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Why would anyone ever get a car title loan?
"Are car title loans risky and why would anyone get one? I see car title loan commercials on television all the time, but I've also read how predatory their loans are."
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“People get car title loans in a pinch when they need money for an unforeseen event, bills, or even groceries.
The reason that people use car title loans is due to many factors, but most have to do with credit. For those with poor credit, getting a quick loan for a small dollar amount might be impossible. So instead, they get a title loan, as these places often deal with individuals with poor credit.
You’re right, though. The interest rates are about equal to loansharking, and these businesses should be avoided at all costs, especially if you have other financing alternatives.
View full answer
- Gregory R.
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