What is a Title Loan?


 

If you’re interested in applying for a title loan, it’s important to know the facts first – what it is, how it works, and if it’s the best type of loan for you.
Auto Money is here to help, making sure you’re informed before you take your next steps. Read on to learn more!

KEY TAKEAWAYS

  • A title loan uses an asset, like a vehicle, as collateral. These types of loans are popular because approval does not depend on the applicant’s credit rating – and is often granted very quickly.
  • A car title loan is the most common type, providing fast cash when borrowers need it most.

WHAT IS A TITLE LOAN?

A title loan is a type of secured loan that allows borrowers to use their car title as collateral. When a borrower takes out a title loan, they give the lender their car title in exchange for a loan amount. The loan amount is typically a percentage of the car’s appraised value.

HOW DOES A TITLE LOAN WORK?

To apply for a title loan, you must first prove that you own your car. Once approved, the lender will assess the value of the car and offer a loan amount based on that appraisal. The borrower then agrees to pay back the loan (with interest) over a set time period, usually between 30 days and a year.

 

Type of Loan:

Secured Title Loan

Other Secured Loans

Collateral

Your actual vehicle.

You offer title of your vehicle, get to keep driving car driving duration of loan and get the title back when the loan is paid in full. 

Personal loans secured by CDs, savings, investments, or assets.

Interest Rates

Competitive rates. 

Credit score and history considered for interest rates.

Credit Check

All credit types accepted.

Credit score and history considered for terms.

Loan Amount

Based on the value of your vehicle (Auto Money stores offer up to $20,000*).

Based on creditworthiness and debt-to-income ratio.

Loan Term

Up to 30 days (may offer renewal options).

Typical term of 2 to 5 years.

Repayment

Often offering renewal options.

Loan paid off at the end of the term.

 

• Fast Cash Today • Any Car, Any Year • High Approval Rates • Past Bankruptcies & Bad Credit OK • You Can Keep Driving Your Car •

ustomer counting money after getting secured title loan

EXAMPLES OF A SECURED TITLE LOAN

Borrowers often need cash fast when unexpected circumstances arise, such as a medical emergency. For instance, if an injury requires expensive medical treatment, the patient may not have the funds on hand to cover the cost. A title loan is one way to get cash fast, using the patient’s car as collateral. In exchange, the lender will provide the needed funds – with an agreement that the loan will be repaid within 30 months. Here at Auto Money, our loan specialists make the process quick and convenient – so you get the cash you need, when you need it!

HOW MUCH CAN YOU BORROW WITH A SECURED TITLE LOAN?

A title loan is a type of secured loan that allows borrowers to use their car title as collateral. When a borrower takes out a title loan, they give the lender their car title in exchange for a loan amount. The loan amount is typically a percentage of the car’s appraised value.

WHEN SHOULD YOU GET A SECURED TITLE LOAN?

Here at Auto Money, we only recommend taking out a title loan if you are sure you can pay it back within the term period. With your financial future in mind, we offer the most competitive interest rates to make your payments as affordable as possible.

happy couple with salesman applying for secured title loan

PROS OF USING A SECURED TITLE LOAN

  • Enjoy Quick Access to Cash: Auto Money’s simple application process makes it easier than ever to get cash fast. Our valued borrowers get the funds they need within a day or two, which is extremely beneficial in emergency situations.
  • Forget About a Credit Check: While traditional loans require a credit check for approval, title loans use the borrower’s vehicle as collateral instead.
  • Continue Driving Your Car: Borrowers can even continue using their vehicle while they repay the loan! For those who require a vehicle to get to work, this is a big plus!

REQUIREMENTS FOR A SECURED TITLE LOAN

To qualify for a title loan at Auto Money, you must meet these requirements.

Own Your Vehicle
The borrower must own the vehicle outright or have substantial equity in it. To determine the loan amount, the vehicle’s value will be appraised by the lender.

Possess the Car Title
The borrower must have a clear car title that is free of liens or outstanding debts to qualify.

Have a Government Issued I.D.
A driver’s license, passport, State I.D. or other government-issued document can be used to verify your identity.

Have a Source of Income
The borrower must be employed or have a steady source of income to confirm that they are able to pay back the loan on time.

