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Title Loans in New York: Is It the Right Solution for You?

Important notice:

We are currently not providing car title loan services in this state. The information brought here is meant to explain in general terms what auto title loans are.

Are you someone who needs emergency cash TODAY, has exhausted all your resources, but still feels lost?

Do you have sudden medical bills, unforeseen cash expenses, or rent and utility expenses that need to be paid for ASAP?

Or are you already looking into New York title loans and worryingwhether you can or can not qualify for them?

You've come to the right place!

This article covers everything you need to know about title loans, from what you need to get one, how to get approved, whether it's for your current situation, and more information that you might find useful.

Title Loans (New York): What Are They and How Do They Work?

America title loans, also known as payday loans or a pink slip loan, areshort-term loans that are usually due in 30 days (1 month).

In car title loans, your car title is taken as collateral in exchange for a cash loan. A title loan is processed VERY FAST — you typically get approved within 1 BUSINESS DAY!

You read that right. You get your money RIGHT AWAY and STILL get to drive your car.

Your lender keeps only your car title, not the actual car itself, for the duration of the loan.

Car title loans are best for people who...

  • Can't get a cash advance
  • Currently unemployed or already retired
  • Or for basically anyone who needs fast cash but does not qualify for a traditional bank loan or credit union loan

What Are Car Title Loans Commonly Used For?

Borrowers usually avail of car title loans to pay for the following:

  • Hospital bills
  • Unforeseen business expenses
  • Utility expenses
  • School tuition fees
  • Student loans
  • Funeral expenses
  • Personal emergencies
  • Home repairs
  • Rent expenses
  • And other emergencies

Things You Need to Get Car Title Loans New York

Start by gathering these necessary documents for your New York title loan:

1. Government-Issued ID

Preferably one with a photo. This document is used to prove your identity and citizenship.

The name that appears here must also be the SAME NAME that appears in your vehicle title.

2. Proof of Income

When we hear proof of income, we usually think of submitting employees' pay slips.

But auto title loans are available for everyone, even for those who are unemployed. So lenders of New York title loans accept this document in many forms.

This could be your proof of social security benefits, retirement benefits, severance pay, bank statements, trust fund, proof of inheritance or property, or basically any document that proves your ability to repay back the car title loan.

3. Proof of Residency in New York

This could be your mortgage agreement, lease contract, utility bill, or any other document that proves you are a resident of New York.

4. Character References

Most lenders also require that you submit 2 to 3 (sometimes even 4) character references from people NOT related to you.

It's to further assure them of your identity and ability to pay back your auto title loans.

You will also need to provide their addresses and phone numbers to your lender.

5. Bank Account Information

This is another requirement that not all New York car title loans services will ask for, although it is better to already have this on hand, just in case.

6. Vehicle Documents

Of course, you will need to surrender your original vehicle title to your cash loans lender for the loan processing. It must be CLEAN and FREE.

This means that your car must be FULLY PAID, and your car's title must be SOLELY under your name.

In addition to your title, you will also need to submit your vehicle registration and insurance documents.

7. Pictures of Your Vehicle

You will also need to submit 4 photos of your car: the front, 2 sides, and the back.

If you're pressed for time, your lender can also take the pictures for you when you take them in for assessment.

8. A Copy of Your Car's Keys

Your New York car title loan lender will also need a duplicate set of your keys for easy repossession, if ever.

How to Get Car Title Loans (New York, NY): A Step-by-Step Guide

These days, online title loans in New York can be done ENTIRELY online or through the phone, from the comfort of your home!

Step 1: Apply Online for Your Affordable Title Loans

Visit the company website and fill out the online title loan application form, or give your car title loans lender a call at their hotline.

A company representative will get back to you and proceed with your loan application process. Through the phone, the car title loans agent will let you know :

  • If you qualify for taking out title loans or not
  • If your vehicle qualifies for an auto title loan or not
  • How much total loan amount they can lend you
  • The interest rates and service fees of the title loan company
  • The loan terms and pay period

Step 2: Submit the Required Documents

If you decide to get a New York car title loan, the next step is to gather and submit all the documents needed to secure the New York title loans.

We already listed above the basic documents required by most New York car title loans services, but your particular lender company might still ask you to submit an additional document or two.

Step 3: Get Your Instant Cash!

Let your New York auto title loans lender know how you would like to receive your online instant cash. Most New York affordable title loans services can accommodate:

  • Checks
  • Direct Deposit
  • Wire Transfer
  • Other common money transfer services

You will also be asked to meet at convenient New York title loans locations near their office for the GPS installation on your vehicle and other processing procedures.

And that's all for how to get title loans in New York, NY!


We told you the process for affordable title loans (New York) is super QUICK and EASY!

Getting payday loans in New York has always been fast and convenient, but now the online factor makes it so much more EASIER and FASTER!

The entire process for the best title loans in New York takes only about AN HOUR!

Now, let's look at whether or not you should get title loans based on your current situation...

American Title Loans (New York): Are They the Right Solution for Me?

A New York title loan is the right solution for fixing financial issues if:

  • You own a vehicle clean and lien-free.
  • You need to pay urgent bill/s TODAY that some borrowed money from a short-term loan can solve.
  • You have a bad credit score, or you haven't built a good credit score yet.
  • You are currently unemployed or have no stable income as of the moment
  • You have no other collateral to apply for a traditional bank loan.
  • You are unable to receive a cash advance from your current employer
  • You are confident that you can pay back the your loan (plus interest and fees) in 30 days or less

American Title Loans (New York): What Are the Risks Involved?

