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Proceed With Caution When Considering Car Title Loans When you're in debt, because of bad choices you made or unforeseen circumstances like unexpected medical bills, it can be almost impossible to see how you'll get out of the money hole you're in. You can make some poor decisions as you try to dig out from under the debt but there are some solutions that may relieve some of the pressure, allowing you the space to breathe and start making plans to set your finances right. Short-term loans such as car title loans that let you borrow money against your vehicle. There are a number of reasons an auto title loan may be a temporary answer to your debt problems. One of the primary benefits is the speed in which you'll get the money you need. These loans generally don't require a credit check, shaving days off the approval process. In fact, you may be able to apply online and receive the money in as little as 15 minutes. If you need money immediately to keep your lights and water on, for example, a car title loan can be the answer. Another benefit of this type of loan is that you don't have to give up the collateral to the lender for the term of the loan. In other words, even though you've put up your car as a pledge in case you can't repay the loan, you can still drive it during the loan period. Like most people, you probably need your vehicle to get to work. Auto title loan companies realize that you must work to repay the loan you've taken with them, so letting you use the collateral for your loan is a good choice for both of you. Most companies that provide car title loans require repayment of the loan, which is usually for a good deal less than your car is worth, within 30 days of the date you receive the money. If you repay the loan on time, you'll see no negative consequences. However, if you fail to make the payment as promised, then you will face some serious financial problems. The lender may allow you to roll over the loan into another 30-day loan period, but the interest rates and related expenses could make it almost impossible to pay off. If you eventually lose the option of rolling over the accumulated unpaid 30-day loans, then your car will be repossessed by the lender who legally holds the title. Your car will likely be sold to meet the debt obligation. However, even if the lender sells the car for more than is owed on the loan, he will probably pocket the difference rather than returning it to you. For these reasons, it's essential that you look at car title loans truly as a last resort. If you need money fast, think about picking up an extra job, selling some of your possessions or taking a loan on a life insurance policy, for instance. After you've weighed all your options and feel an auto title loan is your only choice, make sure you understand exactly what the loan terms are, especially those related to the annual percentage rate, loan fees and the terms of any rollover options. Knowing exactly what you're getting into will help you decide whether the auto title loan is a good choice for you.
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