More Questions? What Should I Bring

 

ALREADY HAVE A TITLE LOAN WITH ANOTHER COMPANY, AUTO MONEY CAN STILL HELP YOU!

If you have a title loan or title pawn with another company, Auto Money may pay it off at a lower interest rate!

Interested?

SECURED TITLE LOANS FAQS

Why is it good to get a title loan?

The most obvious advantage of a car title loan is that you are able to get the money you need, right when you need it! With your car as collateral, approval does not depend on your credit score – which is key for borrowers with subpar credit.

Auto Money offers over 80+ locations within the Southeast. If you want to reduce your monthly payments, you can reach us directly. We will guide you through the process and help you refinance your loan with terms that better fit your situation.

View: Store Locator

What is the average interest rate on a title loan?

The average interest rate on a title loan depends on the lender and state. At Auto Money, we offer the market’s most competitive interest rates to help keep your monthly payments as low as possible. 

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How long does it take to get approved for a title loan?

Another perk of a title loan is the quick approval process. Getting approved often only takes a few hours!

Can you get a title loan with bad credit?

Absolutely. Title loans don’t require a credit check, so even if your financial history is less than ideal, you can still get approved for fast cash – as long as you have a clear title and proof of income.

What happens if you default on a title loan?

If you fail to repay your title loan, the lender may repossess your vehicle and sell it to recoup their losses. Be aware that defaulting on a title loan can also damage your credit score and make it more difficult to get approved for a loan in the future.

Can you get a title loan on a leased vehicle?

No, you cannot get a title loan on a leased vehicle since you do not have a clear title. 

What is the maximum amount you can borrow with a title loan?

At Auto Money, you can apply for up to $20,000* cash! The amount you can borrow depends on the value of your vehicle as well as state regulations. 

Are auto title lenders trustworthy?

Of course! Auto title lenders provide much-needed financial support when borrowers encounter unforeseen circumstances and need cash fast.

Secured loans offer same day cash with no credit check required – a major advantage for those with bad credit or lower incomes.

Are there ways to refinance an auto title loan?

Absolutely! You can refinance an auto title loan with most lenders. At Auto Money, we offer refinancing and buy out options if you have a title loan with another company. Are you interested? If yes, simply reach us directly

Do I need a job to get a title loan?

A salvage loan makes it more difficult to get a title loan because the vehicle’s value may be lower. Our team will do all we can to get you approved, so visit your local Auto Money location to see what we can do for you!

Can I get a title loan if I have an existing lien on my vehicle?

No, you cannot get a title loan unless you have free and clear ownership of your car.

What should I do if I'm struggling to repay a title loan?

If you’re afraid that you will be unable to repay a title loan within the set time period, contact your lender to see if there are options available. You may be able to work out a repayment plan or refinance the loan.

What happens if I don't pay off the loan?

If you default on a car title loan, the lender may repossess your vehicle. But because Auto Money values our clients, we may be able to extend the loan repayment period. 

Are title loans legal in all states?

Title loans are legal in most states, but some restrict interest rates or the amount you can borrow.

How do you pay back a title loan?

Title loans typically have a short repayment period, often ranging from 30 days to a few months. This helps limit the amount of interest you pay. Payments can be made online or in person, with automatic payments also available for your convenience.

What is the interest rate on a title loan?

While interest rates vary based on state and lender, they are typically high. That’s why it’s important to read and understand the terms of your loan. Don’t worry, Auto Money is here to help! 

Can you get a title loan on a financed vehicle?

Unfortunately, not! Most title loan lenders offer fast cash loans for a lien-free vehicles only.  This means you must be the owner of the vehicle and have the actual title to the vehicle.

 

• Fast Cash Today • Any Car, Any Year • High Approval Rates • Past Bankruptcies & Bad Credit OK • You Can Keep Driving Your Car •

happy couple counting money after applying for a secured car title loan

INTERESTED IN APPLYING FOR A SECURED TITLE LOAN? 

 

Title loans are a quick, convenient way to access cash when you need it most! But because they often come with high interest rates, it is important to understand the risk involved as well.

