Glossary

Auto Title Loan

• An Auto Title Loans allows financial service provides to lend customers cash quickly. The Car becomes the collateral and the customer makes monthly payments to the finance company until the loan is paid off. Car Title Loans USA provides customers with the best customer service possible.

Prepayment Penalty

• This is a fee that some lenders charge if you pay off the loan prior to the date on your contract. 

Rollover

• This term is used when you are at the last few months of your loan and you need another car title loan. The last few payments are rolled over to the new loan.

Pink Slip

• This is another term for the title to your vehicle.

Clear Title

• You do not owe any money on your car. You should have possession of the Title.

Lien Holder

• Someone who legally has the full right to the ownership of the car should you default on a contract that you may have with them. Lenders are typically a lien holder however you could also get a lien on your title if it has been repaired and you have not paid the shop. This is called a mechanics lien.

Refinance

• If you have a loan on your car you can still get a loan from another finance company. The second finance company will pay off the current loan on your car and become the new Lien Holder. Normally you would do this to reduce your monthly payment amount.

Kelly Blue Book

• Kelly Blue Book provides the current retail and wholesale value of a vehicle.

Loan Fee

• Some lenders charge a fee for administration and processing the paperwork. This fee is usually incorporated in the loan or an up front fee you have to pay to get your money.

Processing Fee

• Same as a Loan Fee

Credit Rating

• A credit rating tells a lender or investor the probability of the subject being able to pay back a loan. Most Title Loan Companies do not require any credit check.

Title

• A vehicle title (also known as a car title) is a legal form, establishing a person or business as the legal owner of a vehicle.

Auto Pawn

• An auto pawn is where you leave your vehicle with the car title loan dealer and it is returned when you pay off the loan.

Pawn Shop Loan

• A pawn shop loan is a loan given based on collateral that is given up to the pawn shop.

Pay Day Advance Loan

• A pay day loan, or cash advance loan, is a loan given based on previous payroll and employment records.

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