Best Title Loan Companies in Tennessee
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Tennessee is perhaps best known for their world famous hot chicken, as well as for being the country music capital of the world. The state is also the birthplace of many famous actors and actresses including Morgan Freeman and Megan Fox.
When it comes to cost of living, Tennessee is one of the most affordable states in the US. Tennessee has a composite cost of living index of just 89.6 according to the Missouri Economic Research and Information Center, which is considerably lower than the national average of 100.
This is great news, particularly for those who still prefer living in a large metropolitan area but want to avoid a high cost of living. A few Tennessee cities frequently make the list of lowest cost of living in major US cities, according to Move.org:
- In Memphis, the monthly cost of living is just $1,267, good for 5th lowest in the nation.
- In Nashville, the monthly cost of living is higher at $1,690, but this is still lower than many nearby cities, including Atlanta ($1,828). This is significantly lower than some of the nation’s most populous cities, like Los Angeles ($2,171), New York ($2,176), and San Francisco ($2,775).
- In a smaller town such as White Pine, the cost of living is 21.5% lower than the US average, according to White Pine’s official government website.
Though everyday expenses tend to be lower in Tennessee, emergency expenses can still catch you off-guard. Perhaps it’s a sudden car repair bill, medical bill, or even a parking ticket.
In Tennessee, title loans allow you to get your hands on some quick cash, providing a quick and easy way to handle these expenses. However, it’s important that you choose a reputable title loan company to work with. In this post, we’ll share the top 10 Tennessee title loan companies.
Are Title Loans Legal in Tennessee?
Yes, title loans are legal in Tennessee. The TN Title Pledge Act contains laws governing title loans in the state. Here are some key terms to note:
- The maximum monthly interest rate for a title loan is very low, at just 2% (24% APR). However, the lender is also allowed to charge up to 20% of the total principal as a fee. Depending on how much you want to loan, this can result in high overall costs.
- After expiration of your loan contract, the lender is required to hold your vehicle title for at least 20 days. If you still have not repaid the loan and all associated fees within that time, the lender is allowed to take possession of your car and sell it.
The low interest rates make title loans an especially attractive option in Tennessee. However, don’t forget about the 20% fee. Because this fee gets larger the more you take out, taking out a smaller title loan might be a smart decision.
How Do Title Loans Work in Tennessee?
In Tennessee, getting a title loan is pretty simple. You’ll typically have to follow these five steps:
Prepare your documents. First things first: obtain a copy of your ID and car title, as these are the minimum requirements for a title loan application. Many title loan companies in Tennessee may also request a paystub (for proof of income) as well as a utility bill (for proof of residency).
Fill out an application, in person or online. The next step is to fill out a title loan application, which will ask you for information about yourself and your car. Most companies are flexible and will let you complete this online or in-store.
Receive and review your loan terms. If your application is accepted, you’ll receive a loan contract. Spend some time to review the loan terms carefully.
Accept or decline the offer. If everything looks good, go ahead and accept the offer. You can also decline, but you’ll have to restart this process with another company.
Get your funds. After accepting the offer, all that’s left to do is receive your funds! Don’t forget to make it a priority to repay the loan on time.
Best Instant Title Loans in Tennessee
Among the top title loan companies in Tennessee, two stand out above the crowd. Max Cash Title Loans and LoanMart are trusted by clients across the nation for many reasons, which we’ll discuss below.
Max Cash Title Loans
Max Cash Title Loans has grown to become one of the nation’s biggest title loan companies. They have the widest coverage of states among large title loan providers, and have served over 1 million clients to date.
Max Cash is not a traditional title loan company. Instead of directly offering you the loan, they provide a platform where they match you with one of their partner lenders. Among companies that use this model, Max Cash has the largest network of lenders on their platform, and that gives them a huge competitive advantage.
Because Max Cash can potentially match you with multiple lenders, this maximizes your chances of getting a title loan. You might also be able to negotiate with your lenders if you receive multiple offers. Max Cash’s service is completely free to use, so we highly recommend starting your search with them.
These are all the reasons we like Max Cash:
- It’s Free
- Quick and Easy Online Application
- Biggest Network of Title Loan Lenders
- Transparent About Rates and Services
- Fair Evaluation of Car Value
- Ability To Compare Interest Rates and Loan Amounts
- Protects Your Personal Information
- Top-Tier Customer Service
- Bank Account Not Required
Check out our Ultimate Max Cash Title Loans review for more details.
