Have you noticed “auto title loan” retailers in your area? In Ohio, one of the larger “cash for car” title loan outfits know as Loan Max boasts nearly (40) locations currently in Ohio. Loan Max has about ten locations right here in the Cleveland area. Why do we find this to be mildly disturbing? Many view these providers as dangerous, predatory lenders, who prey on desperate people much like the payday lenders.
What are the options in quickly disposing of a vehicle, or essentially using your car to obtain cash? On older vehicles, there are scrap my car companies which allow you to sell a car for cash that basically scrap cars for cash. These scrap car buyers allow you to sell junk cars and handle the junk car removal. This end of the business is only for those that actually own their vehicles. The auto title loans companies are simply using the car as collateral against a short term loan. Fox Business sums up the industry by saying “despite the potential long-term risks, it’s a less-known form of subprime lending. For some borrowers who put up their car as collateral, they’re gambling their only remaining asset. One of the fundamental problems with car title loans is they don’t factor in the borrower’s ability to repay the loan.” To see the complete article visit http://www.foxbusiness.com
About Cleveland Scrap Cars
Where to scrap my car or sell car for cash in Cleveland? Looking to scrap a car for cash from a reputable scrap car buyer? Sell a junk today and get free junk car removal throughout Cuyahoga County. We are not providing loans here, we are actually a scrap car buyer and will offer junk car removal and scrap my car services regardless of the car’s condition. To scrap a car for cash or sell a car for cash, simply give us a call 7 days a week at 216-282-JUNK or to sell a junk car after hours, simply send your vehicle information through https://www.clevelandscrapcars.com for a no obligation junk car quote.