A title loan is a secured loan that uses your vehicle as collateral. The lender holds the vehicle title until the loan is repaid in full. Title loans carry higher APRs than unsecured installment loans and are subject to state regulation.
How an RMO Title Loan works:
- Your vehicle must be owned outright (or close to paid-off) and in your name.
- The loan amount is a percentage of the vehicle's appraised value.
- You retain use of the vehicle during the loan term.
- RMO holds the title until the loan is repaid.
- If you default, the vehicle can be repossessed.
Where RMO offers title loans:
- Only in states where RMO is licensed.
- Subject to that state's APR cap, fee schedule, and disclosure requirements.
- Federal Military Lending Act applies — MAPR capped at 36% for active-duty servicemembers and dependents.
Before choosing a title loan, consider lower-cost alternatives:
- An RMO Auto Loan refinance if your goal is to lower an existing car payment.
- An RMO Personal Loan if you have credit history.
- A negotiated payment plan with the creditor you owe.
Title loans can result in vehicle repossession if not repaid. Borrow only what you need and only if you have a clear plan to repay.