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Sunday, February 5th
Max Cash Title Loans is the biggest lender in our review, with more than a million customers served nationwide. You won't find another car title loan service that operates in 49 out of 50 states: most of Max Cash's competitors only work in a small handful of locations. With competitive interest rates, easy options for getting your funds, and a fantastic customer service team, Max Cash is the obvious choice for most people looking for a car title loan.
American Auto Title Loan is the little engine...that couldn't. The site gives every impression of being a good place to get a loan, until you actually try to apply. No one was home at their toll-free number either. If you can get through to a loan specialist, you might get a great car title loan here; almost 400 people gave the company a 5-star rating. But, if you prefer an experience that's less of a toss-up, use a lender with a better (or more current!) reputation.
If you're considering a car title loan, chances are good that you've come across some unexpected bills. Maybe your car broke down and you need it fixed quickly to keep your job. Or your roof started to leak after a storm and you can't wait on your insurance adjuster to take months to get the claim paid. Many Americans find themselves in trouble and don't have many options for getting money fast. That's where car title loans come in.
How does this type of loan work? If you own a vehicle free and clear, you can use its title as collateral to secure a short-term loan. The good thing is, you don't have to stop using your car: continue to drive it as you usually would, until the loan is repaid in full and you get the title returned to you.
Car 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. 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. 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.
Another thing to keep in mind is that car title loans usually have really high interest rates: in the triple digits isn't unheard of. 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.
So, all that being said, how can you tell which car title loan provider to use? There are a lot of them out there, and some of them are less-than-reputable in the way they treat customers. Here are a couple of factors to check out before you commit to a car title loan:
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