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The truth of title loans: they’re great when they work, but definitely not a good solution over the long term
Title loans are tempting – you can quickly get the money you need to fix your car and avoid foreclosure. The problem is that title loans rarely work as a long-term solution. In most cases, customers can’t afford to pay back the loan and end up in foreclosure.
What can car title loans stop?
When you take out a car title loan, you’re essentially borrowing money from a lender. The lender will take a look at your car title – usually this is enough to get you approved – and then they’ll give you a loan amount based on that. Obviously, if there’s anything wrong with your car, that could mean big problems down the road. For example, if your car doesn’t have a title, then the lender can’t really trust that it’s yours. If something goes wrong with the vehicle while you have the loan outstanding (like it gets wrecked), then you’re going to owe a lot of money on that car and it might not be worth repairing. On the other hand, if your car has a clean title and everything looks good to the lender, then loans like these can help you buy a new car or keep your old one running. They’re flexible loans, so you can usually borrow as much or as little as you need. And since interest rates on these types of loans are typically really low, they can be a great option for people who need quick cash.