How to get a loan using your car as collateral
Do you suddenly find yourself in need of a certain sum of money urgently? You don’t want to sell any of your worldly possessions, and you also know what you need is a loan. Well, if you have a car and the vehicle’s title is in your name, you can actually get a loan using your car as collateral. A car title loan involves giving your physical vehicle title to the lender, who will place a lien on your car, note the car value, in exchange for giving you a certain amount of money as a loan. When the loan amount and interest owed are cleared, the lien is removed and you get back your vehicle title. If, for some reason, you do not pay the amount back in full, or default on the loan, the lender has the right to repossess your car and sell it in order to clear your dues.
Now, there are a number of things you should be aware of should you be planning to go down this path of obtaining car finance loan with the car as collateral. For one, a car title loan is generally best for someone who is looking for a short-term loan. Second, you should expect to be charged a higher rate of interest when compared to other types of loans. This is because the defaulting possibility is deemed greater, and so is the riskiness of lending to someone based on their car title. Thus, lenders in this business tend to charge a higher rate of interest but also, by the same token, ask fewer questions, need less paperwork, and process the loan in a matter of minutes, rather than needing time or lots of discussion or checks done first.
adjnaoudwn
So then, why might someone opt for a loan using their car title, knowing that their car could be repossessed, and that they are paying a higher rate of interest? Well, this option is a good one for someone who has little to no credit history built up, or whose financial history and credit score are bad. Those who offer car title loans do not check credit history, and just use the physical asset, in this case, the car, as the mode of determining the loan amount and person’s eligibility to get the loan. They are also likely to check that the person taking the loan has employment of some sort, to ensure that they have the capability to repay the loan alongside the interest being charged.
5 popular crossover SUVs to choose from
Soon after their launch, crossovers began to gain prominence and were sold at a high pace because it resembled an SUV and were relatively cheaper. The crossovers offered many of the SUV’s features with a bit of a compromise. By giving up some features, the car felt much lighter and that contributed to speed and fuel efficiency that the full-sized SUVs and minivans lacked.
Nowadays, with manufacturers experiencing a downfall in SUV sales, compact SUVs are now gaining more prominence and these now come with a standard AWD option. However, there are a few crossovers that run on front wheel drives to maintain a base price. Here is a handpicked list of the five popular crossover cars that you can choose from.
Nissan Rogue
The Nissan Rogue is a popular choice among compact SUVs. It is the best crossover car in Nissan’s line-up and is usually listed as among the top five best selling vehicles in the country. It is very spacious, attractive, well equipped, affordable, and one of the best picks for family usage. The 2018 model Nissan Rogue is upgraded with a ProPilot Assist feature that helps you drive the vehicle in semi-automatic mode. It is more spacious than most of the compact crossovers.
Honda CR-V
The Honda CR-V is also one of the most loved and attractive crossovers. The new 2018 Honda CR-V has some interesting features that include full LED headlights with LED DRL, LED fog lights, heat rejecting green tinted glass, smart entry and lock system, cross traffic monitor, and city brake active system that makes it among the best crossover family cars today.
Chevrolet Equinox
The new Chevrolet Equinox 2018 is definitely a better choice than the one preceding it. It more refined, attractive, and is, surprisingly, around 400 pounds lighter than the weight of its competing crossovers. Chevrolet’s engineers have designed it in such a way that it is noise proof which makes it ideal for both long and short commutes.
Ford Edge
If you were looking for a midsized SUV without a three-row seat, the Ford Edge would be the right pick. While the Subaru Outback and Jeep Grand Cherokee hold up in rough outdoor terrain, the Ford Edge is designed for people expecting a premium-driving experience. It has a decent cargo space, and if you want a larger cargo space, then you can fold down the rear seat to a typical 2-row compact crossover.
