An automobile name loan will place your automobile in danger: you could lose one of the most possessions that are valuable your transportation

An automobile name loan will place your automobile in danger: you could lose one of the most possessions that are valuable your transportation

A motor vehicle name loan — also called a loan that is pink-slip name pledge or title pawn — is a little, short-term, high-rate loan that makes use of the clear name in your automobile as security. It really is a really costly type of credit. Some loan providers provide automobile name loans for those who have equity into the automobile, also without clear name. These loans typically are for 15 or thirty days and also have a triple-digit percentage that is annual (APR) — a higher interest than many types of credit.