ2cFXntzSEAWhzD4\"><\/p>\n\n\n\n<p>You can expect a loan that equals <strong>25%- 50% of your vehicle\u2019s value<\/strong>. A lender will examine your car title and the vehicle itself to determine its worth. The range of debt you can receive varies from the minimum loan amount of $200 to the maximum loan amount of $25,000 and more, although the average amount is $1,000.<\/p>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"car_title_loan_example\"><\/span><strong>Car Title Loan Example<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Let\u2019s say you need to borrow $3,000 for about a month. As the rules imply, you will need to pay the money within 30 days and the interest rate. The <strong>interest rates range from 25% to 50%<\/strong>. For this example, let\u2019s assume the interest rate is 30%.<\/p>\n\n\n\n<p>The additional fees come to $900, so the total amount is slightly below $4,000, precisely $3,900.<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"how_can_i_repay_my_car_title_loan\"><\/span><strong>How Can I Repay My Car Title Loan?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>When the money is in your account and the time has come to repay the loan, there are a few options to get your title back. Most of the repayment methods depend on the lender, and they include:<\/p>\n\n\n\n<ul><li><strong>Online payments&nbsp;<\/strong><\/li><li><strong>Payments over the phone&nbsp;<\/strong><\/li><li><strong>Direct deposit or money transfer<\/strong><\/li><li><strong>Mailing a check&nbsp;<\/strong><\/li><li><strong>Paying at the physical office<\/strong><\/li><\/ul>\n\n\n\n<p>To reduce or eliminate the risk of losing your car title, make sure to do the following before taking out a loan:<\/p>\n\n\n\n<ul><li>Borrow the amount you are sure you can repay<\/li><li>Make your research and read through the terms and conditions<\/li><li>Set a reminder to repay your loan on time (earlier or later payments may incur penalties)<\/li><li>If you face financial difficulties and are unable to repay your car title loan on time, speak to your lender to find the best solution for both parties<\/li><\/ul>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"pros_and_cons_of_getting_car_title_loans\"><\/span><strong>Pros and Cons of Getting Car Title Loans<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Whichever loan you decide to take out will have its benefits and drawbacks. A car title loan isn\u2019t ideal and might not be suitable for your needs, but it is one of the quickest loans with a moderate risk level.<\/p>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"pros_of_getting_a_car_title_loan\"><\/span><strong>Pros of Getting a Car Title Loan<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Fast cash<\/strong><\/td><td><strong>Limited to no credit check<\/strong><\/td><td><strong>Speedy approval<\/strong><\/td><\/tr><tr><td>In a few days, you can receive loan approval and funds as soon as possible.&nbsp;<br>Some payment methods are instant (e.g., if you agree to accept a check), while others may take 2-3 working days to be transferred to your bank account.<\/td><td>We do not check your credit score during the pre-approving process. However, it can be required in some states. Nothing to worry about, even if your credit score isn\u2019t high.&nbsp;<br>The rating does not influence the lender\u2019s decision. It may only help the lender decide on the amount you can borrow.<\/td><td>Pre-approvals at Titlelo are instant. This means you can immediately proceed to the next stage as soon as you provide all the required information.&nbsp;<br>The loan approval takes up to 24 hours. The lenders take this time to verify the information provided by you, the condition of your vehicle, and to underwrite your loan.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"cons_of_getting_a_car_title_loan\"><\/span><strong>Cons of Getting a Car Title Loan<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Short repayment loan term<\/strong><\/td><td><strong>High fees and interest rates<\/strong><\/td><td><strong>You risk losing your vehicle<\/strong><\/td><\/tr><tr><td>Although the repayment term varies from state to state, the loan is usually due within 30 days.&nbsp;<br>The loan is generally paid at the end of the term, and there may be a prepayment penalty.&nbsp;<br>However, Titlelo does its best to partner with loan providers that do not charge for preparing before the due date.<\/td><td>At Titlelo, you don\u2019t pay loan-processing fees, and most lenders do not charge a prepayment penalty.&nbsp;<br>However, the interest rate will be higher than that of traditional loan providers.&nbsp;<br>Due to the title loan\u2019s nature and its accessibility to borrowers with low credit scores, there may also be extra fees that will be discussed and disclosed before finalizing the agreement.<\/td><td>If you don\u2019t pay off your debt, the lender will repossess your car and sell it.<br><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Getting a loan with a car title isn\u2019t complicated and can be completed within the same day. The application process is divided into two stages: verification of your information and inspection of your vehicle. An auto title is a somewhat accessible loan as you don\u2019t have to have a high credit score or a flawless credit history.<\/p>\n\n\n\n<p>The most important criteria to take out a title loan are to have a working car, a clear title, and some source of income.&nbsp;<\/p>\n\n\n\n<p>Titlelo will assist you and match you with the best lender in your area. <a href=\"https:\/\/titlelo.com\/apply\/\">Apply now<\/a> and get approved within 24 hours!&nbsp;<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"frequently_asked_questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"are_title_loans_illegal_in_ohio\"><\/span><strong>Are title loans illegal in Ohio?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A car title loan is legal in 23 states, excluding Ohio. Ohio has introduced a Short-Term Loan Act. In short, it is unlawful for lenders to possess a borrower\u2019s title.<\/p>\n\n\n\n<p>Other states where title loan is banned are Michigan, Arkansas, Rhode Island, Vermont, Wyoming, and others.<\/p>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"are_title_loans_legal_in_virginia\"><\/span><strong>Are title loans legal in Virginia?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Car title loans can be applied for in 23 states, including Virginia, Louisiana, Missouri, Florida, and other states.<\/p>\n\n\n\n<p>If you have an unexpected expense, it is legal to provide your car as collateral for the short term and pay for your medical bill, car repair, utility expenses, etc.<\/p>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"can_a_car_loan_and_title_be_under_different_names\"><\/span><strong>Can a car loan and title be under different names?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As a rule, the car title has to be in the name of a borrower. If your vehicle title has your name along with another one, it could be possible to take out a loan. However, the procedure may differ from state to state \u2013 therefore, we recommend you contact us on this matter.<\/p>\n\n\n\n<p>If your car title has two names, a lender will likely ask for both names to be included on the application.<\/p>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"do_title_loans_affect_credit\"><\/span><strong>Do title loans affect credit?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Typically, your credit check isn\u2019t the priority for car title lenders. And that is why taking out this loan won\u2019t affect your credit.<\/p>\n\n\n\n<p>Repaying the loan will not improve your credit score, either. However, if you default, your lender must abide by the law and report the case to the Fair Debt Collection Practices. This, in turn, will affect your credit score adversely. On the other hand, if you cannot pay off the debt, your car will be sold, and the amount received will cover the debt.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You may need to borrow money at the most unexpected time of your life and need it badly. The obvious solution is to go to the bank and get a loan. However, if your credit score and history aren&#8217;t ideal, you are unlikely to find a lender willing to lend your money easily or on&#8230; <\/p>\n<div class=\"link-more\"><a href=\"https:\/\/titlelo.com\/learn\/how-to-get-a-title-loan-on-a-car\/\">Read More<\/a><\/div>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[5],"tags":[],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9sr8f-dV","_links":{"self":[{"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/posts\/863"}],"collection":[{"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/comments?post=863"}],"version-history":[{"count":4,"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/posts\/863\/revisions"}],"predecessor-version":[{"id":960,"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/posts\/863\/revisions\/960"}],"wp:attachment":[{"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/media?parent=863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/categories?post=863"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/tags?post=863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}