Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Personal Finance
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-12-2014, 10:51 PM
 
Location: Carmichael, CA
2,409 posts, read 4,425,410 times
Reputation: 4379

Advertisements

From what I understand of car title loans (and I've talked to a lot of people that had problems with them) you give them your car title and a spare key and they give you cash.

I've seen contracts charging up to 99% a year. The people I talked to had made most or almost all of the payments--including double the loan amount in interest--were late on a payment and their car was gone the next day.

Dangerous dangerous way to go.
Reply With Quote Quick reply to this message

 
Old 11-13-2014, 07:25 AM
 
Location: Vallejo
21,678 posts, read 24,843,652 times
Reputation: 18907
Quote:
Originally Posted by ocnjgirl View Post
I honesty don't think you can. Why can't you use your tax return to verify your income? IMO if you don't have income, you won't get a personal loan. When you buy a new car, the bank has a brand new car as collateral, but you'll never get approved for the loan without proof you can make the payments...what makes you think it would be any easier using an older car you already own? IMO it will be harder, as the bank has no idea what it's really worth, if anything is wrong with it, etc.
My car loan is a stated income.

But yeah, new car loan (or a loan to buy a car) is a different situation. The only people resorting to title loans are usually huge lending risks. Normally people would just use a credit card or and normal personal loan from their bank for longer term where the interest rate would matter more.
Reply With Quote Quick reply to this message
Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Personal Finance

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top