Have you seen signs around town that say we do “title loans” and wondered what those were? Title loans are where you put your vehicle up for collateral to secure a loan. When you get a title loan the company giving you the loan puts themselves as the legal owner while you remain the registered owner. Once the loan is paid off the lender releases interest in the vehicle.
Title Loans are emergency loans. They are short term high interest. The main benefit to a title loan is that you get to keep your vehicle while paying the loan off.
Title loans are not just for cars trucks, and vans. Title loans are done for motorcycles, boats, jet skis, dune buggy’s. Some places even do loans for salvage car.