Car name loans are a kind of predatory financing. Do not let these loan providers prompt you to their victim.
If you are strapped for cash and you have your car or truck free and clear, a car name loan may seem just like a good solution to get some good quick money when it’s needed. But automobile name loans are one of the most high priced types of credit you will get, along with pay day loans and pawnshops. Most of these loans end up in the sounding predatory financing: They target consumers that are eager for money and for that reason happy to spend ridiculously high rates to have it.
How name loans work
Automobile name loans make use of your automobile as security.