Paul urgently needed $2,000 to make some payments. Though he was eligible for a bank loan, the whole process of getting a loan would take too long. That’s when a close friend suggested he try a car title loan. Paul was intrigued by the idea and decided to try it. He approached a local car title loan agency. His application was processed and approved in less than a day. Paul was really happy he used this service. He got the money he wanted quickly without any hassles.
What are car title loans?
Car title loans are short-term loans that are secured using your car title. This simply means that you can get a loan using your car as collateral. The lender will give you the money and at the end of the loan period, you pay it back. During the loan period you can continue to use your car.
Why you should opt for car title loans?
Why would someone want to apply for car title loans? Here are some of the advantages:
Quick cash: Car title loans are fast and easy to procure. You fill out an online application form and submit it. Then, a representative of the loan agency closest to your home will contact you, check your car ownership documents, and if all is in order, approve your loan. Or you could walk into the loan agency’s office yourself and walk out with a loan in 30 minutes.
No questions asked: Car title loans guarantee cash, with no questions asked. When you apply for a loan, the lender may ask you why you need the money but that does not influence the loan approval decision in any way.
Fast payback options: The loan period on car title loans is a maximum of 30 days. This means you get your cash and only have to pay it back at the end of the month. No complicated calculations on monthly payment checks and fluctuating interest rates, which are common to other loans.
Easy to break: If you apply for a loan and then realize you do not need it, you are under no obligation to continue. All you have to do is pay back the amount you borrowed and your loan ends. If you pay back the loan within a day of receiving it, you don’t even pay any interest on the loan amount.
By: Alisha Delphi
November, 2009
18
Nov 09
Car Title Loans – Four Reasons To Opt For Them
15
Nov 09
Refinance Car Loan – Couldn’t Be Easier
Getting a refinance car loan has now become very easy to come by and very convenient. With most of the lenders who offer online loan facilities approving (or declining) your application in less than a day – in many instances you can get a response in under an hour – you no longer have to stand in line nor play the waiting game. In no time at all, after filling out your online loan application, you can be well on your way, fully armed with cheque in hand, to pay off your outstanding loan.
You may want to consider a refinance car loan if it will cost you cheaper. The rate of burrowing is never stable and will move up and down with time. So if at the initial time of burrowing, the interest rate on your car loan was significantly more that it is at present, and you still have a notable balance outstanding, then you should consider refinancing.
Very often, the rate of interest that is extended to you is heavily dependent on your credit score. Persons with excellent credit scores will generally be offered better rates that persons with poor credit scores. So if your credit score has improved a lot since the time the loan was granted, and again, you still have a significant balance outstanding, you should consider negotiating with the lenders for a better rate of interest, or getting a refinance on the car loan.
If you have filed for bankruptcy, and subsequently was granted a car loan, the interest rate would have been significantly more that usual. This is because you would have been considered as having a high risk factor. Now lets say you did your homework quite well – so well that your credit score had leaped from poor to very good – then this will be another reason to get a refinance car loan.
Much of the world – indeed in the United States – is in a bit of economic turmoil at the time of this article, with rising gasoline and food prices, fuelling an increase in the general cost of living. This can impact negatively on your savings and can present you with yet another option to refinance.
No matter the reason though – and there can be quite a few of them – there are some basics that you should always do:
Because of the ease with which information is available, the market tends to be in the favour of the burrower – in spite of fluctuating interest rates. You should always seek to use this to your advantage by shopping around for the best refinance car loan package. Your credit score is too important an issue to be ignored and can determine to what extent you have the upper-hand in your personal finance undertakings. You should therefore take care and guard it, being always in the ‘know’ with what is happening with your credit history. Never under estimate the power nor value of good budgeting in all your financial undertakings. Budget well!!
By: Christopher E. Phillips