If you are looking for auto loan options and possible lenders, you must not get confused if you come across the term auto title loan. The similarity ends in the way the two terms sound as the two are very distinct products.
An blue sky financial auto loan is a secured type of loan that uses your vehicle as collateral that the lender can liquidate in case of payment default. An auto title loan is ideal for people who need immediate access to cash to pay for emergency expenses.
The loan amount depends on the vehicle’s value as assessed by the lender. The interest rate and terms are influenced by the borrower’s credit-worthiness. As an auto title loan is generally intended for people with low credit scores, it usually comes with high interest rates.
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