Quote:
Originally Posted by GregWeld
I may have to cut and paste this thread into Investing 102..... I can use it for how NOT to do things! LOL
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Agreed. John510, you should research into a title loan ( sometimes referred to as a title pawn) before you get anywhere close to thinking about this. These type of businesses can charge any interest rate they want, to the point of you basically never paying off the loan. Ever.
I have a nephew who lost a car this way. He paid on it for years, and finally just gave them the car. He owed more after a few years, than what he borrowed.