If you’re feeling under pressure and need a quick way out, you may be thinking of turning your car into cash by selling it.. However, some people may try to get a car title loan instead.
What exactly is a car title loan? This is a type of loan that a lender may offer where you can trade in your car’s title to get some instant cash, which you have to pay back to get your title back. To some people, this sounds like an easy way out to get some quick cash; however, if you’re unable to pay back the loan, you will lose your car.
These types of loans last between two to four weeks while using the title of your vehicle. It’s a VERY RISKY loan as they are similar to cash advance loans. Interest and fees can stack up quickly over time and people often come under further debt compared to when they first started.
Car title loans are expensive in the long run and they should only be taken out as a last resort or else you may lose your car or end up paying a lot getting it back. The finance fee of car title loans is, on average, 25% per MONTH, not a year. This means every month a car title loan is active, the interest will stack up. Title lenders may also add other transactional fees, processing fees, and documentation fees. They may even charge for extra services and add-ons you need to start the loan like a GPS tracker and lockout chips for when you are unable to pay back the loan.
Here’s the typical process for a car title loan:
Title lenders make a lot of money with the rollover fees and interest rates stacking up over time. With the 25% lending fee, a loan can easily double after four months of not paying back, which makes it harder and harder to pay back over time. This is why car title loans can be a very risky loan to take out as the fees stack up quickly over a short period of time.
If you’re unable to pay back the loan in full, the title lender will have the authority to repossess your car, which may put you in a worse financial situation if you cannot get to work. Once the lender has the car, they have full right to sell the vehicle to recoup losses.
It’s important to be careful when it comes to car title loans as the fees can escalate quickly and you will always end up paying far more than what you took out. These types of loans are considered a last resort and should be avoided if possible.
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