When something has been around for quite some time, it tends to develop a reputation, rumor, speculation, or some other word of mouth story that is passed from person to person. Just as there can be as many different people who participate in these conversations, there can be as many different variations of the original story. Let us explain.

Until the past few years, the predominate lenders were in the form of banks, finance companies, etc. As is usually the case with capitalism, consumers wanted more freedom, more options, and more flexibility in how they were able to qualify for a loan. Someone decided to extend an already available loan type in collateral loans to an exciting new type of loan that makes cash readily available to those who may not normally be able to qualify for a loan through a bank. Therefore, auto title loans were born.

Yes, we are aware that banks and finance companies were already lending money for vehicles while they retained the title for the duration of the loan. What they were not offering were the flexibility that a dedicated car title lender can provide. Your local title loan lender in Bakersfield can get you cash within one hour. There is no catch to that. Just as there are no catches to the affordable repayment options for an auto title loan either.

If there were any catches to a car title loan, it would have to be in why some people wait so long before they apply for a title loan.