I thought title loans were expensive!

[Ewood]

Auto Equity Loans in Rehoboth Beach is so much cheaper! Just thought I'd let you guys in on a new local business

[Silver Eagle]

why not just go to your local bank or credit union?

[childOfLacroix]

Title loans are a very dangerous way of borrowing money. They're worse than payday loan places; at least payday loan places cannot seize your car.

[Robb]

Can we call them at (302) 260-9807 and complain about spamming our site?

[Tralee]

What's a title loan?

[childOfLacroix]

What's a title loan?

You sign the title to your car and hand it to the title loan place, and they hold the title as collateral for a loan. If you do not pay back the loan on time, they take possession of your car.

What's really insidious is that the loan you will get won't approach the value of your car. Even if you own, say, a $15,000.00 car outright, they'll loan you about $5,000.00 max.

For more detail:
Why car title loans are a bad idea - CNN

Although title loan places have popped up everywhere now--due to the worsening economy--for years they were ubiquitous in towns with heavy military populations. They were so pervasive that the government actually passed a law prohibiting making title (and payday) loans to servicemembers or their families:

New Law Makes Payday Loans to Military Members Illegal

[Grin]

On rt.13 between minquidale and the airport, at last count, were at least six of these title loan places.

[Tralee]

You sign the title to your car and hand it to the title loan place, and they hold the title as collateral for a loan. If you do not pay back the loan on time, they take possession of your car.

What's really insidious is that the loan you will get won't approach the value of your car. Even if you own, say, a $15,000.00 car outright, they'll loan you about $5,000.00 max.

Thanks, I'd never heard of them, payday loans yes, but not this. You're right, it sounds like a bad deal.

[RobForaker]

Too bad you need a loan.....But, Is the everyday citizens turning to payday loans? Several are opening up on rt13 Wilmington manor...