Why Taking Out Fully a Car Title Loan Might Be a move that is bad

Why Taking Out Fully a Car Title Loan Might Be a move that is bad

When you are looking for fast money, maybe you are convinced by too-good-to-be-true loan promises to utilize your most valuable possession—your car—as collateral. These loans, referred to as automobile name loans, may be misleading and may run you a lot more than you bargained for—or your car—if you don’t repay on time.

What’s a Vehicle Title Loan?

Car title loans in Virginia are governed by the Motor Vehicle Title Loan Act. They are high-interest loans supported by your car or truck’s name as collateral. In the event that you skip a re payment, your car or truck might be repossessed.

A car title loan term cannot be less than 120 days or more than 12 months under Virginia law.