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A title loan lets you borrow against your vehicle so you can get the $1,000 quickly. ... This makes payday alternative loans more affordable than car title loans and some bad credit personal loans.
For example, car title loans, where drivers borrow money using their car as collateral, can charge as much as a 300% annual percentage rate (APR), according to the Federal Trade Commission.
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]
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 ...
3. Your personal loan rate is lower than an auto loan rate. Unsecured personal loan interest rates tend to be higher than auto loan rates. But if you have outstanding credit, you may qualify for a ...
TitleMax offers title loan and title pawn products which allow customers to meet their liquidity needs by borrowing against the value of their vehicles while retaining use of their vehicle during the term of the loan. [3]
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