Car Title Loans
If you are in need of a loan and you own your car free and clear, you may be able to take out a loan against the title of your car. When taking out a title loan, you do not surrender your car; rather, you just surrender the title to the car. You can still drive your car as usual.
One thing to keep in mind when taking out a loan against your title is that you risk losing your car if the payments are not kept current. This is a very serious concern and one that you should take very seriously. You have probably worked hard to pay for the car, whether you paid it in cash or made payments. The car is yours now. Once you take the loan out, you no longer own this car until the loan is paid off.
There are a variety of car loan places and each has a different interest rate. Each one also has different pay off terms. Some car loan agencies will allow you to pay the loan off all at once with 0 interest if you pay it off in the first 30 days. If you only make a minimum payment each month, you will not be paying off much on the interest. In the end you may wind up paying more than triple of what you originally borrowed.
Certain states have made title loans illegal. Check your local state laws and make sure these loans are legal where you live.