A title loan is a short-term loan that uses a vehicle as collateral. The borrower signs over their title to the lender in exchange for a loan.
The maximum loan amount depends on the value of the vehicle being used as collateral. Generally, borrowers can receive up to 50% of the value of their vehicle in a title loan.
The term of the loan is typically from 90 days upwards to 60 months, but can vary depending on the lender.
In order to qualify for a title loan, borrowers must provide proof of identification, proof of income, and a valid driver’s license. They must also provide the title of their vehicle.
Yes, there may be fees associated with a title loan. These fees may include origination fees, late payment fees, and other administrative fees.
No,you do not have to give up your car if you get a title loan. When you take out a title loan, the lender uses the title of your car as collateral for the loan. However, you can still continue to use your car as long as you make your loan payments on time. If you fail to make your payments, the lender may repossess your car as collateral.