• FirefoxInstall the new Firefox »


    does a car title loan show on credit report when getting a mortgage?

    so the wife and i are in a bad spot, she just went back to work after having a baby and we only have 1 car, ive been driving the motorcycle (its not worth enough to sell) to and from work, but her job hours have changed, so we need a second car, asap. i dont want to go buy some junker for $1000 because im afraid that it wont be safe or might brake down when we have the baby with us. i asked, and the mortgage broker said to stay in our price range for a house i cant take out a loan or finance a car. we are in the position to buy a good car, for about 1/2 the book value (a friends grandma just passed) and im thinking of getting a title loan to cover what i would need to get. i know the interest is terrible, but we need a vehicle now, so i need to know, aslong as the loan is paid back on time in full will this show up on my credit in any way shape or form? (by the way i have good credit, but to get into the house we want and get the state funding through the program im in i had to pay my debt down to zero)
    a month ago 3 Answers

    Best Answer

    Like payday loans, car title loans are marketed as small emergency loans, but in reality these loans trap borrowers in a cycle of debt. A typical car title loan has a triple-digit annual interest rate, requires repayment within one month, and is made for much less than the value of the car. Buy the beater and do not even consider this. It is such a bad idea there are not words enough to describe how bad it is. Spend a little money and get triple A plus then you will have peace of mind if there is a break down. Far better than a title loan.
    a few seconds ago

    Other Answers

    • Credit & Finance solutions

      by Phyllys - 5 hours ago


      by ? - 5 hours ago

    • Taking out a loan of any kind is going to show up on your credit report and jeopardize your chances of getting a home loan. Do you have family you could borrow the money from? Maybe your friend would be willing to take payments for the car from you. Good luck.

      by Tina - 5 hours ago

    Recommended Articles

    Yahoo Small Business Services