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Pros and Cons of Car Title Loans
Car title loans have become very popular in recent years. Just a quick overview of what a car title loan is, just in case you do not know what they are.
Car title loans are used when someone is in need of fast money. The cars title is used to secure the loan and it is used as collateral. They are not a long-term financial solution. As our title loans have no prepayment penalties, they can be paid off early.
When we are approving you, we make sure that your income will support the loan that you are getting from us. It is best to know your budget and hopefully, you will be getting some money in the near future to pay us off.
Now you know a little bit about how they work, it is time to look into the Pros And Cons of them.
Pro: Car Title loans are an option for people with bad credit or no credit who need to get some fast money.
If your credit is bad and you have applied to the traditional banks and they have denied your application and they cannot help you. What are your other options? By using the equity that you have in your car, you can get an auto title loan.
By using your pink slip as collateral you will still get to keep and drive your car, we will only add our names to the title, while you can continue to enjoy and drive your car.
We will use your asset (pink slip) and not your credit to get you to qualify for our auto title loan program. Our title loans start at $2,500. So you can get a few thousand dollars, quickly by using the equity that you have in your car.
So if you have bad credit, that will not prevent us from getting you the money that you need. Your car is your credit with us. You will be using your car title as the equity. We will add our names to the title (pink slip) and you will be able to continue to drive your car.
Getting a car title loan might be your best option if you are looking for a loan and your credit is bad. Traditional banks will not give you a title loan and if you have bad credit, they will not give you a personal loan either.
When your credit is bad, it is difficult to get any traditional bank to help you with a loan. When you get a car title loan with us, you can start to rebuild your credit with us. We report to the credit agencies, so you will be able to rebuild your credit with your title loan.
Con: Expensive APR.
The interest rate on auto title loans is much higher than traditional loans.
So getting one is a great way to get a few thousand dollars but you need to be aware of the interest rate that you are paying.
It is important that you know how much your payments are going to be because if you cannot afford to pay them, the interest and the late fees quickly add up. As auto title loans are already expensive, you do not want to pay even more interest and late fees on top of that.
If you are unable to keep up with the payments, the vehicle will get repossessed and then you will have to pay for the repo fee and all of the past due interest and payments as well as the late fees just to reinstate your account. On a positive note, if you do stay on top of your payments and you are on time with your title loan, you will lower your principal balance and you will pay off your title loan faster.
Of cause, if you default on the loan, this will result in your vehicle being repossessed and the collateral being sold if you do not reinstate or pay off the account.
Pro: Fast cash!
Pink slip title loans are expensive but you can get fast cash with them and sometimes that is better than anything.
If you have a situation that needs fast cash, then the interest rate is not important but getting the cash that you need is the most important thing.
Having cash flow can help with all of your financial problems, so using your car's equity is a way to get it and to get it fast. Getting a pink slip loan is not risky as long as you know you have money coming in or you know your monthly income can support it.
As long as you have the capability to pay off the loan, there is no risk to you. Using your asset and not your credit history is a great way for you to get fast cash.
Con: The threat of repossession.
Of cause, the biggest worry with getting a car title loan is the threat of getting your car repossessed. If you make your payments on time and communicate with the office, there will be nothing to worry about.
But if you are unable to make your monthly payments and you do not communicate with the office, then the likely hood is that your car will be repossessed. If you do not have the money to reinstate the title loan, then the car will be sold at the auction.
We will secure our interest in the car, so if we have to sell it, we will get all of the money to satisfy our lien and if there are any monies left over, we will reimburse them directly to you. As long as you know that you will have the money to pay off the loan, then you have nothing to worry about.
So it is very important that you can make your monthly payments, then as long as they are on time, the monthly payments will reduce the balance owed and at the end of the loan term and you will get your title back.
Pro: Better than a payday loan.
Car title loans are much better than payday loans.
