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Buying a Car from a Title Loan Agency

  

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Hi Scotty;

What is your opinion on buying a car from a title loan company?

Thx!


3 Answers
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Who deals with title loan companies? Broke people with bad credit. Do you think that these are the people who take good care of their cars, doing oil changes and other maintenance on time? I think not. So you are rolling the dice to get a well-maintained car.

Now, then we have the question of dealing with title loan companies. They lend money at very high interest rates to desperate people, and then doing repossessions, sometimes more than once on the same customer. So, they are usually even worse to deal with than a regular used-car lot, whose reputation for cheating and lying is legendary.

Is it possible to get a decent deal? Somebody wins the lotteries, no matter how poor the odds are. Are you likely to get a good car at a good price? Probably not.

 

 


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Posted by: @katev907

What is your opinion on buying a car from a title loan company?

Worked in such a business right after college.. From my experience, my advice would be to the same as what @glen_stet has given you, stay away. Very poor maintenance (if any) is the norm for such vehicles.


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I second everything that @glen_stet said! Like BHPH ("Buy Here Pay Here") used car lots and payday loan joints, title loan outfits are the worst kind of bottom-feeders who specialize in taking advantage of people in desperate financial situations. Aside from the ethics of having anything to do with that kind of business you can bet the cars they repo have been abused and neglected.


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