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Yes. However, if you default on your loan, they are legally entitled to repossess and sell it. Always be careful before committing to anything!
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∙ 14y ago
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What are the requirements to take out a title auto loan?
The requirements for taking out a title auto loan are, being the age of 18 or older, the auto vehicle must not have financial dues, and must provide valid proof of vehicle ownership.
How do I go about getting a title loan so I can make a mortgage payment?
You will find auto title loan companies in your community. Take the title to your car with you and talk to them about a loan. Your car title will be your security for repaying the debt. Just be ware if you do not, they can repossess your vehicle.
Can they take your car with the new law auto title loans?
I'm not sure what a "new law auto title loan" is, but basically, if you are using your car as collateral for a loan, yes they can take it if you fail to make payments on time. This should be pretty explicitly spelled out in the paperwork.
Do auto cash title loans put a lien against your car?
Auto cash title loans do not put a lien on your car. What happens is you surrender the title to the loan company and they give you cash. If you fail to pay back the loan, they have the title and are now able to legally come and take your vehicle.
When a cosigner is needed to obtain an auto loan do he need to be on the title?
I am able to take a loan out against my vehicle and have a co-signer and was told by the bank that this does not mean that my co-signer can have my vehicle nor their name on the title but just that they get to repay the loan if I do not. I hope this leads you in some direction.
Why You Should Avoid Title Auto Loans?
Title auto loans are loans made to individuals who hold clear title to their vehicles. You will have to present the title and the car in order to secure this type of loan. However, the loan company does not keep your car; they just want to ensure that it is legally registered and that it has an up-to-date inspection sticker. While these loans are relatively easy to get, they carry very high interest rates. In addition, if you are unable to make the payments, you could lose your car. If you must take out a title loan, pay it off as soon as possible and try to avoid this type of financing in the future.
Can you take out a loan on a car with no title?
No u have to have a title.
If you refinance a home mortgage and the new lender rolls your existing auto loan into the new home loan do you receive the title of the car since the original auto loan no longer exists?
Your info was a little sketchy but I will assume the new loan was used to pay off your existing debt on the car which, providing there are no other liens on the vehicle, will allow you to receive the title. I am assuming you have a vehicle loan agreement that is marked PAID. Receiving the actual title can take some time depending on your state.
Is it common to take out a 60 month car loan?
Yes it is common. The concept behind a 60 month auto loan is a very simple one: a person has sixty months or five years to pay off the auto loan. This means that a borrower has to make 60 payments before they get title to the car. Under a normal loan arrangement, the lender keeps the title to the car. This enables the lender to repossess or take back the car if the payments are not made.
do you keep the car when you apply for a title loan or do i get to keep it and pay offf the loan?
generally, you keep the car but the title loaner owns the car technically--not advisable, only as a last resort, because I think they can take the car at any time if you don't pay it off (i think)--you can still drive the car whle u pay off the loan
Can you take out an auto title loan if the car is yours but is under your dads name?
no. because, you have to have him go with you. your names not on it? then you can't. sorry. hope i helped. =]shelbyyy
Factors In Getting An Auto Title Loan?
When times get tough and you run into the need for additional money, an auto title loan could help you get the funds you need. When considering an auto title loan, there are some points that you will need to keep in mind. An auto title loan is a loan in which your car will be used as collateral for the loan. This means that should you default on payments, the lender will be able to repossess your vehicle and sell it to recuperate the balance owed on your account. In the event that you fall into this unfortunate situation, it is important to remember that should the lender sell the vehicle for a price that is less than you owe on your loan, they can come after you for any deficiency balance. The amount you will be able to borrow on this type of loan depends on the value of the car you are pledging as security and maximum loan laws. For instance, if you are trying to get a loan for $5000 and your vehicle is valued at $6000, you will likely be able to get the loan. However, even if you have a car worth $15,000 and you are trying to get a loan for $12,000, the maximum loan amount may only be $7500 or $10,000, depending on where you live. Your lender will also take your credit history and stability of your employment and residence into account, as well the amount of other debt you have outstanding. Someone with poor credit and a short term job and residence will have more problems getting approved than someone with good credit and a long term job and residence. This will also have an effect on the amount they are willing to lend you in relation to the value of your car. Getting an auto title loan is easier than an unsecured loan because there is collateral. However, maintaining your payments is extra important as you can lose your vehicle if you fail to make payments. Taking a loan with a payment you know you can afford is the main thing to consider when thinking about taking out an auto title loan.
