From the course: 43 Ideas for Starting a Side Business

Unlock the full course today

Join today to access over 22,600 courses taught by industry experts or purchase this course individually.

Offer private auto title lending

Offer private auto title lending

From the course: 43 Ideas for Starting a Side Business

Start my 1-month free trial

Offer private auto title lending

“

- If you like the idea of a business that makes good money and leverages your money more than your time, try doing private auto title loans. I know of a guy who makes loans on high value cars. He charges the highest legal interest rate in the state, and his money is secured by that car. He has the owner of the car sign the title, so that the car can't be sold until the loan is repaid. In some cases, this can command upfront setup fees, as well as up to 30% annual interest. And the reality is that few people will risk losing their car, so these loans tend to get paid. You can make a few hundred to several thousand dollars per month with this business. You want to take action on this one. Look up the local laws on auto title lending for your state, research software for tracking cars for lien holders, and network with small car dealerships that are always looking for investors that can loan on unique car financing deals.

Contents