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Georgia Car Title Loans

Car Title loans in Georgia

Georgia title loans may seem complicated, but they are anything but. In fact, everything that you need to know, well the basics, about Georgia title loans can be found on this page. Let’s dive right in.

How title loans work in Georgia

When you normally take out loans of low value, you do not need to place any collateral down. This is because the lender will trust you based upon your credit rating. That is not the case with title loans, because most of the people obtaining this type of loan will have a poor credit rating.

With title loans, you will be putting up your vehicle as collateral. You are telling the lender that if you fail to pay the loan back on time, they will have the right to seize your vehicle. It will now belong to them. You can put any vehicle you own up as collateral (in most cases), as long as you own the title to it. So, you may even be able to put up your boat as collateral when it comes to Georgia title loans!

Can you still use your vehicle?

Absolutely.

When you take out title loans, you are not going to be physically handing your vehicle over as collateral. You are just giving the company the rights to seize it in the future. This means that you can continue to use your vehicle for the duration of the loan. If you fail to pay your loan back on time, that is when the company will be able to seize your vehicle. That is when you will lose access to it.

How much can you borrow on your title loan?

This will be fully dependent on where you go, as well as the vehicle you own.

A lot of people seem to be of the belief that you will be able to obtain the full value of your vehicle as a loan. You will not. Not by a long shot. You must remember that title loans work because the lender wants little to no risk on their part. They need to know that they will get back every single cent of the money that they have lent you. This means that they will give you much, much less than the value of your vehicle.

When you go to obtain your title loan, you will be often asked how much you are looking to borrow. This is important information because it enables the lender to know whether they can get close to the price that you are asking or not.

Never feel insulted by the amount of money you are being offered on your loan. The lender needs to keep this low in order to ensure they will get paid back.

What is required to obtain a title loan in Georgia?

You won’t need much. You will, of course, need the title to your vehicle. In addition to this, you will need to show identification. The ID must match the name on your title otherwise you will not be able to obtain a title loan.

Who are title loans for?

Title loans are for those people who are struggling to obtain credit elsewhere. So, if you have a poor credit rating then you may find that a title loan is going to be right for you. There will be no credit checks carried out. Of course, the lack of credit checks means that the interest rate is going to be a bit higher to help alleviate some of the risks, but because you are giving up collateral, the interest rate that you pay will be nowhere near the same as you would get with a payday loan, so always go for this type of loan if you have a vehicle.

In addition to this, these loans are going to be ideal for those people who need money quickly. If you go down the traditional loan route, then you will often be waiting days, sometimes weeks, to get approved and have the money in your account. This is not going to be an issue with title loans. In almost all cases, you will have the money in your hands the ‘same day’.

It is important to note that title loans are not made for long term borrowing. They are loans which have been specifically designed to be paid off in a month or two at the most. If this time frame is not something that you can meet, then this type of loan is not going to be for you and must be skipped otherwise you will end up losing your vehicle.

What happens if you do not pay back your money on time?

If you fail to pay back your loan on time, then you will lose your vehicle. It really is as simple as that. There are some lenders who may give you a couple of days leeway if you are having an issue, but these lenders are going to be rare. The lenders need to get the money that they have lent you back as soon as possible, and this means that when you fail to pay back the loan on time, the title of your vehicle will revert to them and they have the legal right to sell it.

They will come and seize the vehicle from your property as soon as possible.

Best title loan companies in Georgia

Generally speaking, the best way to obtain Georgia title loans will be online. It’s a simple process that you can go here to start. There are a lot of companies competing against each other here, and when companies compete against each other, they are going to strive to offer the best possible prices. You will likely also find a couple of title loan companies in the area around you. It is worth noting that no matter where you end up searching for a title loan, you always go to great lengths to ensure that you do your research. You want to know that the company you have selected is a reputable company.

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