We are in times where money is hard to come by, not just in third world countries, but also in western countries. In America, so many people are buried deep in debt and the interest rates just keep piling up. Many have declared bankruptcy already while there are millions who have chosen to cut off their credit cards because they can no longer manage them.
While indeed almost everyone in America has a car because it is more of a need there than a luxury, many people have also gotten secured loans on their cars. These loans on car titles are made usually by people with bad credit. They need some money badly but they could no longer apply for personal loans because of their bad credit. So in the end, they have to put up collateral just so the interest rates on their loans would not be so high. This trend is just becoming too common today.