Overhaulin'

has anyone ever gotten a car title loan before?

i need extra money and was thinking about doing this...if you have gotten one before were the payment terms reasonable?

Public Comments

1. all depends on where you go.... i got 300 bucks once, had to pay back 375 it was like 40 something a month
2. Heel naw. I never paid mine back because the car broke down and I bought another one. But let this be your last option. You are going to give them your car title in exchange for a couple hundred bucks. Don't do it.
3. First it depends on the car. If it's an older car or one with a lot of miles (think 80k or more), your options may be limited or none. A bank or lender will only loan you the value of your car. However, if you have a newer car (less than 10 years old) with decent mileage you can definetely get a loan. I would suggest trying a credit union. They do this sort of thing all the time, their rates are usually very good, and they can give you a good idea of your car's value. Call around to find an "open enrollement" credit union in your area. Your repayment options on a newer vehicle will probably be 1 to 5 years (or 12 to 60 payments). Interest rates can very between 5% and 25%, depending upon credit and the terms of your loan. Make sure you don't pay any fees to secure a loan on your car -- $20 to $100 dollars should be the most. Also, please bear in mind you'll have to pay for full-coverage insurance if you do take a loan out against your car. Last, if you're only looking to get a few hundred dollars consider a personal loan -- also known as a signature loan. Your local bank can help. The interest rate is higher, but you're not going to tie up an asset for a short term loan. Hope this helps!