A lot of the corner retail stores that offer car title loans are mom and pop shops that set their own rates, charging up to 300% APR and many charge additional fees on top of that!
If they aren’t privately owned, their business model is to act as middlemen storefronts that end up turning to direct lenders anyway to get you the funds you are looking for. Ultimately, this ends up with you, the consumer, being responsible for the fees that these middlemen charge in order to make a profit. At a time when you may be already tight on cash, choosing the wrong company can turn into a scary situation fast.
Best Car Title Loan Companies Online To Work With In 2020
- Best Car Title Loan Companies Online To Work With In 2020
- How Do Online Title Loans Work?
- The Online Title Loan Process
- What is Needed For a Title Loan – Required Documents and Qualifications
- Key Benefits of Online Title Loans
- What to Know Before You Borrow
- Things to Keep in Mind
- FAQ Section
- Our Conclusion
We’ve researched the best car title loan companies online to help you secure the loan you need and avoid predatory lenders along the way. These trusted companies can fund you within 24 hours from the comfort of your own home or at your place of work as long as you provide them with the necessary documents in a timely manner.
Max Cash has helped over 500,000 individuals and families in the United States find a title loan—and counting! They are rated as the top title loan processor by Consumer Affairs and work with a number of reliable direct lenders nationwide. They also have access to over 1,500+ store locations, so you are sure to find one near you. They service 45 states, have an excellent reputation for customer satisfaction, and best of all, their services are FREE!
It’s easy to see why Max Cash is our #1 recommended title loan company.
They are open 7 days a week and have extended hours from 6am – 9pm, so typically you are able to get the funds you need the same day or within 1 business day. Car title Loan minimums and maximums vary by state but range from $100 to $50,000 depending on factors such as the equity in your vehicle and your ability to pay back the title loan. Bad credit? Not a problem. They work with more lenders than anyone else in the US, so you’ll have multiple options to choose from.
By comparing your options, they can help you get the lowest possible interest rate and loan terms that work for best you. You can get started by calling 1-887-544-0190 or apply with them online below.
Note: Offers refinancing programs on existing car title loans. Provides services in ALL STATES EXCEPT: Hawaii, Montana, Nebraska, New York and West Virginia.
LoanCenter is a direct lender that offers rates lower than most companies and is one of the best financial institutions you can go through. Their headquarters are in Los Angeles but they are able to serve customers within 8 states which are listed below. They provide an online application form for car title loans and pre-approval is done over the phone. They also have store and partner locations and will let you keep your car during the duration of your title loan.
Depending on the state you live in, you can borrow up to $50,000 with loan terms up to 48 months, keeping your payment low. There is no pre-payment penalty with LoanCenter so you can pay your car title loan off whenever you like. The loan amount you can borrow and your interest rate depends on your vehicle value and your ability to pay back the loan. LoanCenter is highly recommended.
Note: LoanCenter offers a refinance program and will buyout existing car title loans. Currently ONLY serving customers in: Arizona, California, Georgia, Idaho, Missouri, New Mexico, South Carolina, Utah.
Check Into Cash
Check Into Cash is a well-known company that offers different types of products an services including car title loans online. The application process for getting a car title loan is simple using their instant online application form. The loan amount you can borrow will depend on the state you live in, your vehicle value, and your ability to pay the title loan back. In some states, Check Into Cash can give you up to $25,000 and still offer competitive rates.
The company currently offers car title loans online and title pawns near you: Alabama, Arizona, California, Idaho, Illinois, Georgia, Kansas, Louisiana, Mississippi, Missouri, New Mexico, Tennessee, Texas, Virginia, and Wisconsin.
Finova Financial is a new up and coming direct lender that can have low interest rates. This company only offers auto equity title loans online also known as a car equity line of credit (C-LOC).
Having bad credit isn’t an issue, and no credit checks are required, but they do have stricter requirements that need to be met. Borrowers must have a minimum income of $800 a month and they only lend up to $5,000 in most cases. Vehicles must be owned free and clear or they can choose a buyout from another title lender if the loan amount owed is less than $3,000. The repayment period for their title loans is up to 24 months with no pre-payment penalty.
The company is currently ONLY serving customers in: Arizona, California, Florida, New Mexico, Oregon, South Carolina, and Tennessee.
How Do Online Title Loans Work?
Online car title loans are a way to borrow money using your car title as collateral to secure the loan you need while allowing you to still use your vehicle. It’s the same as going into a storefront location but from the comfort of your own home.
The difference is you supply the company with the required documents they need via text or through email. At this point, the company will send a mobile notary to you for the final document signing.
The Online Title Loan Process
Typically you will start by going through their online application process and filling out a form. Pre-approval happens over the phone when and the required information is simply collected via text or email. After you get approved, the company will then send out a mobile notary to you that lives in your area. They will then look over the vehicle and complete the loan signing.
Lenders can direct deposit funds into your checking account or overnight a check to you. The most popular method for same-day funding, however, is that they will give you a MoneyGram code so that you can pick up the cash at a local Walmart. The process can be completed in a day as long as you have all your paperwork ready to go.
What is Needed For a Title Loan – Required Documents and Qualifications
To qualify for a car title loan, you’ll need certain documents to meet their requirements. Each lender is different, but for the most part, they all require the same paperwork. Items that are typically asked for:
- Proof of Address
- Proof of Income
- The Title of the Vehicle
- VIN of the Vehicle
- Government Identification
- Vehicle Pictures
It’s important to note that different states have different maximum loan amounts minimums and may require specific minimum vehicle values. Lower value vehicles may require established credit.
