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Certain other terms and conditions may apply. Title Max can certainly repossess the car if youve defaulted. You keep driving your car while you repay the loan. 2 Personal Unsecured Loans/LOCs: Unsecured loan amounts and products not available in all stores/states. If a lender thinks the car has little value or would be too difficult to sell, they will not offer a loan. 2Dave & Buster's. If you don't pay what you owe, the lender may decide to repossess your vehicle. . It's . Say a $1,000 title loan is advertised at a 20 percent interest rate. Often a vehicle's history and true structural condition can be hard to ascertain, and this may lead to you being . Since lenders are taking a risk by lending money without a credit check, they take various steps to make it a safer investment. Your insurance company may decide your damaged car is a total loss if: It cannot be repaired safely. The money wouldn't come directly to you because your car is financed. Make sure you compare at least 5 separate lenders and look at factors beyond interest rates. Once you pay off your account balance, you get your title back. TitleMax serves individuals who generally have limited access to consumer credit from banks, thrift institutions, credit card lenders, and other traditional sources of consumer credit. Money Personality Quiz and Test. Here are a few tips to help you with your search. We provide a personal loan on the spot and place a lien on the vehicle's title. SalvageAutosAuction.com has thousands of used Cars and more salvage cars, trucks, motorcycles and more in . And some lenders have adopted technology to remotely disable cars after even one missed payment. The truth is that most banks may look at a salvage title as coming with very high risk. Same with the impound lot. Edwardsville Childen's Museum.- Adorable place for kids 8 and under to play! You will need to substantially repair the vehicle before youre allowed to take it on the road, and you might also need to subject it to an inspection before it can be reclassified as a rebuilt car.. One major benefit to refinancing your current car title loan is the potential of lowering your monthly payment.