Car title loans are ideal for people that have money emergencies, but their credit score is not good enough to allow them to access the traditional credit sources such as a regular bank loan. The great thing about getting a car title loan is that you will not be subjected to a credit check, and you will not have to deal with complications such as income verification processes. However, as easy as the process of getting a car title loan may seem, you need to handle it carefully to avoid getting into deeper financial problems or losing your vehicle. Here are some helpful tips on getting title loans from Xpress Title Loans.
Requirements
When you are looking for this type of loan, your car is the only assurance the lender will have that you can repay the loan. Therefore, they will only accept applications from people that own the car outright. In case you still haven’t finished making your car loan payments and the vehicle still has the name of a bank attached to it, it will be hard to get a loan. Other things that will be required include proof of your age, proof of your residence and proof of income.
Understanding The Terms And Conditions
There are many people that rush into an agreement with the lender before fully understanding the terms of the agreement. It is important to read the terms carefully before making a commitment. Here is an important thing you should know about interest rates:
1. Calculating the interest rates: Most lenders will present the interest rates in a way that makes it easy and affordable. For instance, when a lender tells you that the interest is at 4%, it will seem like an agreeable rate. However, if you do careful calculations, you will realize that this translates to about 48 percent interest rate annually, which is a lot of money.
You should go for a lender who is offering affordable and reasonable rates. It is also a smart idea to choose a lender whose terms will not be too hard on you in case you miss a payment. Xpress Title Loans will offer you the very best loan rates. Visit Xpresstitleloans.com for more information.
