The Credit Counseling Professionals

03/09/10

Did You Know ...?

....you should beware of car title loans. A bank or other financial institution may agree to make a secured loan against the value of your car, called a 'car title loan', 'auto title pawn' or 'car equity' loan. You keep and drive the car, but the lender keeps the title as security for repayment of the loan, as well as a copy of your keys. These loans are dangerous, because missing even one payment can mean losing your car, even if the car is worth far more than the amount you owe. Annual interest rates of 300% are common. For more information, visit bankrate.com at:
http://www.bankrate.com/finance/auto/car-title-lending-short-term-fix-with-long-term-expense-1.aspx

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