How Car Title Loans Work for Bad Credit Borrowers

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Key takeaways

Car title loans offer fast cash with no credit check, but they come with high fees and serious risk.
If you default on a title loan, the lender may repossess your car.
Explore safer alternatives, such as personal loans, credit union PALs, and cash advance apps, first.

A car title loan can appear like a quick fix when you’re in the midst of a financial emergency and have bad credit. Title loans are short-term loans that use your vehicle as collateral. They are easy to qualify for, even with no credit history, and the application process is quick.

The catch is that you risk losing your vehicle if you fall behind on payments. And it’s easy to fall behind with the high interest rates and short repayment period.

Let’s review how title loans work and explore less expensive alternatives to consider.

What is a title loan and how do they work?
Can you get a title loan with bad credit?
Why do bad credit borrowers consider car title loans?
Title loan requirements for bad credit borrowers
How much can you get for a title loan?
Can you get a title loan on a financed car?
Do title loans affect your credit score?
Alternatives to emergency car title loans for bad credit
Bottom line

What is a title loan and how do they work?

A title loan is a secured loan that lets you borrow money by using your car’s title as collateral. Lenders base approval on the value of your vehicle rather than your credit history.

So, how do title loans work? The lender holds your car’s title and lets you borrow a percentage of your vehicle’s current market value. In return, you agree to pay off the entire loan plus interest in a single payment within 15 to 30 days. You may need to provide the lender with a set of keys, but you can continue to drive your car while the loan is outstanding.

Title loans are quick and accessible, but they come with high interest rates and fees. Most lenders charge an average monthly finance fee of 25%, according to the Federal Trade Commission (FTC). On a short-term loan, this translates to a 300% APR. The lender may tack on additional fees, such as a processing fee or origination fee.

The high costs, balloon payment, and short repayment terms make title loans difficult to repay on time. If you fail to pay as agreed, the lender may repossess your car to recover the outstanding amount. Title loans are a risky option if you’re already struggling financially.

Can you get a title loan with bad credit?

You can qualify for a title loan even if you have poor credit or no credit history at all. In fact, many lenders specifically offer car title loans with no credit check. They base approval instead on your vehicle’s value and your ability to repay.

The exact laws vary by state. Some states require title loan companies to check credit and verify income, while others do not.

If you’re exploring car loans for bad credit, compare your options carefully. A title loan should be a last resort, not your first.

Credit requirements	APR range	Repayment period	Risk level
No minimum credit score	300%	15-30 days	Very High

Why do bad credit borrowers consider car title loans?

Car title loans are appealing because most lenders offer fast cash without considering credit history.

Easier approval with a low credit score

Lenders rely on the value of your vehicle rather than your credit report. Many do not even conduct a credit check. This makes approval much easier for borrowers with damaged or limited credit histories.

Get cash fast when you need it most

Online title loans for bad credit can deliver emergency cash immediately, often within 24 hours. You can typically receive approval in minutes and withdraw the funds the same day.

While fast and easily accessible, they also carry a high risk. Use them only when you’ve exhausted all other loan options. You can find more affordable alternatives on MoneyFor.

Need cash and can't wait?

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Title loan requirements for bad credit borrowers

Getting title loans for bad credit is often easier than getting traditional loans. However, you still need to meet specific requirements. Here’s what you need to get a title loan.

Use your vehicle as collateral

Vehicle collateral loans use the title as security to reduce the lender’s risk. To qualify, you must either own the vehicle outright or have significant equity in it. The vehicle can be a car, motorcycle, boat, or recreational vehicle.

Collect the right documents

Ask your specific lender what documents you need for a title loan, since the exact requirements may vary. Most lenders will ask for:

A government-issued ID
A clear vehicle title in your name
Proof of income (bank statements or pay stubs)
Proof of residence (utility bill or lease)
Photos of the vehicle or an in-person inspection
Proof of insurance

Having these ready can expedite the process and increase your chances of a fast approval.

Choose lenders specializing in bad credit loans

Look for a lender that offers auto title loans with no credit check or other emergency loans for bad credit. These lenders are more likely to focus on your ability to repay than on your credit score.

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Identify the title loan value of your car

Before applying, obtain an estimate of your car’s value, as this determines the amount you can borrow. You can use online valuation tools to determine how much you’ll be able to borrow.

Apply for a car title loan online

Fill out the title loan application. The application process is relatively quick, and some lenders boast approval in as little as 15 to 45 minutes.

Pros and cons of auto title loans

Pros:

Fast access to cash
No credit check
Easy to qualify for
Simple application process
You can drive your car while repaying the loan

Cons:

Extremely high interest rates and fees
Short repayment terms
Risk of losing your car
Limited loan amounts based on your vehicle’s value

How much can you get for a title loan?

The amount you can borrow with a title loan depends on the value of your vehicle. Lenders typically provide loans that are 25% to 50% of your vehicle’s current market value. Some lenders may go higher depending on your car’s condition and the state you live in.

For example, if your car is worth $10,000, expect to receive offers between $2,500 and $5,000. The financing fee would range from $625 to $1,250.

