A car title loan is short-term loan using the car's equity as collateral. To qualify for the loan, you need to own or have enough equity in your car. The amount of your credit and where you reside will determine the value of title loans. They can range anywhere from $1,000 up to $50,000. Although most lenders allow you to repay your loan in 48 months, there are no additional fees and penalties if you pay off the loan early. If you don't meet the criteria for traditional banks or credit union loans, a car title loan can be a good option. Car title loans are fast and can often be deposited in your bank within a few hours. Many car title loan lenders simplify the process, so you can send any information via email or SMS to get cash quickly. Another benefit to a title loan is the fact that you do not need to have great credit. Your lender will often place the greatest importance on your equity in your car. This means that even people with low credit scores (such as 495), you may be able to qualify for a title loans. Every situation is different, but you might still qualify for a loan if your vehicle has enough equity and you can prove that you are able to pay the loan back.