Car title loans can be an easy way to get cash quickly and help make ends meet, but title loans are only a good idea if it is your last resort and you are confident you can repay it on time.
A car title loan is a short-term secured loan that uses your car as collateral, so if the loan is not repaid on time, the lender can repossess your vehicle. To avoid the risk of losing your vehicle, expensive monthly payments, and an annual percentage rate(APR) that can easily reach 300%, you may want to find an alternative such as:
If you have to take out a car title loan, you should compare rates from multiple lenders to find the best offer. Also, make sure you understand the total amount you will have to pay back and when it is due.