In all cases, the borrower must be at least 18 years of age and own the vehicle outright or at least have plenty of equity in the vehicle. There cannot be a lien against the title and you can not be in bankruptcy.
Vehicles should not be older than 10 years, but sometimes these companies can accept them if it is a higher valued vehicle. As long as you pass these requirements and have the proper documentation, you should have no problem getting approved for an auto title loan online.
Key Benefits of Online Title Loans
There are a number of key benefits to getting a car title loan online from a reputable company. For one, the interest rate is not as high as a cash advance or payday loan. You can also save more money on interest by going through a direct online lender. Their rates are often lower than most lending companies out there because you’re receiving direct-to-consumer pricing. The companies we list above are direct lenders and have some of the lowest rates in the industry.
Secondly, and most importantly, you won’t need to waste your time waiting at an office while your title loan gets processed. No store visits needed here! This can be done fast, from the comfort of your own home and without the need to take any time off work. All you need to do to get started is send the lender the required information simply via text or email and sit back and wait while they process the information. This tends to happen quickly so make sure you have your phone nearby!
After you get approved, the company will send a notary to YOU for the vehicle inspection and final signing. From there, they will send the funds directly to your bank account or hand you a MoneyGram on the spot. It’s that simple and loans can be funded on the same day! So skip the lines and apply through our recommended list above.
What to Know Before You Borrow
Vehicle Title loans are considered high-interest loans and should be treated as a short-term solution to cover emergency or other short-term expenses. Once the car title loan is paid off in full, your car title will be handed back to you.
You are using your automobile as collateral to secure the loan and if you default on the loan or do not renew the loan with the lender, your car can be repossessed. With that said, an online title loan can be the right solution if you need fast cash to cover expenses.
While there are downsides to online title loans, there are also a number of upsides. You are able to get the financing you need quickly to cover the unexpected cost and you are still able to drive your vehicle while the loan is being paid back. car title loans are not based on a credit score so having bad credit is okay. In fact, excellent payment history with the lender can actually help to IMPROVE your credit rating, because they report to credit bureaus monthly.
Things to Keep in Mind
Let’s face it, no one likes to sit around an office to wait and see if they are approved or rejected. When you submit your loan application online or call to complete the application process over the phone, it usually takes only 10 minutes for your pre-approval!
Funding in as Little as One Day
If you are short on cash and need funding quickly, waiting around for a loan is not an option. After you get your instant online pre-approval and send in the required information, you can have the funding you need within the same day.
While some title lenders have a no credit check policy, others do. The reason why some title lenders might check your credit is to make sure you are not currently in foreclosure. They also need to make sure you have never had a repossession through their company. Either way, unless you default, getting auto title loans online will not negatively affect your credit score.
Vehicle inspections are a necessary step in the process. The lending company needs to have a full understanding of the car’s worth and the condition of the car. All vehicles need to be in working condition. The process is done at your convenience, at your own home or place of work.
No Bank Account Necessary
Not everyone uses a bank and that’s okay. These services can send funds directly to your checking or savings account. They can also overnight you a check or hand you a money gram. This is a significant benefit for those that do not use a bank but still need fast cash to cover their expenses.
Some folks are concerned about the safety of going through online title loans services= and frankly, they should be. There are lots of scams out there that consumers need to be aware of. The companies we recommend have been around for years and have helped thousands of people in financial stress. We wouldn’t recommend a service we didn’t trust!
How much can you get for a car title loan online?
This is a common question we hear often. Normally you can get between 25% to 60% of the value of your vehicle. The average loan amount is between $100 to $10,000 but depending on your vehicle it can be as high as $50,000
Can you still drive your car?
Yes, 100% of the lenders we recommend will allow you to drive your vehicle during the repayment period. During the duration of the loan, the title loan lender will retain your vehicle’s title until the loan is repaid.
Can you get car title loans completely online with no store visit?
Yes, you no longer have to visit a store location to get a title loan. You can now get a car title loan completely online. The application and loan process can be done online or over the phone. You’ll be able to receive your funds through direct deposit or choose to receive a MoneyGram where you can cash it in wherever MoneyGram’s are accepted, such as your local Walmart.
Can I get a car title loan without my title?
In most cases no, but there are some instances where you are able to. Most lenders will request that you apply at the Secretary of State for a duplicate title. It’s best to call and ask as each case can be unique
Where can I get a car title loan near me?
One of the most common questions ask online is, Where Can I Get A Car Title Loans Near Me? There are many title loan stores in different locations around your area. You can either drive around or look them up online but because you can now get them online you won’t have to do either. We recommend you contact Max Cash Title Loans.
If you are strapped for cash and need help, there is a solution. We understand the difficult situation you are in and we are here to help. It’s essential to know the risks that are involved when using your car title as collateral, but as long as you make your payments on time and pay off the loan in full, you will not lose your vehicle. Because some companies report to the credit bureau, you can even improve your credit score.
Similar to payday loans or a cash advance, car title loans online are for short-term solutions. Be sure to take advantage of the no pre-payment penalties and pay your loan off as soon as possible. This helps to avoid additional interest payments and keeps your overall interest low, saving you money over the long run. You can read more about the differences between title loans vs payday loans.
Remember that not all financial institutions are the same and some will charge you much higher interest rates than other companies. Use our recommended list of online car title loan lenders to avoid predatory lenders and use online title loans responsibly. If you do, you’ll be well on your way to solving your current money issue and will be back on your feet in no time.