Who Holds a Title Loan When Financing a Mobile Home?

Who Holds a Title Loan When Financing a Mobile Home?

When an individual is using a title loan to finance a mobile home, the lender holds the title as collateral for repayment, according to The Nest. If an individual fails to pay off the debt owed to the lender, then the lender can seize the mobile home or sell it.

If the person is not able to pay back the loan, including the interest, within the established time frame, which is usually about 60 days, then the holder of the title keeps the mobile home, explains The Nest. Title loans typically charge a high interest rate and require repayment in one large payment.