Overhaulin'

what should I know if I wanted to get a loan using my car title?

I really need couple thousand dollars in emergency. So I am planning to get a loan using my car title. But I have no idea about it. What should I know before I get a loan using my car title in LA? What documents do I have to have? What is the average interest in month or in a year? Also how dangerous is it?

Public Comments

1. all you need to know is where the title is the intrest could be as high as20% and yes its very risky if you miss a few payments they will take posession of your car and you will have no recourse against them i would highly recommend borrowing money from friends and family or even sell the car before you take this kind of loan also if you do the title loan there only going to give you a percentage of the total value of the car so if its a $4000 car you may only be able to get $1500-$2000 against it i know times are tough but if you live in LA theres public transportation so if you really need the money just sell the car then you have no payments and you can always buy another car when you become more able have you ever heard the term buyer beware Well there should be another saying"BORROWER BEWARE"
2. What you need to know is to not do it. Go to a bank and take out a secured loan. The interest and terms will be a lot better. If you proceed with the "payday" loan place, you will regret it.
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