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Are Car Title Loans Right for You

by Olufisayo
Car Title Loans

A car title loan is a great option if your credit is bad and you need to get some fast money, car title loans will use the equity that you have in your car and not your credit score.

Getting fast money has never been easier, title loans are one of the fastest options that you can get, you can get payday loans, but they will only get you a few hundred dollars, a title loan in Florida can get you thousands of dollars on your car equity.

The biggest problem with title loans is, that if you do not make your payments, your vehicle will get repossessed, but if you are planning on making your monthly payments, then they are a good fast money option for you.

Equity Title Loans

Using the equity that you have in your vehicle is a fast way to get money, you can get a title loan on cars, trucks, RVs, semi-trucks, commercial vehicles, boats, and even motorcycles.

If you have equity in your vehicle, then using it can get you the money that you need. With title loans, you can get the money that you need within 24 hours, they are one of the fastest ways to get money.

No matter what your vehicle is, you must have the vehicle title in your name, and it must be free of any other lien holders, if you have that then you can get your title loan today.

Looking For A Title Loan Company

There are many title loan companies that are out there, and it can be really difficult to know what company to go with, so it is important that you apply to multiple different companies.

You will find that not all title loan companies are the same, some companies will charge you triple-digit interest, so it is important to stay away from them.

You need to find a company that will give you the lowest inter rate, as title loans are much more expensive than traditional loans, finding the company with the lowest interest rate will help.

The terms of the title loan are also important, as the longer title loan terms will make the monthly payments much lower, short term title loans can be a problem because if you do not have the balloon payment, they will roll over your title loan, as you will be paying more interest.

 Your Title Loan

Getting approved for your car title loan is easy, they are not based on your credit score, but on the equity in your car, your monthly income, and the title in your name.

Find a title loan company that will give you up to 36 months, so the monthly payments will be manageable, but also make sure there are no prepayment penalties.

You want to make sure that the title loan that you get will be amortized, so you will pay down your principal balance, as well as your interest, this way there will be no balloon payment to make at the end of the title loan term.

Car Title Loans Are Regulated

All title loans are regulated at the state level, and they must all comply with the Consumer Financial Protection Breau, so make sure that the lender that you are considering is licensed and in compliance.

You need to know that the lender has a good online reputation, so it is a good idea to read their reviews and make sure that the company is replying to the reviews and the complaints.

In all states, title loans will also have to be regulated, for example, title loans in Michigan have to be in compliance with the CFPB,  as well as all of the state regulations.

In the states where title loans are not allowed, most people who are looking for title loans will end up getting an auto pawn loan, but with them, they will have to give up the possession of their vehicle.

With car title loans, you will get the money that you need, and you will be able to continue to use your vehicle, so they are a much more convenient way for you to use the equity that you have.

Fast Money With Equity Title Loans

Car title loans can help you to get the money that you need even with bad credit, most lenders will use the Kelly Blue Book to look up the wholesale value of your vehicle, to see if it can qualify.

These types of loans are great if you need some fast cash, remember that you must have enough equity in your vehicle to qualify, and this will vary from state to state, the title must be in your name, and you need to be able to prove that you have the income to pay for the loan.

Photo by Vlad Grebenyev on Unsplash

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