Car title loans are fast cash loans that rely on a car as its security. So, by surrendering your car’s title, you can borrow against the value of the vehicle. Most car title loan borrowers prefer this loan type due to the little documentation it asks for.
As long as you have the title to your car, lenders will often skip hard credit checks. You may not even need a cosigner or a job to get a car title loan. The accessibility of car title loans is its main feature. However, the downside to this loan type is that you can lose your car if you fail to repay the loan. In other words, if you default on your loan, your lender can repossess your car instead.