This article is about Title Loans in Columbus. It talks about the loans, how to find them, what they’re used for, and a comparison between traditional lending and auto title loans.
What is an auto title loan?
An auto title loan is when a bank lends you money based on the value of your car. So if someone owed a lot more money on a car than the car is worth, they can take out an auto title loan to pay off the loan before it hurts their credit rating. The interest rate for title loans is usually around 10%.
How does Ohio affect auto title loans and is this legal?
Ohio has strict rules about auto title loans. Territory car dealers cannot borrow or repossess cars without court papers from creditors. These rules are in place because people who buy cars do not want to walk away empty handed if they end up with a car that can’t legally be sold.
Getting an auto title loan
If you have bad credit and think you’re not able to get a loan because of it, you may be able to get an auto title loan. Just have someone sign over their car title to get the money. With this loan, you’ll pay the dealership or lender a fee before getting access to the car again when you turn it in at the end of your loan period. If you can’t pay for your car repairs with cash, getting an auto title loan may help.
Legalities of auto title loans
There are many risks involved in taking out an auto title loan. These include the risk that you can lose your vehicle if you are unable to keep up with payments. If a repo man enters into an agreement in which he’s absolved of responsibility by the company, he could take possession of your car even providing you notice ahead of time.
How to get the best deal on your car
You can get a loan for as little as $1 and be able to buy an auto in 5 minutes without the need of a credit check if you feel like pawning your automotive.
auto title loan is the new way for auto finance for those who worry about their car breaking down and losing both their transportation option and collateral.