You'd be wise to see if other, lower-interest rate personal loans are a possibility before you turn to a car title loan for your cash needs. That's cool if you're driving a Porsche, but if you drive a 20-year-old beater you might not get much out of a title loan.Īnother thing to keep in mind is that car title loans usually have really high interest rates: in the triple digits isn't unheard of. Of course, that's one of the downsides too: if you don't pay the loan back, you stand to lose your transportation, and you can't borrow more than your car is worth. You'll want to choose a higher-rated lender for your car title loan.Ĭar title loans are also attractive because they rarely require you to have a great credit history: you're guaranteeing that you'll repay the loan by borrowing against your car's value, so credit isn't really a factor. That rating was given for TitleMax's nearly 300 complaints registered with the BBB and government action taken against the business - like the one by the state of California that forbids from originating any new loans there. This is largely due to their bad reputation, which includes an "F" rating from the Better Business Bureau. TitleMax comes in towards the bottom of our rankings among providers of car title loans. That's a lot lower than many of TitleMax's competitors.Īnd how much will it cost you to borrow that much? We'd sure like to know, because their FAQ only makes this vague statement: "While some title lenders do charge high interest rates, TitleMax charges very competitive interest rates, and will develop a personalized payment plan that's manageable for your lifestyle." When most car title loan providers tell you straight up what you should expect to pay in interest, usually in the fine print at the bottom of the page at a bare minimum, this comes across as much less than forthcoming. After that, your funds will either be given to you as a check or as a deposit to a Universe Silver Deposit Account that you can sign up for through TitleMax.ĭepending on the specifics of your car (age, mileage, make and model, and so forth) and your current income, you could be eligible to borrow up to $10,000. Once you're approved for a loan, you'll have to bring your title into a location near you. You'll have to provide information about your car, your income, and how much cash you hope to borrow. The online application for a TitleMax loan only takes a few minutes. With respect to car title loans, 14 of those states are eligible and include Alabama, Arizona, Delaware, Georgia, Kansas, Mississippi, Nevada, New Mexico, South Carolina, Tennessee, Texas, Utah and Wisconsin. TitleMax got its start in 1998 in Georgia and has expanded to include more than 1000 locations in 15 states. Car title loans available in Alabama, Arizona, Delaware, Georgia, Kansas, Mississippi, Nevada, New Mexico, South Carolina, Tennessee, Texas, Utah and Wisconsin.Funds available as quickly as 30 minutes.Fees and intereest rates: Not disclosed in advance.
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