Title loans can be expensive the interest is usually around 24.6% a month which comes out to ~ 300% APR a year.
The max interest rate on a loan including a Georgia title pawn is 16% on loans from $2,999 – $249,999 says the Georgia Department of Banking and Finance laws.
In GA you can go to jail if you attempt to hide your vehicle from a car repossession see law O.C.G.A. 16-9-51.
Believe it or not but yes you can pawn a salvage title vehicle in Georgia as long there is enough equity
Repossessions get reported to credit bureaus and lower your credit score for 7 years
A rebuilt title vehicle loses 19% – 39% of the Blue Book® Value so a rebuilt titled vehicle will get less cash for a title pawn or car title loan
Vehicle repossession is a private matter and cannot involve police officers by law.
The Georgia Department of Revenue’s DMV does not record title pawn statistics or facts between lenders
A title pawn is the same as a title loan in theory but can only be done in the state of Georgia
The average borrower extends the payback of title loans 8 times (often called payoffs, buyouts or refinancing)
Title loans can be expensive the interest is usually around 24.6% a month which comes out to ~ 300% APR a year.