If you need cash in a hurry, and you don’t think your credit score is good enough for an unsecured bank loan, then an auto title loan may be what you’re looking for.  If you own the title to your automobile, and are clear of any liens, then you may be able to receive an auto title loan within minutes.  There are no credit checks undertaken, since you’re using your auto as collateral.  Some of the lenders may require you to give them a set of spare keys, just in case you fail to pay them back the loan. 

Auto title loans are intended to be used for short term, and you will have approximately 2 weeks to 2 months to pay it back.  If you can’t pay it back that quickly, then you can have the loan rollovered for another period of payments.  Rollovers are basically large interest fees that must be paid in order to prevent a loan from defaulting.  Needless to say, it’s in your best interest to pay the loan off ASAP, as rollover fees can be very high.  If you keep rolling over, you’ll end up paying much more money back than you even borrowed!

The longer it takes for you to pay back an auto title loan, the chance for you to lose your vehicle will be increased.  This is a reason why title loans can be a high financial risk for the borrowers.  Still, there are laws set forth by each state that regulates what all an auto title lender can and can’t do. It will be wise for you to do research on the laws in your area.

There are many auto title loan lenders to choose from.  In the Las Vegas and Reno areas in Nevada, for instance, there are hundreds to choose from.  In other large western cities, including Phoenix and Tempe, AZ and Albuquerque and Rio Rancho, NM, there are more auto title loan lenders than you can imagine.  No matter where you live out west—Nevada, Arizona, New Mexico, etc…  you should always do research on your state’s laws before choosing an auto title loan lender.

Charlie Merfies