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Questions and Answers
Which one of the following best describes car title loans?
Which one of the following best describes car title loans?
- Loans that are secured by the borrower's car title (correct)
- Loans that are given to borrowers with a good credit score
- Loans that are provided by car dealerships
- Loans that can be used to purchase a car
What is the main advantage of car title loans?
What is the main advantage of car title loans?
- Flexible repayment terms
- No credit check required (correct)
- No need for collateral
- Low interest rates
What happens if a borrower fails to repay a car title loan?
What happens if a borrower fails to repay a car title loan?
- The borrower's credit score will be improved
- The loan will be extended for an additional period
- The car will be repossessed by the lender (correct)
- The borrower will be charged a late payment fee
Which of the following is true about car title loans?
Which of the following is true about car title loans?
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What is the purpose of car title loans?
What is the purpose of car title loans?
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What happens if a borrower defaults on a car title loan?
What happens if a borrower defaults on a car title loan?
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