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However, secured loans require you to back the balance with an asset (collateral), like your home or car. If you fail to pay, the lender could seize your asset to repay the balance.
Pros and cons of using a personal loan to buy a car Though personal loans can be a good alternative to finance a car, they may not be the right option for you. Consider the following factors when ...
Key takeaways. Car title loans are a convenient way to get fast cash if you own your vehicle outright. These loans aren't without risk, though, as they use your vehicle as collateral and come with ...
A title loan (also known as a car title loan) is a type of secured loan where borrowers can use their vehicle title as collateral. [1] Borrowers who get title loans must allow a lender to place a lien on their car title, and temporarily surrender the hard copy of their vehicle title, in exchange for a loan amount. [2]
In addition to the vehicle title, lenders often also require the borrower to provide a set of keys for the car and/or purchase a roadside service plan. Car title loans frequently involve high interest rates, a short time to repay the loan (often 30 days), and a loan amount less than the car's monetary worth. The borrower also risks losing the ...
Recourse debt or recourse loan is a debt that is backed by both collateral from the debtor, and by personal liability of the debtor. [2] This type of debt allows the lender to collect from the debtor and the debtor's assets in the case of default, in addition to foreclosing on a particular property or asset as with a home loan or auto loan.
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