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So, if you’re thinking of getting a title loan, it’s important to understand how they work and what the potential consequences could be. According to the financial gurus at myAutoloan, arranging to finance in advance will help you get the best deal on your car. And while it can be easy to get approved for a title loan, the interest rate is going to be high and could potentially trap you in a cycle of debt. To get a title loan, you need to have a car with a title. The money is given to you in the form of a loan, and you then have to pay it back with interest. Understanding How Title Loans WorkĪt its core, a title loan works by giving you money based on the value of your car.
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And if you’re thinking of junking a car with a title loan on it, it’s probably a good idea to talk to them anyway, just to be safe. The best answer is to talk to a lawyer in your area to find out what the specific laws are in your state. However, the title loan company likely has a security interest in the car, which means they could come after you for it if they so choose. On one hand, you technically own the car and can do what you want with it.
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The answer to this question is murky at best. Let’s just get to the point here: can you scrap a car with a title loan and get cash? And more importantly, should you? That’s what we’re going to find out here in this article! Is It Legal To Junk A Car With A Title Loan On It?