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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.
You may also need the car's title. However, in some states, a title isn't required for cars 25 years of age and older. What's considered an older car? An older car is typically 10 years old or ...
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]
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 ...
Classic Car Investments. Some older cars hold their value incredibly well and even increase in value over time. Brenda Christensen is a former auto exec from Detroit whose brother used to design ...
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