A kind of loan that needs borrowers to surrender the games with their cars to loan providers as security. Just individuals who possess their cars outright without any outstanding liens are qualified to receive name loans. The debtor is permitted to carry on driving the vehicle as he or she repays the name loan. In the event that borrower misses a payment, the financial institution can repossess the vehicle or vehicle and offer it. These loans typically carry high interest levels in comparison to other people kinds of loans.
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