Michael Puttman's Small-Dollar Loan Forums

Full Version: Title Loans Good or Bad?
You're currently viewing a stripped down version of our content. View the full version with proper formatting.
Pages: 1 2 3
Hi guys, I once had a Bad Experience when it comes to title loan, not exactly me but my father years ago with his car, he ended up with troubles and bills that he doesn't owe, if you're strapped for cash and you own your car free and clear without any flaws, an auto title loan might seem like a good way to get some fast cash when you need it, But auto title loans are among the most expensive kinds of credit you can get, along with payday loans and pawn shops, all these loans fall into the category predatory lending, they target consumers who are desperate for cash and therefore willing to pay ridiculously high prices to get it, if you're planning for an auto title loan, please take caution, don't let your belonging go to waste and end up in trouble, this is my own opinion right now, I still want to hear suggestions from others.
When it comes to title loans the best thing to do is a thorough research on the topic and compare what your local lenders have to offer. In general the interest rates on these loans are high. They can be over 100%. But I've heard of companies which set a reasonable interest rate - 20% or a little above that, which is not that bad. When you consider the fact that auto title loans much resemble payday loans in terms of repayment deadline, 20-30% interest is acceptable in my opinion.
I think if you're going to try the title loan, I think you should do some asking or research on who are you going to trust. You should take caution in this kind of loan, because you're belongings might be at risk. But it's still on you, but I advice if you don't really need it don't try to go in these kind of transaction.
(01-09-2018, 07:00 AM)joshuacabrera Wrote: [ -> ]I think if you're  going to try the title loan, I think you should do some asking or research on who are you going to trust. You should take caution in this kind of loan, because you're belongings might be at risk. But it's still on you, but I advice if you don't really need it don't try to go in these kind of transaction.

I agree with you brother, I try this title loan, and I have bad experienced on it, because I don't have any idea or I don't my own research about the title loan and that's why do some research first or ask some friends or etc. Just do your research first.
In every kind of loan you'll be getting, you need to do a little research. Know the person you will do the deal with. Some my got excited to get the money that they're borrowing not knowing the consequences.A friend of mine got a bad experience with title loan as well. Too bad for him he wasn't able to get his house back.
I would compare auto title loan vendors in the area and decide which would be the best to get a loan from versus the other ones in the area. Obviously if you're strapped for cash your mind is probably going to wander toward "Hmmm I can take the bus and get an auto title loan out with my car", but man, in some areas you've probably really messed up if you have to sacrifice the vehicle you get to work and do stuff in for money. Of course, things happen, so.
If you're really seeking for financial assistance and you choose title loans, make sure you're prepared that your things might be repossessed. Title loans serve as collateral so it's in the agreement that if you failed to pay your debts the collateral will be repossessed by the lenders. Titles loans are good to get speedy cash and you can still use your cars but the downside is your cars might be taken away from you if you fail to repay your loans. So don't rush into things find and do some research first who offers lower interest rates.
We must be very careful when it comes to title loan because what we are using is our belongings-the title. If it will fall into risk, it would be a big trouble to our minds as owners. There is a saying, "Just think before you click', So, we need to be very careful of it.
[/quote]
I mean if you are desperate for a loan and can't get any other kind, you might do this I suppose, but bear in mind, that if you don't adhere to the terms you could lose your vehicle. If you do this, make sure you shop around for the lender who offers the best rates.
It's sad that your dad had to go through the pains of losing his car as a result of auto title loans. I mean it's not his fault that things didn't get through as planned and it's not a reason to blame those that get such loans. The thing with loans such as title loans and payday loans is that most of those getting them felt that things will always work out at the end, but sadly it never gets better. I've not had such experience, but I'll certainly learn from this.
Pages: 1 2 3