What Is A Car Title Loan?
A car title loan is a loan for a small amount of money and for a short time.
To get a car title loan, you give the lender the title to your vehicle—for example, your car, truck or motorcycle or RV. You also pay the lender a fee to borrow the money. You usually have to repay the loan in 30 days. You need to have equity in your car. Many lenders require that you own the car free and clear, meaning you don’t have a loan outstanding on the car.
Once you’re approved for a loan, you’ll give the lender the title to your car and you simply continue driving your car. Loan terms are typically between 30-60 days but they can be up to a year.
Most title loans can be acquired within 24 hours or less depending on the size of the loan and most lenders typically do not check the credit history of borrowers and only consider the value and condition of the vehicle that is being used to secure it.