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If you default on a car title loan, the lender may repossess your vehicle. Just like payday loans, title loans should be a last resort because the average auto title loan has an APR of about 300 ...
Auto loans: When taking out a loan to pay for a car or any other vehicle, your vehicle will often be used as collateral. If you don’t make the payments on time and in full, your vehicle could be ...
Using a personal loan. Personal loans can be used to cover the cost of different financial needs, from medical expenses to the costs of a wedding or debt consolidation and yes, a car purchase ...
This is an accepted version of this page This is the latest accepted revision, reviewed on 17 January 2025. Short-term unsecured loan A shop window in Falls Church, Virginia, advertising payday loans. A payday loan (also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a short-term unsecured loan, often characterized by high interest ...
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral, and if the borrower defaults , the creditor takes possession of the asset used as collateral and may ...
Usually, car leases allow the lessee to drive the car for a certain number of miles for a certain number of years. The lessee pays a fixed monthly payment for the privilege of driving the vehicle, and when the lease ends, the lessee returns the vehicle to the lessor. The lessee pays only for the value of the vehicle for the term of the lease.
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