You no longer have savings funds? Are you having trouble paying your debts? Life is of course uncertain. You can face ups and downs there. You may need to make urgent payments such as medical bills, utility bills, legal fees, repairs, mortgage payments, etc. Trying to manage all those bills could be absolutely impossible.
You might need the money faster, but what if your credit score turns out to be low? You cannot access any lines of credit or the usual short-term loans. You don’t need to dread; a car title loan can be helpful in such panic situations.
It’s the easiest and fastest way to get your hands on cash. Glendale title loans can meet your financial needs and increase your cash flow.
What exactly is a car title loan?
You use the title of your car as collateral for obtaining a loan. All you need is a car and your credit score doesn’t matter here. After receiving a loan, in the meantime, you can even continue to drive your car. In case if you are unable to make the payments, late to repay the loan, or its interest rate, the lender has the right to repossess your car.
There are obvious reasons for the great popularity of title loans. They’re fast, convenient, and don’t require any credit checks. Your car could be on loan from an entirely different company. You can still access a car title loan, as long as the equity in your car is greater than the repayable loan. But holding other liens can affect your car’s warranty value.
Every borrower has unique situations and many loan companies easily understand them. If your car is on a different lien and you still need a title loan, you can discuss your needs with them. This will help them eventually find a loan option that meets your urgent financial needs.
Different lenders have different ROI
Car title loans are for a very short term. Their interest rate therefore varies according to the lenders. Generally due to their shorter period, the interest rate is quite high. The duration of their loan can vary from one month to almost a year, on average, they grant a duration of one month to repay the loan. Their interest rate for one year can reach 20% or more.
If you borrow a car title loan at 15% interest for one month, the interest will total 180% in one year. This may seem quite high, but considering the convenience and amount you get, this interest may be worth paying. You can even negotiate with your lenders, which could help you get a reasonable interest rate for your Glendale title loan.
Your car under warranty
Each car will have a different value depending on years of use, damage to the car, brand and manufacture, etc. The lender you choose will certainly take these factors into consideration when determining the value of your car. This value will in turn determine the amount of loan you are eligible to acquire. In other words, the value of your car will determine the amount of the loan.
Typically, title loans let you borrow about 50% of your car. This is because they need to recover in case you are unable to repay your loan. During such events, they only have to stop your car in order to assimilate the value of the loan.
Apply for a title loan now
You can contact lenders like Glendale Title Loan and indicate your interest in taking out a title loan on your car. Each lender will have their own terms and policies; based on these terms and policies, they do a review of your car or ask you to provide your own opinion from an authorized car dealership.
They will do an inspection of your car and offer you a loan based on it. Once you complete the inspection and agree to their terms and conditions, they will issue the money as hard cash, check, or credit the money to your savings account.
You may be asked to make a prepayment settlement, in case you repay your loan earlier than expected. Other than this, a car title loan is apt for you in an emergency. Be optimistic and do not hesitate to obtain a title loan if necessary. Cars can indeed earn you a few dollars!