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July 11, 2001
By
Kristen McCarthy
Website:
http://www.1st-choice-loans.com
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Get a car title loan and drive away
A car title loan is a way to borrow money against your vehicle. A lender will determine your vehicle’s value, and allow you to borrow that sum. With a car title loan you still have the right to drive your vehicle, although the lender will now hold the title and a spare set of keys.
A car title loan can be risky business if you cannot make your payments. The lender will have the right to prepossess and sell your vehicle. A car title loan can usually rack up a fee of 22% per month on the money you borrow. Before borrowing it may be wise to consider the alternatives such as, credit cards, budgeting, contacting a credit counselling service, loans from family or friends, or financial relief from assistant agencies.
Be sure to completely understand you car title loan contract before signing. Be aware of the charged monthly fee, the due dates, amounts and number of payments you must make, and the total amount of money you must pay to get your title back. Also beware of the lender’s practices if you miss a payment or are late.
On average, a car title loan are sums of $250 to $1500, but they may be as high as $5,000 or $10,000. For some people who have bad credit and cannot obtain a loan, they think a car title loan is a last option. Be sure to evaluate your alternatives first, and clarify all fine print and extra fees a lender may bind you to before signing a car title loan contract.
For
more information on car title loan - click here!
> About The Author:Kristen McCarthy is a successful author and the
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