How to Avoid Additional Fees On Your Car Title Loans?

Posted on February 22, 2012 by admin

Car title loans are short term loans secured against the title of your vehicle. These loans are popular as they get approved quickly and offer short repayment cycles. However, if the instalments of your car title loan are not handled properly, it can result in extra financial burden stemming from late payment fees and rollover fees. You would also have to take care of the enhanced instalments. While repossessions occur in just 4 – 8 percent cases, it is recommended that you do not get involved in this cycle of late payments in order to protect yourself from the associated financial and emotional hassles.

Car Title Loans: Ensuring You Don’t Get Involved in the Cycle of Debt

One of the biggest reasons why most of the people end up paying more than the estimated amount in the car title loans is lack of information. These are the steps that you should follow to ensure that you don’t end up paying one additional fee after another:

  • Devise a strategy: After you have opted for a car title loan, make a budget plan to control your expenses and devise a strategy to ensure that you pay your instalments on time. If, in case, you are not able to do that, you might end up paying late and rollover fees for not making instalments on time.
  • Choose the right lender: Always choose a lender of repute who makes all the terms and conditions clear to you. Always ask about the hidden fees and the processing fees associated with your loan application. Choose a lender who offers you the minimum interest rate and application fees.

With these steps you would be able to ensure that you don’t end up paying extra on your loan instalments. You can get your car title loans quickly if you have the comprehensive knowledge on how to make optimum use of these short term loans.

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Factors That Determine the Interest Rates for Car Title Loans

Posted on February 21, 2012 by admin

Car title loans are also known as loans that facilitate small lending with comparatively high interests. These loans have gained great popularity as they offer quick cash against bad credit history and all one needs is a vehicle that can be put as collateral. Different lenders charge different interest rates depending on the state laws and nature of operation. In fact, some states have now put a cap on the maximum interest rate that can be charged for a car title loan. When it comes to opting for car title loans, it becomes important for you to know the factors that determine the interest rates for these loans to ensure that you get a fair and square deal.

Car Title Loans: How Are the Interest Rates Calculated?

There are numerous factors that determine the interest rates for car title loans. Some of the most important factors that determine the interest rates include:

  • Credit history: This is one thing that lenders from across the world look at to determine the chances of paying back your loan on time. If your credit history is good, you would be offered car title loan on relatively low interest.
  • State laws: Different states have different laws concerning the interest rates on your car title loans. Knowledge of the state laws will ensure that you don’t get cheated by any lender. This will also help in negotiating the best deal with the lender.
  • Vehicle specifications: The condition of your vehicle, its make and model and its reselling value, determines your loan amount and in turn affects the interest rate of your loan.

Car title loans can be very useful for people in need of urgent cash. However, to enjoy all the benefits it is important that you get the best interest rates. Many people opt for these loans without much knowledge and end up losing money because of the high interests. Keeping the aforementioned factors in mind will be of great help.

 

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Car Title Loans Facilitates Maximum Cash With Minimum Paperwork

Posted on February 19, 2012 by admin

According to a study by Central State Statistics of Ireland, the number of loan applications approved have nearly halved between 2007 and 2010. The year 2007 saw the approval of 90% of commercial applications but in 2010 only 50% of the same loans got approved. The US and Europe is going through financial turbulence and the amount of public debt is constantly on the rise. In such circumstances, personal loans can only by leveraged by those who have a good credit history and essential documents to support their credit history. However, what if you need quick cash for an emergency situation? Even if your credit history is good, it will take at least 2-3 days for your loan to get approved. If you need cash in hurry, car title loans can be the best way of fulfilling your requirement.

Paperwork Required For Car Title Loans

The biggest advantage of car title loans is that they get approved in quickly (usually within 24 hours) and requisite no complex paperwork. The following are some essential documents and entities that you require for your car title loan to get approved:

  • Proof of ownership and insurance: The first and the foremost requirement for a car title loan is that you need to possess complete ownership of your vehicle. You also need the car’s registration and insurance documents on your name.
  • Proof of residence: You have to provide the lender with a proof of residence document that lists your address.
  • Driver’s license: This is another important document. Some lenders also ask for your social security number.
  • Car keys: Although most lenders let you drive your car during the loan period, some lenders may ask for duplicate set of keys to be on the safer side.

To get your car title loan approved, all you need to do is fill out a simple application form, attach it with these documents, pay the processing fees and collect your cash instantly. If all your documents are in place, your car title loan can get approved within a few hours.

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3 Types of Short Term Loans to Get Out of Debt

Posted on February 18, 2012 by admin

Are you looking for a short-term loan to help you get out of debt? There are many short duration loans in the market to free you from a financial crisis. Some such loans through which people can deal with their financial crisis easily and quickly are car title loans, bridge and pay day loans. The three most common types of short term loans are discussed below.

3 Common Types of Short Duration Loans to Get Out of Debt

  1. 1. Car Title Loan: This type of loan involves borrowing money by keeping your vehicle as equity. Such a loan is offered without any credit check. However, if you fail to repay the loan within the agreed time period, the lender confiscates your vehicle and sells it to recover the loaned amount.
  2. 2. Bridge Loan: People mostly take such a loan if they are falling short of money while purchasing a new house. In such a scenario, multiple expenses are involved and a bridge loan helps one to meet them comfortably.
  3. 3. Pay Day Loan: Such a loan is generally termed as an advanced paycheck, which the borrower is expected to pay by the next due date. Otherwise, the amount is deducted from his next paycheck.

All these loans (pay day, bridge and car title loans) have a high rate of interest and require a calculated approach if one wants to enjoy the benefits to the fullest. Always survey the market thoroughly before taking help of any loan agency. This will help you ensure that you are getting the lowest interest rate for the amount you have borrowed.

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Title Loans: 4 FAQs on Pink Slip Loans

Posted on February 17, 2012 by admin

Never heard of pink slip loans? You sure must have come across loans, such as car title loans, auto title and pawn loans. A pink slip loan is exactly like these loans in which a borrower uses his vehicle as collateral to secure an amount of money. Get answers to some of the most commonly asked questions here.

Q1) How much amount can be secured as part of Pink Slip Loans?

These title loans usually provide amounts ranging from $500 to $25,000, depending on the value of the vehicle kept as collateral. You can get loan amounts of up to 50% of the vehicle’s market value.

Q2) What value should the car be appraised at in order to secure a title loan?

This value is mostly decided by the loan provider. On an average, most lenders evaluate vehicles at around $4,000 market value.

Q3) Can I apply online for title loans?

Yes, this is the most common way through which people apply for pink slip loans. Many lenders provide the option of applying for title loans online to make the entire process easy for the borrowers.

Q4) I have bad credit. Can I still get pink slip loan?

This is definitely possible but do check with the loan provider before you opt for it. One thing to be kept in mind is that you are using the market value of your vehicle to pay your loans. If you fail to pay the due loan amount within the agreed time duration, your vehicle will be seized and the loan amount will be raised by the lender from its sale.

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