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Car Title Loans

The total loan process can be completed quickly on a title loan, the money is often made available the same day. As long as you pay this loan back on schedule, this is a great borrowing option with less headaches and less paperwork.

A car title loan is a loan that you secure through the value of your paid off vehicle. A title loan will not be granted, as a usual order of business, on a vehicle that is not paid off and it must be granted only to the person who is named on the title document. The resale value of the titled vehicle will be the base amount of cash offered on the title loan. An older less gently used vehicle is going to help you receive a lesser amount on a title loan, but a newer vehicle will bring in a loan amount of greater value.

These types of loans generally carry high interest rates, which do encourage the borrowers to pay them off more quickly and create a larger profit margin for the lender. If you pay back the loan within thirty days, the average time limit of the loan, you will pay one large interest fee; it will seem to be worthwhile if you are in great need of money at the time.When you cannot pay off the loan within the thirty day time period, the loan can be rolled over to the following month for up to six months; each time it is rolled over there will be additional interest fees added on. You may find you are owing a great deal more than you borrowed, because these extra fees can mount up quickly.

If at the end of six months you are not able to pay off your loan, your car is at risk to be repossessed by the lender and sold to recoup their losses.

If your plumbing has gone out and you’re trying to clean up three feet of water in your home, a loan like this may be your answer. If you have unexpected medical expenses, this type of loan can also take care of that. These are examples of how to use this type of loan in a responsible way.

Before you agree to this type of loan, be sure to have a plan for repayment, so you will only pay one finance charge and still have the money in plenty of time for your need.

When used appropriately, a car title loan can save you, from ruin. The money will be there for you if you need it, but careful consideration should be taken before agreeing to any loan plan.