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Vehicle title loans

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Question: 
What is a vehicle title loan?
Answer: 

These loans are single-payment, installment or balloon payment loans secured by a vehicle owner’s title (equity) for a vehicle, usually with a short maturity (often as short as 30 days), with the loan proceeds not used for the original purchase of the vehicle. These loans are usually used to meet short-term liquidity needs for consumers unqualified for conventional unsecured bank credit.
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First published on 06/16/2019

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