Most buyers are unaware of car title loans, as these have received minimal publicity in the auto loans market. If you go for a car title loan, you will be putting your car at risk as you are taking a loan against the car that you have.
You have to mortgage your car and if you default in payment, you are at risk of losing your car. In simple words, car title loans keep your car as collateral. While taking the loan the borrower has to provide a separate set of keys to the lender. In case there is a default in payment, the lender has the right to forfeit the car and sell it.
resorce: americanchronicle.com
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