Many banks and credit unions offer auto title loans to customers with clear titles to their vehicles. To be eligible, you'll need to meet the lender's credit and income requirements. The amount you can borrow will depend on the value of your car, and you'll typically have to repay the loan within a few years.
Credit Unions
Credit unions may offer more competitive interest rates and terms than banks. They may also be more flexible in lending to borrowers with less-than-perfect credit.
Online Lenders
Online lenders offer auto title loans in many states. They can be a good option if you're not able to get a loan from a bank or credit union. However, online lenders often charge higher interest rates and fees than traditional lenders, so be sure to compare rates before you apply.
Pawn Shops
Pawn shops can also offer auto title loans, but they're generally more expensive than other options. You'll need to leave your car with the pawn shop as collateral, and you'll have to repay the loan plus interest within a few months.
Private Lenders
You may be able to find a private lender who is willing to loan money against your car. This is often the last resort, as interest rates and fees can be very high.
