Car title loans ct

Whether you are an immigrant or have permanent residence status as an American, title loans Connecticut laws don't prevent valid residents from opting for a title loan. If you have a qualifying vehicle and stable income proof to pay off the debt, you can easily apply online.

Disadvantages of Car Title Loans You could risk losing your mode of transportation if your loan goes into default status. That's because the car is the collateral that secures this loan, and the lender can repossess its collateral to recoup losses.

To get a car title loan, you need to own your car or have equity in it. A car title loan is a small secured loan that uses your car as collateral. Car title loans tend to range from $100 to $5,500 — an amount typically equal to 25% to 50% of the car's value. The loan term is short — usually just 15 or 30 days.

In most cases, a title loan won't have any impact on your credit scores. That can be good and bad. For starters, most title lenders don't run a credit check when you apply. That check, known as a hard inquiry, typically knocks five points or less off your credit score.