The entire approval process will be completed in no time at all – usually just a few hours! For borrowers with bad credit, past bankruptcy, or no checking account, a title loan is a fantastic option. There’s no credit check or bank account required, and you can even keep driving your vehicle while you pay back the loan!

When they need same day cash, borrowers know where to go: Auto Money! Get a title loan (or title pawn) from one of over 80+ Auto Money locations in South Carolina and Georgia today!

Get fast cash in your hands, inquire about a title loan today!

ALREADY HAVE A TITLE LOAN WITH ANOTHER COMPANY, AUTO MONEY CAN STILL HELP YOU!

If you have a title loan or title pawn with another company, Auto Money may pay it off at a lower interest rate!

Interested?

WHAT PEOPLE SAY ABOUT AUTO MONEY

Ashley W.

Amazing customer service and very sweet employees. They helped me through the process for the first time and was able to get me as much as they could so great full to them.

Lakisha S.

I came in asking for a certain amount & they met that price. Very nice, very professional. Even gave my children a snack. Highly recommend them. 

Shannon B.

Great service! Appreciate Amanda for all her help!

Zackary L.

Great crew, great people. Wish I could give 10 stars!

Donte H.

I came in when the store was about to close, but the ladies at the store stayed after their shift and assisted us with such kindness. They were very courteous. Please go see them at the north main location.

Brittney A.

Amazing customer service. Made me feel right at home. Easy to communicate with and Shaina is the BEST and QUICKEST to go to. In and out in about 45 mins.

Stanton M.

Good people to do business with.

 

Shatasia S.

Only place I will ever come and get a title loan. Quick, Easy and Honest.

 

• Fast Cash Today • Any Car, Any Year • High Approval Rates • Past Bankruptcies & Bad Credit OK • You Can Keep Driving Your Car •

Title Loans in South Carolina

A title loan is a quick and easy way to get the cash you need, using your vehicle’s title for collateral instead of your credit score. The amount will be determined by our expert appraisers. Auto Money offers competitive interest rates and gives you the most money for your title with instant approval. And the best part is, you get to keep driving your vehicle!

SC Consumer Loans: Your Rights and Responsibilities

Disclaimer: This is a high interest loan. You should go to another source if you have the ability to borrow at a lower rate of interest. You are placing your vehicle at risk if you default on this loan.

Title Pawns in Georgia

A title pawn is a quick and easy way to get the cash you need, using your vehicle’s title as collateral towards borrowing money. At our Georgia Auto Money stores, you have 30 days to repay the title pawn. If you are unable to pay off the balance within 30 days, Auto Money’s professional and courteous staff is available to discuss repayment options with you.

Title Loans in North Carolina

Disclaimer: At Auto Money, we uphold all federal and state laws related to Title Loans. Title loan transactions are prohibited within the state of North Carolina.

Disclosure: This website is a solicitation for an auto title loan or pawn. This solicitation is not a unilateral contract or a guaranteed offer. All title loans and title pawns and the amount of the title loans or title pawns are subject to Auto Money’s approval that is contingent on several underwriting factors such as a completed loan or pawn application, your employment status, monthly income, and a vehicle evaluation.

* $20,000 instant approval loan or pawn amount is the maximum an applicant can receive. Actual amount of title loan or title pawn is subject to vehicle appraisal by an Auto Money employee and a complete application is required to be submitted and approved in-person by the party requesting a title loan or title pawn. Certain limitations apply. All title loans or title pawns issued by Auto Money are subject to the customer's ability to repay the title loan or title pawn.

** www.automoneytitle.com is not an online lender. Applications are not processed or approved online. Personal information other than resumes that you submit to this website is an inquiry to receive more information regarding a title loan or title pawn from Auto Money. Any information you submit to this website will be forwarded to the Auto Money office closest to the ZIP code you have provided for the purposes of contacting you about a title loan or title pawn. Once your information is received and processed, you will be contacted by an Auto Money representative. Submitting your application is an agreement to be contacted by a member of our staff.

To see more of our Terms & Conditions, click here. For any further details, speak with us directly in-store

Georgia Title Pawn Disclosures. To see more of our Terms & Conditions, click here. For any further details, speak with us directly in-store.