Cleveland 19 News online published a piece that helps people understand what title loans are all about. The article talked about how auto title loans have in the pawnbroking industry and explains what it means to use your vehicle as collateral and how you must forfeit that collateral should you default on your loan payments. Read the full story here.
Perhaps the most important thing to know if you’re taking out a title loan is that since you are using your vehicle as collateral for the loan, if you don’t make your payments, you could lose your car. Many title lenders will repossess a vehicle only as a last resort, since it costs them time and money to do so, but if left with no other options, they will repossess. Ohio repossession rules are a bit more favorable for consumers than in many states, so read on and educate yourself: