How do car title loans work?

This is Kristina. Glad to communicate you at the middle of September. No one can get back to their normal business after such a flooding mainly at Vestavia Hills, Birmingham. Several cars were washed away from parking lots that time. At the time of crisis, everyone thinks about “The world needs helping hands”. But none will come for the rescue when needed. However Cars can get you a bigger sum of money with the help of money store and pawn shops in Alabama.

What are Title Loans?
Let me tell the things I know about the Title loans. Title loans are the loans which offer you more cash with your car as a title collateral. Title loans are otherwise being called as auto loans, car title loans or auto title loans.


Getting Title Loans in Alabama
  • Car title loans are limited to a loan period of 30 days.
  • But you will have to pay a higher interest rate for this title loan.
  • 25% - 50% may be the interest rate for this loan. But this rate of interest for a month means 300% for annual percentage rate.
  • Paying the loan balance in full can get the title back or you can renew the loan by paying the interest due.
  • The Borrower can pay extra money with the interest to reduce the principal loan amount.
  • If the loan is renewed, the borrower will receive an additional 30 day term with interest charged on the remaining principal.
  • Title loans can get you more money than you can get it by means of Installment loans or Cash advances.
  • If you can’t repay the loan within the redemption period, the car will be forfeited. This might be the most serious disadvantage in getting the title loans.

Now you can decide about buying a car title loan is best for you or not.
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See ya buddies and have a sweet day every time when you wake up in bed...

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