Title Loans in Las Vegas, Nevada
Aside from personal loans, we also offer title loans online. When it comes to car title loans, your lender would allow you to borrow anywhere from 25 percent to 50 percent of the value of your vehicle in exchange for giving the lender the title to your vehicle as collateral. Typically, these short-term loans last for 15 to 30 days. In most cases to be able to obtain the loan, you would need to own your car. It is less common that a lender would be willing to provide this type of loan if your vehicle is not yet paid off, but this is worked out on a case by case basis.
To give you an idea on how this would work, we have provided an example below. If you own a car that is worth $5,000, and you then find yourself in an emergency situation and are in need of $1,000, a title loan would allow you to borrow against your vehicle, so you obtain the $1,000 more quickly. The same principle would apply with a mortgage. Just like a mortgage uses your home as collateral, a title loan uses your car as collateral too.
Car loans come in a few different ways. There are some that are single-payment loans, which means that the borrower has to pay the full amount of the loan plus the interest rate fee within a month or a few months. Installment loans, which we mentioned previously, can be paid back over three months, six months or even longer depending on how the lender would work it out. This really is on a case by case basis.
It is important to note that the fees that are attached to car title loans are high. They usually include an average monthly finance fee of 25 percent. On a $1,000 loan, for instance, you’ll need to pay an additional $250 in interest if the loan is repaid in just 30 days. If you’re behind on your payment and those interest charges start to pile up, your online title loans can end up costing much more than the initial sticker price, which is something that should be avoided.
If you are seeking “title loans near me,” or “car title loan near me,” you have come to the right place for that service. We are here to help!