Toyota RAV4
The Toyota RAV4 is one of the best selling compact crossovers in the country. The interior comes with a cloth upholstery. You will find the RAV4 in some of the top comparison videos online. This crossover is a mix of practicality, reliability, and standard features that includes the RAV4 in the list of some of the best crossover cars.
Should You Pay More Than MSRP for a Car?
Nearly every time a hotly anticipated new or redesigned vehicle first hits dealer lots, a number of enterprising dealerships will take the opportunity to make some additional profit. Recent examples include the Ford Shelby GT500 and the Ram 1500 TRX. At the peak of their popularity, these vehicles had “market adjustments” ranging from $10,000 to upwards of $30,000 over the manufacturer’s suggested retail price (MSRP).
This issue doesn’t just affect flashy performance vehicles. The past year has seen low inventory at dealerships, caused in part by a semiconductor chip shortage. In this scenario, ordinary vehicles such as the Kia Telluride, the Chrysler Pacifica and the Toyota RAV4 Hybrid have been selling for a few thousand dollars above MSRP. It’s a textbook case of supply and demand in which there are more customers than cars. The good news for consumers is that there are ways around these markups.
While frustrating and costly, this price adjustment is within a dealership’s rights. After all, the “S” in MSRP stands for “suggested.” Edmunds offers ways for consumers to deal with dealership markups on a high-demand vehicle.
2021 GMC Sierra 1500 Review
- Several available powertrains for towing and hauling needs
- Long cabin provides excellent rear legroom
- Massive bed capacity and a bounty of in-bed tie-down points
- Touchscreen display is attractive and easy to use
The GMC Sierra 1500 is a full-size pickup truck and one of the most popular vehicles in America. Like all modern trucks, the Sierra 1500 is just as good at hauling a family as it is a bed full of gravel. It has a spacious cabin, a full complement of driver aids, and a wide range of available engines, from a fuel-efficient four-cylinder to a muscular 6.2-liter V8. There’s even the complicated but surprisingly useful MultiPro tailgate that can be used as a table or folded down as a step up to the bed.
Like its corporate twin, the Chevrolet Silverado, the Sierra competes in one of the toughest segments in the market. Rivals include the fully redesigned Ford F-150 — the Edmunds Top Rated Truck for 2021 — and the Ram 1500. These trucks edge out the Sierra with their more premium interior designs and more comfortable rides. Then there’s the Silverado, which offers nearly everything the Sierra does but at a slightly lower price. Still, this is an undeniably capable truck. Check out our in-depth Expert Rating to learn more about our take on the 2021 Sierra.
Most viewed
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Car Reviews
- Several available powertrains for towing and hauling needs
- Long cabin provides excellent rear legroom
- Massive bed capacity and a bounty of in-bed tie-down points
- Touchscreen display is attractive and easy to use
The GMC Sierra 1500 is a full-size pickup truck and one of the most popular vehicles in America. Like all modern trucks, the Sierra 1500 is just as good at hauling a family as it is a bed full of gravel. It has a spacious cabin, a full complement of driver aids, and a wide range of available engines, from a fuel-efficient four-cylinder to a muscular 6.2-liter V8. There’s even the complicated but surprisingly useful MultiPro tailgate that can be used as a table or folded down as a step up to the bed.
Get Your Deal today Like its corporate twin, the Chevrolet Silverado, the Sierra competes in one of the toughest segments in the market. Rivals include the fully redesigned Ford F-150 — the Edmunds Top Rated Truck for 2021 — and the Ram 1500. These trucks edge out the Sierra with their more premium interior designs and more comfortable rides. Then there’s the Silverado, which offers nearly everything the Sierra does but at a slightly lower price. Still, this is an undeniably capable truck. Check out our in-depth Expert Rating to learn more about our take on the 2021 Sierra.
