When you are looking for fast money, you might be convinced by too-good-to-be-true loan guarantees to utilize your most valuable possession—your car—as collateral. These loans, called vehicle name loans, may be deceptive and that can run you much more than you bargained for—or your car—if you don’t repay on time.
What exactly is a automobile Title Loan?
Car title loans in Virginia are governed by the automobile Title Loan Act. They are high-interest loans backed by your automobile’s name as security. If you skip a repayment, your automobile may be repossessed.
A car title loan term cannot be less than 120 days or more than 12 months under Virginia law. The bucks you obtain for the vehicle name loan cannot go beyond 50% of the vehicle’s “blue guide” value. You’ve got the straight to produce a payment that is partial your due date and have the best to settle the mortgage in complete before its specified maturity date without penalty. Continue reading “Why Taking Right Out a Car Title Loan Might Be A bad move”