Can You Finance A Car And Put Non Ownser Insurance Title Loans: How Do They Work?

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Title Loans: How Do They Work?

Basically, a title loan is a type of short-term loan that comes with a higher interest rate. This requires you to present your car as collateral. Therefore, if you do not enjoy an impressive credit rating but still want to borrow, we suggest that you consider a title loan. In this article, we will introduce you to this concept. Read on to learn more.

What is a title loan?

First, this type of loan allows you to pledge your vehicle as collateral. If you don’t repay the loan on time, the lender can repossess your car. Usually, these loans are short-term and require you to pay a higher amount of interest.

So, if you have a bad credit rating, you still have a great chance to qualify for the loan. Most lenders will not even consider your credit rating and history.

How does it work?

First of all, you need to find a lender that offers title loans. As long as you have a vehicle registered in your name, you can opt for this service. Before submitting your application, your lender may need to see your car, license and proof of ownership.

As soon as your application is approved, you will receive the loan money by handing over your car title. Although the terms of the loan will be determined by the lender, most title loans have a 30-day term.

In other words, once the loan term is over, you will pay back a lump sum payment. You will return the principal amount plus all fees and interest. Most of these lenders charge a commission of 25% per month of the loan amount.

This is the reason why title loans are not suitable for everyone. If you don’t pay your loan on time, know that you will lose access to your car. Therefore, if you want to take this type of loan, you just have to make sure that you can make the payments on time. After all, you don’t want to risk losing access to your favorite car.

Maximum loan amount

As for your loan limit, it will be between 25% and 55% of the price of your vehicle. The lender will take a closer look at your car to get an estimate of its value. The loan amount can be $10,000 or more. In most cases, it is less than $10.00, but some people apply for more loans to meet their needs.

According to reports published by the Consumer Financial Protection Bureau, 1 in 5 title loan borrowers default on their loans and lose access to their vehicles. Usually, they take out more loans to cover their previous loans.

In short, this was an introduction to title loans. If you want to take out this type of loan, we suggest that you take into account the information provided in this article. This will help you make an informed decision.

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