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Consumer Tips: Car Title Loans

What should I do before I get a car title loan?

Before you get a car title loan, consider other choices:

  • Can I get a loan from a bank or credit union?
  • Can I get more time to pay my bills by talking with creditors or a credit counselor?
  • Do I have any money saved that I can use?
  • Can I borrow money from family or friends?
  • Can I use a credit card instead?

How do I choose which way to borrow money?

Compare the costs, if you have more than one option.  For each choice, find out:

  • what is the APR?
  • what are the fees?
  • how soon must I repay the money?
  • what happens if I cannot repay?

Write the answers to these questions.  Decide which choice is best for you.

 

I decided to get a car title loan. What should I do?

  • ask the lender to tell you how much it will cost in dollars
  • ask the lender to tell you the APR
  • borrow only what you can repay by the date the loan is due.