How does a title loan work in TN?

How does a title loan work in TN?

How Does an Auto Title Loan Work? Put simply, a title loan is a way of borrowing money using your vehicle as collateral. A lender will figure out the value of your vehicle, and then make an offer based upon how much it’s worth, along with your income.

Can you get a title loan for a car?

If you don’t already know, car title loans are short-term, high-interest loans that anyone with a car in their name and a government-issued ID can take out.

How much does it cost to get a title loan?

Almost 12 percent of title loan borrowers make under $15,000 a year, while about 18 percent make under $25,000. The average loan amount is $950, which equates to $2,140 in interest, plus additional fees every time the loan is rolled over.

Who are the critics of car title loans?

The Center for Responsible Lending, the Consumer Federation of America, and the Southern Poverty Law Center are three of the most outspoken critics of title loans. They believe that these over-secured, predatory loans are highly detrimental to the welfare of the people to whom they’re marketed.

Why are car title loans illegal in some states?

These organizations want states where title loans are legal to take a serious look at the destruction these title loans leave in their wake and either ban them or regulate them in order to protect low-income consumers.

Where can I go to Pawn my Car title?

Once you’ve gathered all of your documents, take them and your car to a title loan company. TitleMax® has more than 1,000 locations around the country. We also give you the option of applying for your loan online to save you time and gas. At the car title pawn location, your car will be inspected by a sales associate.

Can a title loan be used as a pawn in Georgia?

Georgia law treats a title pawn as a pawn of the car itself for a sum of money. However, unlike other property, the pawnbroker doesn’t need to have possession of the car itself.

Can you take a TV to a pawn shop in Georgia?

A title pawn in Georgia essentially is subject to the same rules that would apply if someone took a television to a pawnshop. Georgia doesn’t limit the maximum value of a title pawn.

What happens when I Pawn my Car title with TitleMax?

After the amount has been decided and you’ve agreed to the terms of the car title pawn, you’ll receive the full amount of the pawn, usually in the form of a check. TitleMax® will give you your cash, and you get to drive away with your vehicle. The value of your car is based on many different factors, not just the Kelley Blue Book value.