Can a title loan lender take my car?

Is it possible for a title loan lender to take my car? I don’t want to get one if I could lose my car, but the terms are super confusing.

Answer
Loans can definitely be confusing, but try not to worry! Car title loans use your car as collateral, so your lender can take your car if you don’t make your payments.
While they can be helpful, car title loans have very high APRs and short repayment periods. That means you’ll need to pay back more than you borrowed within a brief timeframe.
If you want a more reliable way to get some quick cash, consider applying for a short-term loan with a local bank or credit union. These will usually come with more affordable interest and flexible terms.
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Liz Jenson
Answered on Nov 08, 2021
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