How Advance America Title Loans Work

Your Car Is The Key To The Cash You Need

How do Title Loans work?

A Title Loan allows you the ability to receive a larger loan amount, using your vehicle as collateral. Simply bring your car to your nearest Advance America center for evaluation, and one of our employees will perform an inspection to determine its value. The loan amount you receive is dependent upon the value of the vehicle. If your title application is approved, you will walk away with cash in hand*.

How to apply for a Title Loan

Before applying for a Title Loan, contact your local Advance America location or enter your zip code or city, state above to see if Title Loans are available in your area.

  • Grab your vehicle’s title along with your identification. In some states proof of residency (utility bill), proof of income and vehicle insurance may be required
  • Drive your car to one of our centers
  • Allow one of our employees to perform an inspection on your vehicle in order to determine its value
  • Fill out and sign your loan paperwork
  • Leave our location in your vehicle with your cash in hand*

Do title loans affect your credit score?

Generally, a title loan won’t affect your credit score, which can be a pro or a con, depending on your scenario. Title lenders don’t typically run a hard credit inquiry, which can knock off about five points from your credit score, when you apply. But title lenders also don’t typically report payments to the credit bureaus, so you’re not getting a credit boost that way.

How much can you borrow with a title loan?

According to the Federal Trade Commission, title loans typically range from $100 to $5,500. But some lenders allow you to borrow $10,000 or more, depending on the assessed value of the vehicle.


Comparing title loans vs. other loan options

Title loans are short-term loans based on the value of your vehicle, which acts as secured collateral. Here are other loan options to consider:

  • Installment loan: With an Installment Loan, you can borrow money that you need, and it typically comes with a fixed term and fixed interest rate to make your monthly payments consistent.
  • Payday loan: Payday loans are for small amounts and short terms, usually about two to four weeks, lining up with your next scheduled payday. Instead of using your vehicle as collateral, you secure this type of loan by giving the lender access to debit your bank account or by writing a postdated check.

Notice: Information provided in this article is for informational purposes only. Consult your financial advisor about your financial circumstances.