LoanMart is another top company to consider for Tennessee residents. They have operations in 29 states, and have provided title loans to over 250,000 customers since 2002.
Unlike Max Cash, LoanMart is a direct lender. This means that they are responsible for sending you the loan contract and providing you with the funds. The advantage to this is that you can often get your money much faster with LoanMart. The flipside is that you’ll lose flexibility and negotiating power with LoanMart, since the rate they propose is final.
However, LoanMart does provide every customer with their unique “Three Day Peace of Mind” guarantee. Essentially, this allows you to cancel their title loan within 72 hours of signing the contract by returning the full principal amount at no additional interest. This can give you sufficient time to see whether you really need a title loan, even after you’ve signed the contract.
These are all the reasons we like LoanMart:
- Three Day Peace of Mind Guarantee
- Excellent Customer Service Support
- Dedicated to Financial Education
- Protects Your Personal Information
- Competitive Rates
- Secure Funds Quickly
- Multiple Loan Options
Top 8 Local Tennessee Title Loan Companies
If you’re looking for a title loan in Tennessee, you can’t go wrong with Max Cash or LoanMart. However, there are other great companies in the state as well, particularly if you’re looking for a more local, personalized experience. Here are 8 other top companies to consider.
A1 Cash Advance
A1 Cash Advance offers a variety of loan and cash checking services, including title loans. They have one location in Murfreesboro, where Tennessee residents can get between $200 and $2,500 in a title loan.
The process at A1 Cash is very simple: start by filling out an online application. Next, you’ll have to drive your car to their Murfreesboro location for a quick inspection. After finalizing your loan documents, you’ll walk out with your money in as little as 30 minutes total.
- Address: 2567 Old Fort Pkwy, Murfreesboro, TN 37128
- Phone: (615) 904-8880
American Auto Title Loan
American Auto Title Loan offers their title loan services in 7 primary states, one of them being Tennessee. Though they don’t have a physical location in Tennessee, their main headquarters is nearby in South Carolina. Their Fort Mill location has an average 4.9 out of 5 rating among 405 Google reviews.
If you have a clear car title and a job, you’re pretty much approved at American Auto Title Loan. Their application takes as little as 60 seconds, and you could get your cash in as little as 60 minutes. American Auto is also known for low rates, so it doesn’t hurt to apply.
- Address: 3463 US-21 #103, Fort Mill, SC 29715
- Phone: (803) 548-1703
- Email: email@example.com
Check Into Cash
Check Into Cash is a national title loan provider with a few dozen locations in Tennessee. Their 3800 Tennessee Avenue location in Chattanooga has a perfect 5 out of 5 rating among 42 Google reviews.
Check Into Cash is one of the more accommodating options out there--past customers have successfully been able to get a title loan even during a period of unemployment. Though you can start the title loan process online, you’ll have to visit a Check Into Cash location to complete it.
- Address: 3800 Tennessee Ave Suite 136, Chattanooga, TN
- Phone: (423) 822-9803
- Email: firstname.lastname@example.org
Tennessee Title Loan
Tennessee Title Loan advertises themselves as having the lowest rates in town. They are truly a local option, as they have just a single office in Murfreesboro with a perfect 5 out of 5 rating among 11 Google reviews.
Since 1994, Tennessee Title Loan has been one of the leading title loan companies in the state. They are also dedicated to offering free content for their clients through their blog, which contains a lot of educational posts about personal finance.
- Address: 806 NW Broad St, Suite 12, Murfreesboro, TN 37129
- Phone: (615) 848-1247
- Email: email@example.com
Tennessee Title Loans, Inc.
Not to be confused with Tennessee Title Loan, Tennessee Title Loans, Inc. is a chain of multiple stores in the state. They are a go-to option in Tennessee, and their Clarksville location has an impressive 5 out of 5 rating among 526 Google reviews.
Tennessee Title Loans, Inc. offers a variety of no credit check loans to residents, including payday loans, flex loans, and title loans. They offer competitive rates on title loans between $300 to $2,500, and many customers get their cash within 30 minutes.
- Address: 1440 Fort Campbell Blvd, Clarksville, TN 37042
- Phone: (931) 647-3305
TFC Title Loans
Since 1994, TFC Title Loans has been a major player in the title loan industry. They don’t have a physical location in Tennessee, but still offer the full range of their title loan services online.
