How Does a Car Title Loan Work
This is a brief summary of a car title loan transaction. The exact details will vary depending on the state or province the car title loan takes place in. For a thorough discussion of how to make money in the car title loan industry, refer to our “Car Title Loan Business Start Up Manual.”
Car Title Loan Business - How to Start
Virginia car title lending laws have been modified. A Virginia car
title loan business will still prove to be quite profitable. However, you’ll want to be
familiar with these rate changes. Not in Virginia? Look for links to your state as well.
What is a Car Title Loan?
The term, “auto title loan” or “car title loan” is due to the practice of giving the lender the title to your car as collateral for the loan. If the loan is not repaid on time you risk losing your car. Auto title loans are also known as “pink slip loans” in some states because of the actual color of the car title (pink). Car title loans should not be confused with payday loans; they are two different animals.
