In today’s world of fast talking salesclerks and scams, you need to be an educated consumer, aware of the facts. If you find yourself in a financial pinch, and in need of a fast car title loan, keep reading. The following article will offer you advice, and tips you need to know.
If you are considering taking out a car title loan to repay a different line of credit, stop and think about it. It may end up costing you substantially more to use this method over just paying late-payment fees on the line of credit. You will be stuck with finance charges, application fees and other fees that are associated. Think long and hard if it is worth it.
Before getting a car title loan, it is important that you learn of the different types of available so you know, which are the best for you. Certain car title loans have different policies or requirements than others, so look on the Internet to figure out which one is right for you.
A better alternative to a car title loan is to start your own emergency savings account. Put in a little money from each paycheck until you have a good amount, such as $500.00 or so. Instead of building up the high-interest fees that a car title loan can incur, you can have your own car title loan right at your bank. If you need to use the money, begin saving again right away in case you need emergency funds in the future.
If you have any valuable items, you may want to consider taking them with you to a car title loan provider. Sometimes, car title loan providers will let you secure a car title loan against a valuable item, such as a piece of fine jewelry. A secured car title loan will usually have a lower interest rate, than an unsecured car title loan.
Before you apply for a loan, take a look at your work history to see if it will qualify you. Three months of stable work is what many lenders expect before they give you a loan. You might need to provide verification of your pay to the loan company.
Keep in mind that you have certain rights when you use a car title loan service. If you feel that you have been treated unfairly by the loan company in any way, you can file a complaint with your state agency. This is in order to force them to abide by any rules, or conditions they fail to live up to. Always read your contract carefully. So that you know what their responsibilities are, as well as your own.
If you need a car title loan, but have a poor credit history, you may want to consider a no-fax loan. This kind of loan is just like any other car title loan, except that you will not be required to fax in any documents for approval. A loan where no documents are involved means no credit check, and better odds that you will be approved.
Hopefully, this article has you well armed as a consumer, and educated about the facts of car title loans. Just like anything else in the world, there are positives, and negatives. The ball is in your court as a consumer, who must learn the facts. Weigh them, and make the best decision!