A title loan is a secured loan that uses your car as collateral. Once you get approved for a title loan, you’ll give the lender your car title in exchange for a lump sum of money. The appraised value of your car will determine the amount of cash you’ll receive.A car title loan is a secured loan that uses your car as collateral. According to the Federal Trade Commission [3] , you typically need to own the vehicle free and clear to get a car title loan. Lenders will usually allow you to borrow 25% to 50% of the car’s value, and you need to repay the loan in 15 to 30 days.Here is a run-down of our title loan process. Step 1: Know Your Options The first thing to do if you want to get loans using car as collateral is to know your options. There are two popular loans that use car as collateral in Southwest Title Loans. The two kinds of loans we offer are title loans and registration loans.Secured personal loans let you borrow money against the value of an asset like a car or savings. Secured loans may carry lower interest rates, but they also carry risk.Personal loans are typically unsecured, meaning they don’t require collateral, but lenders require some personal loans to be backed by something that holds monetary value. Collateral on a secured personal loan can include things like cash in a savings account, a car or even a home.5. Ace Cash Express Loans. Ace Credit Express runs the gamut of short-term, high-interest loan options. Through the lender, you can qualify for an auto title loan, a payday cash advance loan, or a personal installment loan. ACE maintains physical locations in 23 states that can process your application.Car title loan: If you need to borrow a small amount of money for a short period of time, this type of loan lets you borrow against your car title, the legal document that proves ownership. These loans typically have to be repaid within 30 days, come with a fee and usually carry extremely high interest rates.
