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.
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?
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.