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Car Title Loan FAQ

The Basics

? What are car title loans?

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A car title loans or car pawn loans is a secured loan where the lender can place a lien over the borrower’s vehicle using that vehicle as collateral. The borrower surrenders the vehicle title to the lender in order to get the loan. The borrower must be the registered owner of that vehicle.

? Are title loans available everywhere?

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Title loans are not available in all states. States which do allow title loans include Alabama, Arizona, California, Delaware, Georgia, Idaho, Illinois, Kansas, Louisiana, Mississippi, Missouri, Nevada, New Mexico, Ohio, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, and Wisconsin.

? Are title loans available for motorcycles?

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Yes, a borrower can get a title loan for a motorcycle.

? Do I get to keep using my vehicle?

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Yes. If you are approved for a title loan, you may continue to use your vehicle as you usually do.

? What documentation do I need to get a title loan?

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You must have a driver’s license or state ID to present along with proof of income. You also will need to furnish the title itself.

? My vehicle isn’t paid off in full. Can I still borrow against the title?

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No. Title loans can only be taken out for vehicles which are already paid off in full. You also may not get a title loan if there is a lien on your vehicle.

? Can multiple titles be used for a single loan?

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No. You may only borrow against a single vehicle with a single loan.

? What if someone else’s name is on my vehicle title alongside mine?

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That is okay so long as that person is also willing to sign on the loan.

? What if the vehicle title is in someone else’s name altogether?

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You can only borrow against a vehicle which is in your name. If your name is nowhere on the title, you cannot get a car title loan. You will have to get the title transferred to your name first.

? What if I fail to pay off my title loan in time?

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You are borrowing against your vehicle with a car title loan. If you do not pay it off in time, the lender can seize your vehicle.

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