Overhaulin'

What should I expect if I took out a car title loan?

No advertisers please!!!!! Not interested in any overseas loans or anything. Simply a local tiltle loan is what I am getting. I just want to know what happens to my title? do they report it to the dmv? does it go on my diving record? Are there penalties on my registration and insurance?

Public Comments

1. The process for title loans can vary by state. Also you can have electronic titling and paper titling states. In general the lender will hold the title, write their lien on it and file it. They can stamp it paid after the loan is paid. They could apply for new title and have their lien listed with the DMV, and the DMV may send you a memorandum title. It would not effect your driving record or cause any penalties. The lender may charge you some processing fees. a>