Understanding The Atlanta Car Title Pawn Terminologies

1. Understanding The Atlanta Car Title Pawn Terminologies Car Title Loan - (Just to make sure you understand what a car title loan is). A short term loan obtained using your car, motorcycle, boat, truck, or other vehicle as collateral. You hand over the title of your car to your title lender and in exchange, receive cash. You must then pay back your loan using periodic, payments. Once all Title Pawn Atlanta payments are made, you get the papers back to your car and get to keep it. Collateral - Collateral is what is used to obtain a loan. In the case of a car title one, your car, motorcycle, truck, boat, or other vehicle is collateral. You don't actually hand over your vehicle though. Just the paper work. You get to keep it during the process of paying it off. With these types of loans, if you do not make your payments on time, you will lose your collateral. Loan Officer - This is the person who will be helping you at your title loan office. At any reputable title lending company, he or she has been trained specifically to handle your type of loan. Don't be afraid to ask questions and don't sign the dotted line until you understand the full process, including when your payments are to be made and how much.

2. Borrower - The person who is obtaining the loan. That would be you. Pink Slip - Your "pink slip" is what you hand over to your title lending officer. This is your car title paperwork. In some states, these are actually called "Pink Slip Loans." Repossession - When your car or other vehicle is taken from you. It is the legal right of the title lending company to repossess your vehicle if you don't make payments on time and in the proper amount. This is why it is so important to understand when your payments are due and be sure you can pay your loan off on time. Interest Rate - This is the percentage of money that is paid for use of money. It's what's added to how much you owe your title lender. You calculate this by dividing the amount of interest by the amount of principle. Short-Term Loan - These types of loans, at least in the instance of title lending, are for 30 days or less. Atlanta title loans are typically this length of time, which means you have to pay them off very quickly to avoid penalties. Pay Day Lending - Small market loans designed to carry a person taking out the loan until the next paycheck. Often times they last two weeks but the interest rate can be as high as 400 percent. Just like car title loans, laws vary from state to state to state and so do the protections you're entitled to. There are currently 17 states that have interest rate caps on pay day lending. It's best to do your research and understand the laws in your state before pursuing this type of loan. If your officer isn't forth-coming, find a new one. AtlantaTitlePawn is a Car Title Loans Company in Atlanta and nationwide. Contact AtlantaTitlePawn when you need Quick Cash for Car Title Loans or visit their website to fill out a Title Loan Online Application.