The most common question we get from customers is what happens to their car when they take out a car title loan online. Some people still think a lender will take their car when they get out a secured auto title 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 with their pink slip. How would you get to work to pay your bills or even get out and about?
It's going to be very difficult to get a title loan with a vehicle title that is not in your name. The typical car title loan lender will only use a vehicle as collateral for a loan if there's a physical pink slip. That's the only way to show that someone actually owns the vehicle and nearly every lender will require this as proof of ownership.
A recent report from the PEW charitable trusts reveals between 6 and 11 percent of title loan consumers have a car repossessed annually. The consequences of car repossession are not only felt immediately but for several months into the future. Apart from inconveniences to your schedules and movement, repossession can impact your credit score and […]
It seems we’re seeing more and more people apply for title loans without a typical stream of income. So that begs the question, Can you get a car title loan with no proof of income? The answer is often yes, you can get a title loan even without typical income from a typical job or […]
There are more borrowers than you would think, that take out a title loan and fail to make their payments. A survey done by the Pew Charitable Trusts reveals over 2 million people, or approximately 1 percent of the American adult population, borrow against their cars annually. Car title loans can be a viable option when […]
How do you avoid paying back a title loan company that has your vehicle as collateral? Although title loan companies do not fully check your credit, they usually have your name and address on file. Most importantly, they have your car and can possibly repossess your paid off vehicle if you fall behind. Of […]
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 full amount due. 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. Also see if there's a prepayment penalty for paying off the amount owed early.
Each state in our country has different regulations and rules that govern finance lenders. Some states choose to let the Federal Government regulate car title loan companies and others take the regulations into their own hands. That's why it's important to check your state restrictions for companies that offer car title loans online. You don't want to apply with a lender and then find out they don't allow these types of loans.