How do car title loans work?
Bring your car and lien-free title to Car Title Loans in Tempe to use the value of the car as collateral for your transaction. Or WE CAN COME TO YOU!!! Fill out an application while we appraise your vehicle. We will determine a transaction amount based upon your need and the appraised value of your vehicle. Upon approval, you will receive your funds and retain the use of your vehicle. When you pay off the balance of your account, Tempe Title Loans returns your title.
Bring your car and lien-free title to Car Title Loans in Mesa to use the value of the car as collateral for your transaction. Or WE CAN COME TO YOU!!! Fill out an application while we appraise your vehicle. We will determine a transaction amount based upon your need and the appraised value of your vehicle. Upon approval, you will receive your funds and retain the use of your vehicle. When you pay off the balance of your account, Mesa Title Loans returns your title.
Bring your car and lien-free title to Car Title Loans in San Diego to use the value of the car as collateral for your transaction. Or WE CAN COME TO YOU!!! Fill out an application while we appraise your vehicle. We will determine a transaction amount based upon your need and the appraised value of your vehicle. Upon approval, you will receive your funds and retain the use of your vehicle. When you pay off the balance of your account, San Diego Title Loans returns your title.
You must own your vehicle free and clear and be able to provide the title or similar document to the lender as collateral. You typically have only 30 days to repay the loan. If you cannot repay the loan, the title lender will take your car. They will sell it and keep the difference between what you owe and what the car is worth. They typically will lend you only 20% of the car’s value. So, they stand to benefit even if they have to sell your car. The interest rates come out to about 350%, since the loan term is so short. These are not beneficial loan terms. I recommend you don’t get a title loan. They are quite a bit like payday loans, but the consequences are more severe if you default.
• A car title loan works as collateral. The lender will loan you $ based up your vehicle being clear title (fully paid). The value of the loan is determined by the value of the vehicle. If you default on the loan, then the lender gets to keep your car as collateral. • Don’t do it unless you do it through a reputable bank or lending institution. These car title loans charge extremely high interest. If you go to a bank you can give them the title and based on the value of the car they will give you a loan with the car as collateral. Generally because you have collateral your rate will be lower than just a personal loan with no collateral. If you go to a title loan place that is like a check cashing/ check into cash type place you will pay almost 30% interest or more for the same loan. • They hold on to your title for collateral, so you can’t sell your car w/o paying them off.
