Ohio Title Loan Laws
Auto Title Loan, Car Title Loan, Vehicle Title Loan, and Auto Equity Loan
Ohio has several strict laws that protect consumers from predatory lending. It’s important for all borrowers to learn about the method in which they are taking out a loan. Vero Lending provides that step by step process that ensures you understand everything about your Car Title Loan in Ohio. This type of loan, also referred to as Auto Title or Auto Equity Loan, is a way to borrow money against your motor vehicle’s value or equity
Based on your vehicle’s worth, the lender determines how much money you can borrow. On average, title loans are $200 to $10,000, but they can be as much as $20,000. The duration of these loans is can be up to 36 months. In a title loan transaction, you keep your motor vehicle and drive it, while the lender keeps the title to your motor vehicle as security for repayment of the loan. If you cannot repay your loan, the lender will repossess your motor vehicle, sell it and pocket whatever you owe.
If you feel that you are about to default on your Auto Title Loan, please contact us. Vero Lending wants to work with you to resolve your loan obligation. If we are unable to resolve your loan obligation in a timely manner and your loan defaults drastically, Vero Lending reserves the right to repossess the vehicle that you used as equity for your loan. You will be responsible for all repossession and administrative costs.
This is a worse case scenario that we will work hard with you to avoid.
What Will You Have to Pay?
Ohio law allows a title lender to charge you interest on your loan of up of 30%, but Vero Lending is far below at 19.9 per year for the first $2,000 you borrow; and 18% a year on any money you borrow over $3,000. You should look into our extensive FAQ for more information or please call us today at (877) 958-5373.
Get The Facts, it’s the Law!
Ohio consumer laws and statues regulate title loan lenders. Under Chapter 537, you and the lender must sign a written agreement before you get your loan. Be sure to read and understand the agreement before you sign. It must say how much you are borrowing (called the “amount financed”) and what the interest rate will be.
The loan agreement must also explain that if you do not repay the loan the lender can take possession of your vehicle, sell it and keep the proceeds up to the amount you owe along with any reasonable expenses to cover the repossession and sale. Also, the lender must notify you if he intends to repossess your vehicle and you will have the chance to arrange to hand it over instead of having a repossession agent come to get it. You must have a chance to remove any personal property you have in the vehicle.
In addition, up until the time the car is sold, you still can get it back if you pay back your loan and any reasonable expenses. The lender has to tell you 10 days in advance of the time and place of the sale and give you an accounting of what is owed. If you decide to take out a title loan, you should ask the lender what his policies are on notifying you in advance of a repossession or a sale, and on whether you might be able to get your car back before it is sold and for what charges.
Remember that Vero Lending is here to work with you and provide you a safe and fast Ohio Car Title Loan. Unlike other lenders, we want you to know your rights and understand the entire process.