Finding low-interest title loans is hard, if not impossible. Title loans are high-interest since lenders take on more risk by not checking your credit. Higher interest rates and fees compensate for the risk.

Can't repay a title loan and want to avoid repossession?

How to get out of a title loan without losing your car.

Can you get a title loan on a financed car?

Securing a title loan on a financed car is possible, but it’s more complicated. Because the lender who financed your vehicle likely holds the lien, you don’t fully own the title. That means you can’t use it as collateral unless the title loan lender agrees to a second lien position, which many don’t.

The answer to “Do you get a title when you finance a car?” is yes, but the lender retains it until you pay off the loan.

Do title loans affect your credit score?

In most cases, title loans do not go on your credit report or impact your score. Lenders rarely check your credit score for approval, so you don’t have to worry about a hard inquiry on your report. They also don’t report payments to the credit bureaus. Title loans are rarely the reason why your credit score dropped or went up.

If you default on the loan, the lender will repossess and sell your vehicle to recoup their losses. Most will not sell the debt to a collection agency or report the delinquency.

Alternatives to emergency car title loans for bad credit

Numerous safer alternatives are available, even for those with bad credit.

Apply for a personal loan

You can get personal loans with bad credit from online lenders, credit unions, or peer-to-peer platforms. The interest rates are often under a 36% APR, and repayment terms can be longer. Most lenders let you repay the money in equal monthly installments over a few months or years.

Use a credit card cash advance

If you’re in a pinch, learning how to get cash from a credit card can help cover emergency expenses. Most credit card issuers let you withdraw money from an ATM up to a set limit.

Cash advances give you instant access to money, but they are costly. They generally come with fees and higher interest rates than regular credit card purchases. The interest also applies immediately.

Take out a cash advance

New cash advance apps let you borrow money from your upcoming paycheck without a credit check or interest. The app will review your banking history to determine how much to lend you.

Advances are not free. You will have to pay a flat fee, a subscription charge, or an optional tip. Additionally, if you need the money immediately, you’ll have to pay a fast funding fee.

Try a payday alternative loan

Certain federal credit unions provide payday alternative loans (PALs). PALs are short-term, low-cost loans designed to help members avoid predatory lenders. You can borrow from $200 to $2,000 and repay the money in installments over a period of one to 12 months.

The National Credit Union Administration (NCUA) caps interest rates at 28% and the application fee cannot exceed $20. The low costs and longer terms make them a safer choice for emergency funding.

Negotiate with creditors

Many credit card companies, utility providers, and hospitals offer hardship programs and payment plans to assist individuals who are experiencing financial difficulties. They may defer your payment, reduce your balance, or lower the interest rate. Negotiating an affordable payment plan can help alleviate financial pressure and help you avoid more debt.

Frequently asked questions

1. Is it smart to use your car as collateral for a loan?

Using your car as collateral can be risky since you will lose your vehicle if you default. Generally, it is smarter to explore unsecured loans or other alternatives before risking your transportation.

2. What happens when you default on a car loan where your title is held as collateral?

If you default on a title loan, the lender has the legal right to repossess and sell your vehicle without a court order. If the sale does not cover the amount you owe, you may have to pay the remaining balance. If the lender receives more for your car than you owe, they may have to pay you the difference. The exact laws vary by state.

3. Should I take a car title loan at 35% interest?

You should avoid car title loans, even if the interest rate appears reasonable. A 35% interest rate on a title loan can be misleading. Most title lenders do not charge interest; instead, they charge a financing fee that is a percentage of the loan amount. A 35% financing fee is equivalent to a 420% APR on a 30-day loan.

4. Can I get a title loan without bringing in my car?

Many lenders allow you to apply for a title loan online without physically bringing in your car. You may need to upload photos of your vehicle, its mileage, and VIN. Some lenders still require an in-person inspection, so it depends on the lender’s policies and your location.

5. What disqualifies you from getting a title loan?

Common disqualifiers include:

Not having a clear title in your name
Your car’s value is too low
Your income is not enough
You live outside the state where you are applying for the loan

Additionally, some states restrict or ban title loans altogether, which may limit your access to this type of loan.

6. Can you add someone to a car title if they are not on the loan?

You can typically add someone to a car title even if they are not listed on the loan. You may need the lender’s approval since they hold a lien on the vehicle. Lenders may have specific conditions or paperwork requirements before allowing any changes to the title.

Bottom line

Title loans are easy to qualify for and can help you out in a pinch, but they are a bad idea. They are expensive and difficult to repay on time. If you default, you may lose your vehicle. Like with payday loans, rolling over the loan will only lead to more debt.

Instead of going the easy route with a title loan, try your luck with lenders who consider borrowers with bad credit. Online lenders, peer-to-peer platforms, and credit unions are top options. Credit unions are nonprofit, member-owned organizations that have low-cost financial products. Many also place more emphasis on your banking history and income than on your credit score.

Explore low-cost, safer alternatives before taking out a title loan. You may be able to obtain instant cash without incurring debt or losing your vehicle.

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Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor's credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor's degree in journalism and an MBA.

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How Car Title Loans Work for Bad Credit Borrowers

Key takeaways

Jump to:

What is a title loan and how do they work?

Can you get a title loan with bad credit?