Are you in need of cash? Have you exhausted all your options but unable to find a solution to your cash problems? Even financially stable families may get caught in financial crises. Prolonged illness, loss of a job or any other unforeseen event may compel you to look for quick financing options.
If you are trying to obtain a short-term loan to end your financial crises, you may have heard of the following advertisements related to auto title loans:
1. Get Cash for your Car!
2. Get Quick Cash!
3. No Credit Check required!
Auto title loans are prevalent in several American states. It is popular among borrowers because the loan program is easy to obtain. You may have heard about it from your neighbors or friends. If you are interested in obtaining the loan program, you must only join the club after understanding it thoroughly.
What is an Auto Title Loan?
According to Investopedia, it is a short-term loan in which the borrower’s car title is used as collateral.
To obtain the loan program, you will have to allow the lender to place a lien on your car title. Also, you will have to Car Title Loans surrender the original title to the lender.
What is the Difference between an Auto Title Loan and an Auto Pawn Loan?
An auto title loan allows you to obtain cash and end your financial crises by pledging your car as collateral. The lender will require the title of your car and not take possession of your car. But, if you obtain an auto pawn loan from a lender, you will have to surrender your car along with the title of your car.