Owning your vehicle and not having to worry about monthly payments or finance options is a great feeling, but few know you can get a loan on a car you own.
However, the caveat of car title loans is that the lender can repossess your vehicle if you fail to repay the loan or do not meet their terms. On top of that, car title loans often have a short repayment period, costly monthly fees, and a high APR. So, while you can get a loan on a car you own, it should only be done as a last resort if you are in desperate need of money.
Alternatively, if you need some extra money, you should consider taking out a personal loan, borrowing from friends and family, or saving in other areas.