The most common question we get from customers is what happens to their car when they take out a title loan. Some people still think the lender will take their car when they take out a loan. While it's true the lender will use the vehicle as collateral, that doesn't mean they can't keep driving. It wouldn't make much sense if you had to give up access to your car as a way to borrow money. How would you get to work to pay your bills or even get out and about in time?
Each state in our country has different regulations and rules that govern finance lenders. Some states choose to let the Federal Government regulate title loan companies and others take the regulations into their own hands. That's why it's important to check your state restrictions on online title loan companies. You don't want to apply with a lender and then find out they don't allow these types of loans.
When you first apply for a loan one of the last questions you're going to ask is how much time you have to pay off the loan. Reason being, you want to find out when you get the cash and what happens to your vehicle title. But don't forget to ask what the payoff terms and time limit is.