Finances
Keep The Car, Get The Loan
A car title loan is a loan a person can take out if they own their automobile. In this situation, a loan is entered into against the value of the paid for car. Instead of the loan company taking the car to hold until the loan has been repaid, they hold the car’s title until the have received full payment. At that time, they will return the title to the customer. However, should the loan fail to be repaid in a timely fashion, the company then will become the rightful owner of said car. The title will become their proof of ownership should the customer forfeit their collateral. These type of loans should only be considered as a last resort option, and for short term loans in small amounts. More info: Car Title Loans Phoenix