Christmas gifts are certainly pricey, but car title loans can have interest rates of 25% a month oe 300% annually. Because of these high interest rates, you should only get a car title loan as a last resort.
Car title loans are not legal in every state, and if legal in your state, regulations usually limit how high the interest rate can be. Additionally, interest rates vary by lender, so shop around and compare offers from multiple lenders to find the most favorable terms.
Considering car title loans put you at risk of losing your vehicle, have costly monthly fees, and an APR that can easily reach 300%, you may want to look for alternatives. Some options include:
Ask family and friends for a loan
Regardless of what you decide to do, saving on other expenses when possible is always a smart idea.
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