Car Title Loan - An Option When You Need Quick Cash


Many people consider car title loans when they need money quickly. If you are considering a vehicle title loan, make sure you investigate the terms of the agreement carefully.

A car title loan is a type of debt where the borrower puts up their automobile as collateral for cash. If the individual defaults and is unable to make payments, then the lender has the right to take possession of the vehicle. This makes the loan a secured debt in the since that it is less risky for the lender.

These loans are short term instruments and usually have very high interest rates and therefore most people who use them when they have limited options or need money quickly. Depending on the state, the interest rate can be as low as 35% and can go up as much as 651.79%.

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Many agreements state that the borrower must make a few interest only payments before paying for the principal. Most individuals make sure the lender owns the vehicle and is employed. Normally the lender does not consider the borrower's credit score.

The loan amount is usually determined by the value of the vehicle. The lender will usually offer the borrower a percentage of the car's resale value. Normally, the borrower must hold a clear title which means that there must not be any other claims on the automobile. This means that if your car is financed then a car title loan is usually not an option.

If the lender loans out money, then they will usually take steps to ensure they can take back the vehicle. Many times they can hold physical possession of the car of they hold another set of the keys. Many modern age companies install a GPS tracking device while others install devices which allow the lender to disable the car's ignition from another location.

When the term of the loan is over, then the borrower is required to pay the outstanding amount as one payment. If you cannot pay the entire amount then they can take out another title loan. Most states limit the amount of times the borrower can roll over the loan so that they are not always in debt.

Many individuals offer a program between the borrower and the seller where they sell the automobile to the lender. The interest is not considered a lease payment and the principal is paid back when the borrower buys back the car. Many states have forbidden this sort of transaction.

Many car title loan companies offer loans to individuals who would not ordinarily qualify for standard loans from a bank. These are also optimal if you need money quickly. However, if you are considering any of these instruments, you should read over understand the interest rate.

Many times, you may pay back four or five times the amount of the principal in interest. Before signing on the dotted line, read through the terms and conditions and choose a loan that will not leave you saddled in debt for the future.


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