A title loan or a car title loan is a kind of secured loan where borrowers will put their vehicle as security or collateral. The borrowers have to allow the lender to place a lien on their car title, while surrendering the title temporarily, in exchange for the loan amount. Once the debt is repaid, the lien is removed, and the title is returned. This type of loan is a short term loan, designed for exigencies and unplanned expenses. There are no credit checks made and lenders only consider the value and condition of the car.
A car loan is completely different from loans authorized by conventional lenders like banks or credit unions. A car title loan will not affect your credit score too much. You are using your car as collateral to get a secured loan. An unsecured loan needs credit checks and you will need to have good credit scores to get the loan money. But with a car title loan, you don’t need credit scores at all as there are no credit score checks performed while forwarding a car title loan. As you are borrowing money off of your car there is no need to check your credit history. Such loans don’t go on your credit scores as debt, as you have an asset as your line of credit. A car title loan will not affect the credit score in a negative manner.
Tags: type of loan, car title loan places near me, car loan affect your credit score
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