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PREMIER TITLE LOANS BLOG
There are some unexpected benefits when you take out a car title loan versus what you what have seen [...]Read More
Car Title Loans aren’t for everyone. They come with a high interest rate and you run the real risk of losing your vehicle if you fall behind on monthly payments. Most financial institutions will require applicants to have an active checking account with verifiable employment references. Some companies will want to verify your bank account and may need extra credit checks or proof of income. Check your budget and finances to see if there are other options available before you move forward with an unsecured loan. Contact your local bank or credit union first to see if there are any lending opportunities available. Once you’ve settled on a company make sure they’re licensed to offer personal loans in your state. Review the lending contract in full. Check your rates, terms and payoff information before signing a contract. Also verify the final loan amount and interest rate are what was initially quoted. Similar to credit cards and payday advances, the finance charges for a title loan are high. The terms and annual percentage rate that come with most car title loans are determined by many factors. Some title loan lenders will want to verify your credit score and past payment history. They may require additional documents to verify proof of income and work history.
Unlike a cash advance or payday loan, this type of financing is secured by your vehicle’s collateral. Try to pay off the full amount quickly to avoid the high interest rates. Pay more than what’s required every 30 days and work with an online title loan lender that doesn’t assess a prepayment penalty. Most companies that offer title loans online will need Always contact your lender if there’s a chance you can’t make your minimum loan amount payment. Contact a certified credit counselor and seek financial help when dealing with your daily finances and budget. Most companies that offer title loans online will need to be registered in the state you live in.