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What are Car Title Loans, and Why Would You Need One?

Car Title Loans are a legitimate way to obtain quick cash when credit options are few. (Photo: flickr.com)

Car Title Loans are a legitimate way to put a smile on your face when credit options are few. (Photo: flickr.com)

Sometimes, all it takes is a recession to help us see that maybe our finances aren’t as well-ordered as we thought they were. We can come up just a little bit short when the odd bill or expense threatens to drag the checking account balance down into overdraft territory. It’s times like these when we can use some help.

On the surface, that’s what car title loans are: help for a cash-strapped consumer in need. They offer up their vehicle as collateral for a short-term loan. In many cases, the consumer doesn’t even need no offer a post-dated check or proof of employment. For the period of time it takes to pay off such auto title loans, consumers turn in their car title and keys (or a copy of the keys) to the lender. Then, once the debt obligation is satisfied (interest included, as appropriate to the risk), the consumer gets their car back.

What if You Don’t Repay Auto Title Loans on Time?

This varies by lender. In general, however, there are two options. First, most auto title loans can be rolled over for another month. Additional fees and/or interest may apply, so a consumer should be cautious when considering this option. The final option is rather ominous, in that the lender has the legal right to repossess your car.

Car Title Loan Rates Must Be Divulged to Consumers, Up Front

Rest assured that federal law (including the Truth in Lending Act) dictates that lenders who offer car title loans must disclose interest rates as a clear, easy-to-understand APR. If an auto title loans company does not provide this annual percentage rate – perhaps they only disclose a monthly rate – ┬ábe cautious before signing anything. Consult with a lawyer or consumer lending resource in your area if you have questions.

If a Small Quick Cash Loan is What You Need

Then car title loans can offer assistance. Car Deal Expert is your source for new car loans, used car loans and auto refinance loans, but car title loans are another option in the pallet of ways in which consumers can secure the cash they need. If you find yourself in a situation where your access to credit is limited and you don’t have the liquid assets necessary to obtain quick cash, cart title loans may be an option to consider.

Car Title Loans at Car Deal Expert – We Can Help You!