Car Title Loans in 60 Seconds

These are especially dangerous and should be a last resort for anyone. You can borrow a quarter to half the value of your vehicle in exchange for giving a lender the title to your vehicle as collateral for the loan. If you fail to meet your payment obligations, the lender can take your vehicle. These loans are catered to customers with bad credit that need fast cash. Most of these lenders have little or no credit requirements and may not even check your credit. However, these loans have steep interest rates which may or may not be limited by the state you live in. If you can’t pay back the loan when it is due, it will be rolled over into another cycle with additional fees. The biggest risk is the lose of your car, which the lender can take and sell to recoup their money. About 20% of people that take out title loans eventually have their vehicles seized.
Before you get a car title loan, I would recommend you exhaust all your other options including reaching out to traditional banks and credit unions. Even a credit card is preferable to a car title loan.
Works Cited:
https://www.bankrate.com/loans/auto-loans/car-title-loans/#downsides
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