 TITLE: Are Title Loans Worth the Cost? CONTENT: How Do Title Loans Work?\n------------------------\nYou can typically start the application process for a title loan online or at a title lender's store. Loan amounts typically range from 25% to 50% of the car's value, and you need to have the title in your hands, owning your vehicle free and clear. This means it can't be currently financed through another lender.\nTo complete the application process and get approved, you'll need to bring in your car or motorcycle, a clear title, a photo ID and proof of insurance. You may also need to bring an extra set of keys.\nWhile some states require title lenders to run a credit check, most don't. What's more, title lenders don't even need to check your income in many states to make sure you can repay the loan. Once you sign the contract and agree to pay the loan fees and interest, you'll get your money, and the lender will keep the title until you pay off the debt.\nThat doesn't mean you have to turn over your car—you can continue to drive it as usual during the repayment process, which typically lasts 15 or 30 days, or longer with some lenders. You can typically make your loan payments in person, through the lender's website or through an authorized automatic withdrawal from your bank account.\nIf you don't pay back the loan on time, the lender can repossess your car or motorcycle and sell it to get its money back. In some states, if a title lender repossesses your vehicle and sells it, it must pay you the difference between the sale price and the loan amount. Some states, however, allow the lender to keep all the proceeds from the sale. END