Can I Still Drive My Vehicle if I Have a Title Loan?
Absolutely! You keep hold of your car during the entire duration of your title loan. The research that goes into car title loans can be messy and hard to get through. We get it. The information that is presented either argues against your options or pressures you with pushy sales tactics that make you question every decision you make. It is, unfortunately, a reality of the title loan industry. But Max Cash Title Loans exists on the premise that we provide relief to those who need it. We aim to be a friendly resource to answer your most pressing concerns. So, with that, let’s get down to it.
First Off, What IS a Title Loan?
Title loans are collateral-based loans that a consumer borrows against their vehicle. Applicants go through an approval process with a lender, who will then determine how much they can safely lend. During this time, they will provide payback conditions that are based on the borrower’s situation. There are many different types of loans, depending on what you qualify for. It is important to determine what is ideal for you. Max Cash Title Loans is a lending broker, which means that our representatives are trained to look at your situation and find the best lender for you.
But Can I Still Drive My Vehicle if I Have a Title Loan?
You can still drive your vehicle while you have a title loan against it. Keep in mind though, if you borrow too much, or you fall into a situation where you can no longer make payments, you will be at risk of repossession. We recommend that before you decide to take out a loan, you determine how much you can borrow and pay back quickly.
The biggest risk to title loan customers is getting trapped by high-interest fees, which can start a chain reaction that is hard to break away from. It is really important to understand what you can realistically borrow so that you can avoid any unpleasant surprises and maintain a good relationship with your lender.
Fortunately, we have built solid relationships with our lenders, so we are able to offer loans with interest that falls far below the industry standards. Generally, interest on title loans can be up to 400%. With a title loan brokered through Max Cash, you’ll see interest starting at around 175%. This allows you a safer buffer to pay back your loan and continue to drive your vehicle.
Our simple calculator will allow you to start the process of determining the best option for you. Afterward, you can fill out an application or give our representatives a call or text at 855-561-5626. We’re here to help!