What about car title loans-are they honest?

Discussion in Loans started by fancy • Mar 30, 2013.

  1. fancy

    fancyMember

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    There are hundreds of car title loan companies all over the country that simply target the lower income bracket by promising loans even with a poor credit history. I tend to think that these loans have a catch especially with regard to loan repayment. I have seen many people losing their property simply because they used it as collateral for a loan, which they ended up defaulting. Many of these companies do not talk about the issue of repossession on their websites and official documents, which means borrowers only borrow blindly without considering the specific terms of repossession. What is your take on withholding such important information that can help people make informed decisions? Have you eve taken an auto loan and what was your experience like with regard to the repayment process. Did you regret it? The companies also give very low valuations of borrowers' cars simply because they want to hedge against any incidents of borrower bankruptcy. If you default, you never get a penny from the surplus funds auction of your car. This is unfair in all aspects! What is your take on that also?
     
    #1Mar 30, 2013
    Last edited: Mar 30, 2013
  2. dorothymoreno

    dorothymorenoActive Member

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    I have gotten a car title loan before a couple of years back they are alright, they are pretty much like any other loan you pay back in time and they don't take your car. If you think you are going to be late with your payment you just pay the interest on it and it will renew itself. It is ok, but if you don't think you will be able to pay it don't get it because they will take your car.
     
  3. Lead Gener

    Lead GenerNew Member

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    i will try this. Thank you!