5 Thing You Need To Know About Car Title Loans

1. Car title loans are typically used by people who need quick cash. Title loans are short-term, with repayment times ranging from one month to one year. If you’re seeking a loan for anything other than car repair, then the debt may be unsecured and/or risky. Furthermore, if you can’t pay back your debt after the set period of time, whether it is due to not finding work or unemployment, then you risk having your car repossessed and sold at auction to satisfy your outstanding balance owed on the loan. So before getting a title loan for that new iPhone or laptop- consider all of these facts carefully before deciding what type of financial assistance will best suit your needs. You Will Need Your Car to Repay the Loan





  1. A major pitfall of taking out Car title loans is that if you lose your car, you will not only be left without transportation but also will have to repay the debt. With traditional loans, you don’t lose anything but your credit score if you default on payments. However with a title loan, if you fail to pay back the debt then your car can be repossessed and sold off by any or all of the following parties. The lienholder whose name appears on your title loan could call in the loan early. Many times these are individuals who are lending money through credit unions or other lenders at lower interest rates than standard banks. Your lender can file a writ of execution on your automobile if you fail to pay the loan. This means that the car will be sold by a person who will offer a price similar to what it would have brought at auction.


  1. The bank or lender could file a proof of claim in order to get back your loan if your car is repossessed before payments are made. In this case, unless you have some other source of income, you risk having little left on hand to make any payments on the loan. The lender can also pursue you for non-payment in small claims court in order to collect the balance owed. The lender might not sell your car if you can show that it has sentimental value to you, such as a family heirloom or other type of sentimental attachment or value. However, if you cannot show that this is the case, then the lender may unload your vehicle. 


  1. Repossession- If your car title loan is not repaid in a timely manner by your due date, both banks and other lenders will decide whether or not they want to repossess and sell off your car. Lenders will usually set up payment plans if you find yourself in trouble and cannot pay back the balance owed at regular intervals. The lender might choose to sell your car and return the money to you once the sale is complete. However, if this doesn’t happen, it could be considered a breach of contract. Before contemplating a vehicle title loan, consider your options carefully. 


  1. Always pay close attention to the fine print in any agreement you sign to make sure that you understand what type of financial commitment you are making. 


These are the five things that you need to know about Car title loans . For help with the loan, you can consult Get Loan Approved and get the best help from them for the same.
Location: Canada

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