If you are in need of cash and you start searching the web for ways to get your hands on the money you need right away you will invariably come across the subject of title loans. This is a way to get money when you need it, but that doesn't mean that it is the best solution for your cash flow problems. While this may be a solution to short term cash flow concerns, it is not for everyone and not without some risk.
Before you go and get a title loan you should understand exactly what it is. Auto title loans are loans that are borrowing against the value of your vehicle. So, if you took your car title to a title loan provider they would determine what the value of your car is and then offer you a loan for a percentage of that value. Sounds pretty good, right? It is, if you need quick cash and you don't mind paying a hefty interest rate and plan on paying off the title loan in a short period of time.
Title loans are not a good idea if you cannot pay it off in short order or if you are uncertain whether or not you can make the monthly payments. The reason for this is that if you do not make your payments, the car becomes the property of the title loan company and they can do with it what they please at that point. So, depending on the value of your car, you could be risking your vehicle for a quick couple hundred to thousand dollars!
As you can see, car title loans are not something to take out if you are not certain about when you will be able to pay it off and if you will be making the payments. The interest rates with these loans are usually very high, and this is because they are considered high risk and short term loans and the interest is how the title loan company makes money off of the deal. If you need cash quickly and you only need it for a couple weeks and then you'll be able to pay it off, this may be something to consider.
Generally speaking, there are always better loan options but if you are really in a bind you should shop around for the best title loan company in your area. The reason for this is that you can save yourself a lot of money in interest by finding the best interest rate. Even a point or two can save you quite of bit of money, and when your strapped for cash every penny counts!
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