A car title loan is a kind of secured loan where borrowers can use their automobile title as collateral 1 Borrowers that get name loans must allow a lender to put a lien on their car title, and temporarily surrender the hard copy of their automobile name, in exchange for a loan sum. A third of people who use title loans are single-vehicle households, according to the Pew study. At federal credit unions, the maximum annual percentage rate that can be charged on such loans is 18%, although there may be extra application fees. Auto title loans use your car as collateral. If you need money because you’re behind on your bill payments, contact your creditors and see if you can negotiate a reduction in debt or at least a longer repayment period.
This collateral ensures that you’ll pay off that title loan just as soon as you’re able to. It’s just a physical representation of that promise. When your loan defaults, lenders will not just appear on your doorstep and take your vehicle on the first day after the due date. Some states have laws that force lenders who have repossessed and sold your car to pay you the difference between the sale price and the loan amount.
Fast cash – For any loan requirements, even emergencies, we can offer the cash that you need. Getting a title loan from us is as simple as filling out the easy application on this page and receiving an instant quote. A title loan is much different than a Pawn loan With a title loan, you keep your vehicle and continue to drive it throughout the duration of the loan while the lender holds onto the title for securing the payment of the loan.
If you cannot repay the money you owe, the lender can take your vehicle. Champion Title Loans : Champion allows you to apply for a title loan online or over the phone, with Fort Lauderdale Auto Equity Loans the ultimate goal being same day approval and funding. Ohio Auto Loan Services, Inc is ready to help you get the cash you need to handle almost any cash emergency.
123FundMe: 123Fundme is an online based auto title loan lender. Based on the value of your vehicle we can then determine how much cash you can borrow. ¹ Loan amounts by the lenders vary based on your vehicle and your ability to repay the loan. This allows borrowers to afford major home repairs, pay off medical bills, eliminate outstanding college debt, or make a major purchase like buying a new car.
We’ll evaluate your information and a local Auto Money representative will contact you regarding your loan. Home equity loans are generally preferred by consumers because they offer lower interest rates than standard auto loans. Weigh your options carefully and be sure you understand the terms and conditions of your loan before making a commitment.
Instead of being calculated based on a car’s value and how much is still owed on that vehicle to a lender, auto equity is calculated simply by looking at the fair market vehicle of a car that has already been fully paid off. You also pay the lender a fee to borrow the money. Finally, while applying for a car title loan in St. Petersburg, you will likely be asking about Embassy Loans and trying to gauge our status as a reputable business.