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Car title loans come in a couple of different varieties. Some are single-payment loans, meaning the borrower must pay the full amount of the loan plus the interest rate fee within a month or so.
All loans on a car with a lien must be paid off before the seller can transfer clear title to you to complete the transaction. Check Out: 6 Unusual Ways To Make Extra Money (That Actually Work)
In addition to the vehicle title, lenders often also require the borrower to provide a set of keys for the car and/or purchase a roadside service plan. Car title loans frequently involve high interest rates, a short time to repay the loan (often 30 days), and a loan amount less than the car's monetary worth. The borrower also risks losing the ...
TitleMax, Inc. is an American privately owned title lending business with corporate offices in Dallas, Texas and Savannah, Georgia. The company has more than 1,100 stores in sixteen states. The company has more than 1,100 stores in sixteen states.
A title loan (also known as a car title loan) is a type of secured loan where borrowers can use their vehicle title as collateral. [1] Borrowers who get title loans must allow a lender to place a lien on their car title, and temporarily surrender the hard copy of their vehicle title, in exchange for a loan amount. [ 2 ]
Car title loan. Also known as a pink slip loan, this loan is secured by your vehicle’s title . You still get to drive your car, but you’ll need to repay the loan in full, including interest ...