December 9, 2021
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Auto Finance
Do you suddenly find yourself in need of a certain sum of money urgently? You don’t want to sell any of your worldly possessions, and you also know what you need is a loan. Well, if you have a car and the vehicle’s title is in your name, you can actually get a loan using your car as collateral. A car title loan involves giving your physical vehicle title to the lender, who will place a lien on your car, note the car value, in exchange for giving you a certain amount of money as a loan. When the loan amount and interest owed are cleared, the lien is removed and you get back your vehicle title. If, for some reason, you do not pay the amount back in full, or default on the loan, the lender has the right to repossess your car and sell it in order to clear your dues.
Now, there are a number of things you should be aware of should you be planning to go down this path of obtaining car finance loan with the car as collateral. For one, a car title loan is generally best for someone who is looking for a short-term loan. Second, you should expect to be charged a higher rate of interest when compared to other types of loans. This is because the defaulting possibility is deemed greater, and so is the riskiness of lending to someone based on their car title. Thus, lenders in this business tend to charge a higher rate of interest but also, by the same token, ask fewer questions, need less paperwork, and process the loan in a matter of minutes, rather than needing time or lots of discussion or checks done first.
adjnaoudwn
So then, why might someone opt for a loan using their car title, knowing that their car could be repossessed, and that they are paying a higher rate of interest? Well, this option is a good one for someone who has little to no credit history built up, or whose financial history and credit score are bad. Those who offer car title loans do not check credit history, and just use the physical asset, in this case, the car, as the mode of determining the loan amount and person’s eligibility to get the loan. They are also likely to check that the person taking the loan has employment of some sort, to ensure that they have the capability to repay the loan alongside the interest being charged.
December 8, 2021
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Automotive Research
Soon after their launch, crossovers began to gain prominence and were sold at a high pace because it resembled an SUV and were relatively cheaper. The crossovers offered many of the SUV’s features with a bit of a compromise. By giving up some features, the car felt much lighter and that contributed to speed and fuel efficiency that the full-sized SUVs and minivans lacked.
Nowadays, with manufacturers experiencing a downfall in SUV sales, compact SUVs are now gaining more prominence and these now come with a standard AWD option. However, there are a few crossovers that run on front wheel drives to maintain a base price. Here is a handpicked list of the five popular crossover cars that you can choose from.
Nissan Rogue
The Nissan Rogue is a popular choice among compact SUVs. It is the best crossover car in Nissan’s line-up and is usually listed as among the top five best selling vehicles in the country. It is very spacious, attractive, well equipped, affordable, and one of the best picks for family usage. The 2018 model Nissan Rogue is upgraded with a ProPilot Assist feature that helps you drive the vehicle in semi-automatic mode. It is more spacious than most of the compact crossovers.Honda CR-V
The Honda CR-V is also one of the most loved and attractive crossovers. The new 2018 Honda CR-V has some interesting features that include full LED headlights with LED DRL, LED fog lights, heat rejecting green tinted glass, smart entry and lock system, cross traffic monitor, and city brake active system that makes it among the best crossover family cars today.Chevrolet Equinox
The new Chevrolet Equinox 2018 is definitely a better choice than the one preceding it. It more refined, attractive, and is, surprisingly, around 400 pounds lighter than the weight of its competing crossovers. Chevrolet’s engineers have designed it in such a way that it is noise proof which makes it ideal for both long and short commutes.Ford Edge
If you were looking for a midsized SUV without a three-row seat, the Ford Edge would be the right pick. While the Subaru Outback and Jeep Grand Cherokee hold up in rough outdoor terrain, the Ford Edge is designed for people expecting a premium-driving experience. It has a decent cargo space, and if you want a larger cargo space, then you can fold down the rear seat to a typical 2-row compact crossover.Toyota RAV4
The Toyota RAV4 is one of the best selling compact crossovers in the country. The interior comes with a cloth upholstery. You will find the RAV4 in some of the top comparison videos online. This crossover is a mix of practicality, reliability, and standard features that includes the RAV4 in the list of some of the best crossover cars.December 6, 2021