Are Car Title Loans Legal in Florida, Iowa,New York, New Jersey, PA, Colorado, Michigan, Washington DC and North Dakota? Many car owners in the United States have been asking this type of a question for sometime now.
Luckily, I have this article to answer the question about title loans in the whole of United States of America (USA).
Car Title Loans in America
In the United States, what exactly is a car title loan? The facility is a loan given to car owners in an agreement where the said car will be used as collateral.
Car title loans is also referred to as logbook loans in other countries. But how much can one get as title loan?
Usually a title loan is a small percentage of the car value. In the United States, it's usually 25% to 50% of the car market value.
Car title loans limits in many states and townships is around $100 to $5,000 calculated after knowing the current market value of the associated car.
But is a car title loan legal in all states? Read below for more of the information about legality of the loan facility.
Is Car Title Loans Legal?
In some states, a car title loan is not a legal loan product. This means you'll not be able to get a loan against your car in such states.
Some of the few examples are; California and Michigan.
Why is that? Some states consider title loans predatory.
In many states however, title loans are legal. Anyone with car ownership rights holding all legal documents can get a car title loan and it's fast.
Some of the states include;
- Wisconsin
- Virginia
- South Dakota
- Mississippi
- Texas
- Utah
- Tennessee
- Idaho
- Alabama
- New Mexico
- Illinois
- Nevada
- Georgia
- Delaware
- Arizona
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