You’ve probably heard all the horror stories about people who have used car title loans and had their car taken off them at the drop of a hat when they fell behind on their repayments. But why are so many of us still enticed by the promises of fast, easy cash and are there any advantages to using this credit product?
First off we have to keep in mind that those who use auto title loans are in a pretty bad state financially so they are not always making logical decisions. At the same time these loans do have some plus points such as the fact that they are available to pretty much anyone who owns a car. Your credit history is irrelevant and you can get cash really quick, usually the same afternoon. Unfortunately if you don’t finish your repayments your car could be removed from your possession just as fast.
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