Here are some drawbacks to consider before getting a car title loan in New York, NY:

#1 High Interest Rates of Title Loans New York

When you get a car title loan in New York, NY, you are bound to pay high-interest rates of up to 25% per month (that's 300% annually!).

After that, you also need to pay your car title loan lender their fees on top of the principal money you owe them. A loan's cost hurts your wallet.

#2 Getting Stuck in a Debt Cycle

If you find yourself unable to pay your loan amount in time, your loan company will let you rollover your loan.

This means that they can extend your loan for another 2 or 4 weeks but charge you with an additional fee. If again you can't pay after the extension period, your loan gets rolled over again.

By this time, you owe the interest, the car title loan fees, and the rollover fees while still owing the principal loan amount.

If it takes too long and you are not careful, your car title loan could balloon and lead to a cycle of debt that is hard to see the end of.

#3 Risk of Losing Your Car

Since the lender of your easy title loans took your title in exchange for quick cash, they have the power to repossess your car in case you find yourself no longer capable of repaying your vehicle title loan.

How to Protect Yourself From the Dangers of Car Title Loans (New York, NY)

How do you prevent the worst-case scenario? Here are some tips:

#1 Double-Check Before Signing

Just because the loan application process is fast and easy, it doesn't mean that signing your contract has to be too. Here are a few pointers to remember:

  • REREAD the contract a few times especially the FINE PRINT.
  • Check for HIDDEN FEES
  • Ask your lender representative about ANYTHING that is unclear to you
  • NEGOTIATE. If something in the contract terms seems too much for you, let your lender know and ask for better terms. Try to get as many favorable terms as you can to make repayment easier for you later.

#2 Borrow the Minimum Loan Amount

It may be tempting to borrow the full loan amount offered by your car title loans lender, but DO NOT take all of it.

Instead, borrow as little as you can and only EXACTLY the amount that you urgently need.

A lower principal loan means a lower interest fee, which in the end significantly lowers the total amount you owe.

This way, you can have some peace of mind knowing that you'll have less debt to worry about in 30 days.

#3 Treat Your Title Loan Like a Savings Account

Remember how you used to put every little piece of coin you could find in your fat piggy bank when you were a kid?

Follow the same principle when it comes to your title loans!

As you tighten your belt and cut on discretionary spending, take every extra single cent and put it towards paying off your car title loan.

It might seem small and insignificant, but trust us, it adds up to something big that helps you repay your loan easier!

#4 Make Early Payments

There's nothing better than the feeling of repaying owed money fast!

Don't wait until your loan is due to start repaying it.

Immediately take the money you've saved and make as many early payments as you can. You'll see your loan dying before the due date.

Title Loans New York, NY: FAQs

Still curious about title loans? We have all the answers!

Are Car Title Loans Legal in New York?


New York title loans are SAFE and governed by New York laws. Everything from interest rates to repayment terms and periods abides by those laws.

If I Don't Need a Job to Be Approved, How Do My Lenders Determine My Car Title Loan Eligibility?

Your chances of getting approved for a title loan depend mainly on 2 things:

Car Value

Everything from your car'smake, model, year, mileage, and down to its current condition is factored in to determine its value.

The amount of money you can get from your loan is also determined by your car's value.

You can get anything from 25% to 50% of your car's current market value.

In the event that your car gets repossessed, the current market value is also the amount your lenders will sell it for to redeem their losses.

Ability to Pay Back the Loan

The good thing about car title loans is that they look at your POTENTIAL TO PAY them instead of focusing on your past (even if you happen to have a bad credit history!).

This is also why car title loan lenders accept more than just payslips and don't require you to have a job to take out a loan from them.

If your business, inheritance, property, disability benefits, and the like can prove that you have the financial capacity to pay back the loan in 30 days, your car title loan application gets approved!

Will My Car Title Loan Lenders Perform a Credit Check?

They might.

Some car title loan lenders may still perform a credit check, but DON'T WORRY.

Title loan lenders aren't like banks and credit unions that disqualify you from getting a loan for having a bad credit score.

Having a bad credit score will not make it impossible for you to take out a car title loan.

However, borrowers with a good credit score will have more benefits than those with a poor credit score.

These could include higher negotiating power and lower interest rates.

Can I Take Out More Than One Car Title Loan?


You can take out more than one car title loan even simultaneously, but it has to be a separate application.

You can get one car title loan per car, even if they are both under your name.

And like your first loan, the second vehicle has to meet all the requirements too.

You also have to prove your ability to pay both loans before their due dates.

In Conclusion

Car title loans are INSTANT and CONVENIENT solutions when you suddenly find yourself in a financial emergency.

Just remember that a car title loan is NOT a permanent solution to financial woes. It's more of an expensive band-aid for your unforeseen cash emergencies.

Experts will tell you to avoid them like the plague since they are considered high risk, but they're perfectly safe as long as you understand the risks and are careful enough.

And for someone running out of ideas and resources to get their much-needed cash TODAY, car title loans are the perfect solution to their problems!

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