A title loan is a type of loan that uses collateral as guarantee- you can use your car, motorcycle or other accepted automobile. The lender will become the legal owner of the car for the duration of the loan but the owner remains the registered owner, so the car stays with them.
How much money you can get is determined by your ability to repay the loan and the vehicle’s value and condition, among other factors. As was mentioned, the car stays with you so you can go on with your normal routine. Once you finish paying off the loan, you will receive the title back.
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A. How do title loans work B. The complete title loan glossary