Can i get a car title loan with bad credit?

In most cases, you can still get a car title loan with bad credit. Because of this, car title loans are very appealing to people who have no credit history or a poor credit score. Car title loans are a type of secured loan, which means that the loan is backed by the value of your vehicle rather than solely relying on your credit score.

How is a Collateral-Based Loan Different from An Unsecured Loan?

Getting a car title loan with bad credit

Unlike unsecured loans, car title lenders are generally less concerned about your credit score because the loan is secured by your vehicle’s collateral. The value of your vehicle serves as a guarantee for the lender, reducing the risk associated with lending money to individuals with poor credit. As a result, many car title loan lenders are willing to work with borrowers who have bad credit, limited credit history, or even past bankruptcies.

This type of loan is different from a traditional loan in a couple of ways:

  • The primary factor in securing a car title loan is the value of your vehicle. Lenders will assess your vehicle’s value using reputable sources like Kelley Blue Book or similar valuation tools. The loan amount you’re eligible for is often a percentage of this value.
  • While some lenders may perform a credit check, the decision to approve the loan is primarily based on the value of your vehicle. Your credit history might impact the terms of the loan, such as the interest rate, but it’s generally not the sole determinant of approval.

Unsecured loans, which do not require collateral, rely more heavily on your credit score and credit history. A higher credit score is generally associated with lower risk for lenders, and borrowers with good credit scores are more likely to qualify for larger loan amounts and better terms.

Can I Get a Car Title Loan If I’ve Filed for Bankruptcy?

Yes, it is possible to get a car title loan even if you have a history of bankruptcy. Car title loans are generally considered secured loans because they are backed by the value of your vehicle, which serves as collateral. As a result, some car title lenders may be more willing to work with individuals who have a bankruptcy on their credit history.

Find Out if You Qualify

At Fast Money Car Title Loans, we can connect you with a local reputable lender who can provide a fair car title loan based on the value of your vehicle and other factors. We take great care in vetting the lenders in our network to ensure you work with one that offers you the loan you need, with reasonable terms and payment options.

To learn if you qualify for a car title loan, fill out the form on this page to get started. Our customer service staff will respond promptly to answer any questions and connect you with lenders that can help you secure the loan you need, as quickly as possible.

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