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Car title loans: What they are and how they work Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive tools and financial calculators as well as publishing unique and impartial content, by enabling you to conduct your own research and compare information at no cost - so that you can make sound financial decisions. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this website are provided by companies who pay us. This compensation can affect the way and where products appear on this website, for example the sequence in which they be displayed within the listing categories, except where prohibited by law. Our mortgage home equity, mortgage and other products for home loans. This compensation, however, does have no impact on the information we publish, or the reviews that you read on this site. We do not cover the vast array of companies or financial offers that may be open to you. Barry Winiker/Getty Images
5 minutes read. Published on 19 October, 2022.
Writer: David McMillin Written by Contributing writer David McMillin is a contributing writer for Bankrate and writes about topics like mortgages, credit cards banking, taxes, and travel. David's mission is to assist readers discover ways to save more and stress less.
Editor: Rhys Subitch Edited by Auto loans Editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances with concise, well-researched and informative information that breaks down otherwise complex topics into manageable bites. The Bankrate guarantee
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We receive compensation for placement of sponsored products and services or when you click on certain hyperlinks on our site. So, this compensation can affect the way, location and in what order products are listed in the event that they are not permitted by law. We also offer loan products, such as mortgages and home equity, and other products for home loans. Other factors, like our own website rules and whether the product is offered in your area or at your personal credit score can also impact the way and place products are listed on this website. We strive to provide an array of offers, Bankrate does not include information about every financial or credit products or services. Every loans are risky when they aren't paid back in time. However, a car title loan has a particularly threatening consequence if you fail to meet your payment obligations the lender could take your car. If you are considering obtaining an auto title loan it's important to be aware of the possible disadvantages of using your car as collateral to borrow money. Which are the car-title loans? A car title loan also known as a "pink slip loan," allows you to borrow anywhere from 25 to 50 percent of the worth of your car in exchange for giving the lender you the title for your vehicle as collateral. These short-term loans typically start at $100 with repayment periods of between 15 and 30 days. Title car loans are designed for those with credit issues in the past who need cash quickly. Many lenders have minimal to no credit requirements- some won't even . The process of applying for a loan is generally simple, and if accepted, you could anticipate receiving funds as soon as 24 hours later, in some cases, it's even faster. The ease of access implies that these loan products have high rate of interest. Certain states limit the amount of interest lenders are allowed to charge but others do not have any restrictions. And in some states, lenders are not permitted to offer auto title loans to customers. If you are in the state that allows car title loans are allowed, you typically need to obtain a loan. Some lenders provide these loans if your vehicle is nearly paid off, but it isn't as prevalent. What is the way that the title loans work? Car title loans come in a couple of various types. There are loans that are one-payment loans, meaning the borrower must pay the entire amount of the loan and the interest fee within the month or so. The loan is repaid over three or six months, based upon the lender. Although the word "car" could be included in the title of the product however, these loans also can be offered for boats, motorcycles and other recreational vehicles. You can apply either online or in person but you'll need an actual location to present your vehicle in front of the lender. Make sure you provide the lender with an unbroken title as well as a photo ID when applying for a title car loan. The lender might also require keys. The vehicle remains in your possession until the time of repayment unless you default on the loan. To show how these loans work, assume you own a car valued at $5,000 and are in a situation of emergency and need $1,000. A title loan lets you borrow against your vehicle so you can access the money quickly. Just as a mortgage utilizes the home's equity as collateral the title loan makes use of your vehicle as collateral. To obtain the title of your car back, the loan must be paid back in entirety, not including the high fees the lender charges for the money. These fees typically comprise an average monthly finance charge of 25 percent. This translates to an APR at 300 percent. On a $1,000 loan that you take out, you'll be charged another $250 of interest, even if the loan is paid back within 30 days. If you're not on time with your payment and late penalties for late payments are assessed, the loan can cost a significant sum. Some lenders also charge origination, processing and document charges, driving the costs of borrowing higher. It is also possible that you will be required to obtain and pay for an emergency roadside assistance plan for your vehicle. Downsides to title loans While applying for a title loan might be straightforward but it's also a source of high costs and risks, according to Graciela Aponte-Diaz, director of federal campaigns at the Center for Responsible Lending. "If you don't repay the loan in time, it's rolled over into another cycle with more fees," says Bruce McClary the senior vice president of communications at the National Foundation for Credit Counseling. "It can create a difficult circumstance for those already struggling to pay. It's the exact definition of the debt cycle." The main drawback to this is the potential to lose your car. If you can't repay the loan the lender can take your vehicle and sell it to recoup their investment. It's not all that common. A study conducted by the revealed that 20 percent of those who apply for title loans have their vehicles seized. In addition, "some car title lenders install the GPS device -- nicknamed a 'kill switch' -- that can prevent the borrower's vehicle from beginning, using this practice to collect a debt or making it easier to seize the car," Aponte-Diaz adds. Because of the risk of losing your primary means to travel, it's easy to understand how the process of getting a title loan can be stressful. Other alternatives to loans With such serious downsides, McClary recommends reaching out to traditional credit unions and banks to find less expensive loan options. Or you can utilize a credit card when you have one to meet your short-term cash requirements. Even if you don't have an account with a bank account, have a low credit score, or have struggled with poor financial decisions before, it's worth investigating every option. "It's amazing how flexible these traditional lenders can be," McClary says. "There are many credit unions that are open to working with bankless customers." You can apply for a personal loan While getting an individual loan can be challenging for those with bad credit, you may have alternatives. Certain online lenders may be qualified to apply for. If you're a member of a credit union, you could also consider communicating your situation to an official at a bank. They may approve you for an loan based on the strength of your relationship and good financial record. It is also possible to request a relative or friend who has a stable source of income and a strong credit score to make an application with to increase your chances of approval. Look for an payday alternative loan Payday alternative loans are a cheaper alternative to think about. They're available through some credit unions, but you have to be a member of the institution to avail this loan product. The amount of loans ranges from $200 to $2,000, payable over one to 12 months. The cost of application is set at $20. You'll pay no more than 28 percent in interest. This makes payday alternative loans cheaper than title loans and some bad credit personal loans. Make use of a credit card could also make use of a credit card if you are facing a financial crisis. It is also possible to draw funds out of your card through an . Be mindful that the rate of interest for cash advances can be much higher than you'll pay for purchases, up to 30% variable. Additionally, there is no grace period. Interest starts accruing as soon as you make the purchase. You'll have that you'll have to cover an ATM fee to withdraw your funds. McClary is not a fan of adding credit card debt, but she says it's a better option as opposed to an auto title loan, as you're likely to pay less interest than with an auto title loan. The bottom line Car title loans are a convenient option for getting fast cash. However, the cost is usually far from the danger involved and you may be in a more dire situation than prior to taking your loan. Consider more affordable alternatives such as credit cards or loan for personal use, loan or payday alternative loan prior to settling on a car title loan. However, if you've exhausted all options and must use the title of your car loan, be sure to be sure to read the fine details. Title lenders must show you loan terms in writing before signing. Federal law requires them to be transparent and upfront regarding the total cost for the loan.
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Written by the writer who contributes to the column. David McMillin is a contributing writer for Bankrate and covers topics like credit cards, mortgages, banking, taxes and travel. David's goal is to help readers discover ways to save money and also stress less.
Written by Rhys Subitch Edited by Auto loans Editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain confidence to control their finances by providing concise, well-studied facts that break down otherwise complicated topics into digestible pieces.
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