Car title loans are a type of loan that many people are familiar with, but have never tried due to fear. The truth is, there is nothing to be afraid of, when it comes to car title loans.  Burnaby Car title loans can be helpful, as you will see through the tips in this article.

Be sure you know how much you’ll have to pay for your loan. It is natural to be so desperate to obtain the loan that you do not concern yourself with the fees, but they can accumulate. Be sure to demand that the company give you a written fee schedule before you take out a loan. Do that before you apply for the loan, and you will not have to pay back much more than you borrowed.

When looking for a car title loan, do not settle on the first company you find. Instead, compare as many rates as you can. While some companies will only charge you about 10 or 15 percent, others may charge you 20 or even 25 percent. Do your homework and find the cheapest company.

If you must get a car title loan, open a new checking account at a bank you don’t normally use. Ask the bank for temporary checks, and use this account to get your car title loan. When your loan comes due, deposit the amount, you need to pay off the loan into your new bank account. This protects your regular income in case you can’t pay the loan back on time.

Bear in mind that car title loans are generally short-term loans. Ensure that you will have the required funds to repay your loan is as soon as two weeks. The only way around this is if your car title is coming up within seven days of securing the loan. You can get an additional three weeks to pay your loan back if you apply for it only a week after you get a paycheck.

Be sure you have cash currently in your account for repaying your car title loan. If they cannot get the money you owe on the due date, they will make an effort to get all of the money that is due. Your bank will charge you with overdraft fees and then you’re going to have to pay even more to a car title loan company. Insure you have the money in your account so you don’t lose control of your finances.

Whenever applying for a car title loan, make sure that all the information you provide is accurate. Often times, things like your employment history, and residence can be verified. Make sure that all your information is correct. You can avoid getting declined for your car title loan, leaving you helpless.

Just about everyone knows about car title loans, but probably have never used one because of a baseless fear of them. When it comes to car title loans, no one should be afraid. As it is a tool that can be used to help anyone gain financial stability. Any fears you might have had about car title loans, should be gone now that you’ve read this article.

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