A car or truck title loan — also called a loan that is pink-slip name pledge or title pawn — is a little, short-term, high-rate loan that makes use of the clear title on the automobile as collateral. It really is an extremely costly as a type of credit. Some lenders provide automobile name loans when you have equity when you look at the automobile, also without clear name. These loans typically are for 15 or thirty days and possess a triple-digit apr (APR) — a higher interest than many kinds of credit. Automobile name loans frequently are for a sum this is certainly 25 % to 50 % associated with the value of the automobile. An average of, these loans are for $100 to $5,500.