Clients have praised TFC Title Loans for their competitive rates and customer service. After many years in business, they have perfected their online application process that you can complete in minutes.
- Address: 901 Main St #6300, Dallas, TX 75202 (closest TX location)
- Phone: (214) 251-4133
Title Bucks is a smaller national title loan chain, and they have a handful of locations in Tennessee. In Memphis, their Winchester Road location has a perfect 5 out of 5 rating among 670 Google reviews.
This particular Title Bucks location has been in business since 2007. Title Bucks accepts motorcycle titles as well, so don’t hesitate if you don’t own a car title. Title Bucks also features a very quick application process, where clients can get their money in as little as 30 minutes.
- Address: 5231 Winchester Rd, Memphis, TN 38118
- Phone: (901) 969-0310
TitleMax is one of the largest title loan providers, with a few locations in Tennessee. Their Nashville location has a perfect 5 out of 5 rating among 281 Google reviews.
TitleMax is known to be one of the few title loan companies that actually run your credit. However, rather than using that as a factor for approval, they simply use it to craft a suitable rate that you can afford. Don’t worry if you have poor credit--TitleMax still has very high approval rates.
- Address: 4807 Nolensville Pike, Nashville, TN 37211
- Phone: (615) 732-0261
What Do You Need For a Title Loan in Tennessee?
To get a title loan in Tennessee, these are the minimum requirements:
- Government-issued ID
- 18 years of age
- Clear car title
If you do not meet these requirements, some companies may still have options for you, but you’ll likely have to visit them in-store. For example, at Title Bucks, you won’t be able to complete their online application without an SSN or ITIN. However, a store representative can still find a short-term credit solution for you.
In addition to those main requirements, many companies also require a paystub for proof of income, as well as a recent utility bill for proof of residency. Some companies may also ask for your car insurance information.
Do I Need Good Credit to Get a Title Loan?
No, you do not need good credit to get a title loan. In fact, with the exception of TitleMax, all the recommended companies in this post will not even run your credit when you apply.
Because of this, title loans are one of the best options for those with poor credit. However, title loans should only be used as a temporary short-term solution. The better long-term move is to start focusing on improving your credit as soon as possible.
One of the best credit repair companies in the nation is Credit Saint. In our Ultimate Review Guide for Credit Saint, we go over how they can help you increase your credit score by 30, 60 or even more in a matter of months.
Once your credit score is improved, you’ll no longer have to take out an expensive title loan to cover any emergency expenses. Instead, you’ll be able to find more affordable personal installment loans, which can save you hundreds of dollars each time.
Can You Go To Jail For Not Paying a Title Loan in Tennessee?
No, you cannot go to jail for not paying off a title loan in Tennessee. The only penalty for not paying a title loan is that you could have your vehicle repossessed after the mandatory 20 day holding period, as noted by Consumer.gov and specified by Tennessee law.
In addition, not paying off a title loan has major financial implications. For one thing, a repossession or default can definitely make its way onto your credit report, which can pull down your score for many years to come. This is why you should still always prioritize paying off your title loan.
What Is The Downside to a Title Loan?
The biggest downside to title loans is that they’re very expensive. Even in Tennessee where the maximum monthly rate is just 2%, the 20% principal fee can still result in some very high effective APRs.
However, the fact that there’s no credit check and that you can get your money very quickly (within one hour or less) makes this a great short-term solution, provided you can pay off the loan in full.
Conclusion and Next Steps
In this article, we explored title loans in Tennessee. We took a look at the laws surrounding title loans, and suggested 10 companies to start looking into if you need some quick cash.
Our top recommendation for Tennessee residents is Max Cash Title Loans. With Max Cash, you’ll have the best odds of getting a title loan at a competitive rate due to their wide network of partner lenders. Don’t hesitate to reach out to Max Cash today.
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About the Author
Chris Morgan is a credit expert and founder of Credit Help Info. He has been featured in Addition Financial, GOBankingRates, MSN Money, Yahoo Finance, and many other publications. He has read hundreds of books and resources on finance and the credit industry. Because he did this, you don’t have to. As a school teacher for over 20 years, Chris enjoys taking complicated material and breaking it down into manageable information that’s easy to understand.