With a title loan you are able to get a few thousand dollars and with a payday loan, you are only able to get a few hundred dollars. Auto title loans are much cheaper than payday loans.
With payday loans, you have to pay them off by your next paycheck or they will roll you into the next pay period. With a car title loan, you will have the average of 36 months to pay it back.
Your monthly payments will reduce your principal balance as long as you make them on time. The terms of our title loans are fair and because you do not have the best credit and we will get you your money today, we have to charge higher interest than a traditional bank. Our title loans are much better than payday loans.
Con: There are some companies charging extra fees.
You want to make sure that you choose a company that has been established in the title loan industry.
There are many companies out there that have just popped up and started doing title loans. They will try and charge you extra fees. They will try and make it very difficult for you to pay off your loan with them. Make sure you ask them about all of their fees in advance.
If you are going with another company, make sure you read the fine print and do not let them add the extra fees to your title loan. We have been helping people since 1994. We have helped thousands of people. We will work with you even if you are falling behind on your payments. We never want to repossess your car. We always want you to make your payments and stay with your car.
Pro: Car title loans are simple to qualify for.
As long as there is equity in your car, paid for or not, we will be able to help you get the title loan that you need and we can usually get it to you the same day that you apply with us. As we are not basing our approvals on your credit score, we are qualifying you with your equity and your ability to pay us back.
Getting a car title loan from us is simple to qualify for but you have to be able to show that you have the financial capability to repay the loan back.
Working with us, you will see how easy and fast we will be able to fund you. Our approval process is super fast and getting you the money is fast as well.
We have multiple offices in Los Angeles, Riverside, Orange County, San Diego, Oxnard, Bakersfield, Fresno, San Jose, Hayward, and Sacramento.Our minimum loan starts at $2,500 and we go up to $50,000. We will make sure that we do our best to get you the most money and that you will be able to afford the monthly payments.
We will get you more money than the other lenders can offer and we will offer you lower interest too. Our car title loan calculator will make sure that it is the correct fit for you. We are here to help you get the best title loan and we have the experience to do it, we have helped thousands of clients over the last 20 years and we are here to help you too.
We can work with all sorts of DMV transfers. Some lenders have a hard time with complicated transfers, but with our knowledge, we can help you complete the transfer and get the car into your name, with us as the lien holder. With our years of experience, we have our own DMV experts in-house to help with the difficult transfer and find out how many fees are due.
We can usually take the fees directly from your title loan proceeds, so you do not have to pay for them up front. Coming with us, you will find that the risks that you will have with other lenders are minimized with us. There are many new lenders out there that do not know how to work with clients and some of the complicated DMV transfers or other situations.
Also, there are many companies out there that are not lenders and they only broker the deal. We are the lender and once you sign you with us, will service the account until you have paid off the loan. Experience does matter; we are not just some new lender in the space but one of the original lenders.
There are always risks with all loans but as long as you are making your payments, there will be no risks with us. We hope that you have found this pros and cons article helpful, we have tried to show you all of the things that you need to look out for.
By using a title loan, it can be very beneficial for you to be able to get the money you need. As long as you are responsible and are making your payments on time, there will never be a problem. Responsible lending is a priority for us, so we will always make sure that you will be able to afford your monthly payments with us.
We will not put you on a loan that you cannot afford the monthly payments. Our pre-approval process is fast, so you will know how much money you will qualify for over the phone. Our whole underwriting procedure is fast too. We will always push for you to get your money the same day.
Bad credit will not stop us from getting you the title loan that you need. Use your equity to get the cash that you need today. We pride ourselves on our high approval rate. We will give you an answer over the phone as to how much money you will qualify for.
Our percentage of approvals is the highest in the industry. We work with more cars, commercial truck, SUV, RV, motor home, motorcycles, tractors and trailers than any of the other lenders. If you have equity in your vehicle and you are in need of some money, we will be able to help you.
Please contact us at 844 242 7467 or you can apply online with us.