Summertime vacations are fantastic ways to get away, relax and bond with your loved ones, but they can come with a pretty hefty price tag. If a summer getaway seems to be out of your budget, it’s worth it to consider taking out a loan to fund your trip. By taking out a reasonable loan, such as a car title loan in AZ, you can free up some money to spend on your vacation now and pay the amount back over time. Think about all of the different loan options that are available to you to decide which one is best for your situation:
- Traditional bank loans: A traditional loan is issued by a financial institution or bank that offers an amount for your loan that’s contingent upon your credit score and financial history. Unfortunately, the approval and issuing process can take some time, which may prevent you from using your loan as quickly as you want to. These loans also require a good credit score, which makes them largely unavailable to individuals with poor or no credit.
- Informal borrowing: Instead of going through a business or bank, some people choose to borrow from family and friends with the promise of repayment at a later date. This can be a good option since it usually doesn’t come with any interest rates, fees or rigid repayment deadlines, but it can also lead to disputes with your family if you struggle to repay on time.
- Online loans: An online search for “vacation loans” is likely to bring up several results for lenders that offer application and issuance completely online. These offers might seem like a great option, but the details usually aren’t as appealing. In most cases, these lenders only offer small amounts of money, about $1,000, and they charge incredibly high interest rates to insulate themselves from risk. It’s better to work with a lender that you can meet with in person and speak to about your financing options.
- Payday loans: Payday loan companies offer short-term loans that are typically based on your paycheck. Let’s say you were going to get paid $1,000 on your next payday on the 1st of the month—a payday lender would give you a loan for $1,000 that’s due on or around the 1st. Missing this payment deadline subjects you to huge charges and fees, including exorbitant interest rates. It’s best to avoid payday loans altogether, especially for discretionary purchases.
- Car title loans: If you own your car or you have mostly paid it off, you may be eligible for car title loans in AZ. This type of loan allows you to put your car up as collateral and get a loan based on its value. It doesn’t require a credit check, and if you get it from a reputable lender, you can get reasonable interest rates and fees.
Get the money you need to plan a fun-filled family vacation from Cash-N-Go Auto Title Loans of Phoenix. We specialize in car title loans in AZ and we have nearly 20 years of experience as a title lender. Our extensive experience with title loans allows us to issue a loan in as little as 30 minutes, so you don’t have to worry about waiting weeks just to get your loan paid out. Our rates are reasonable and we have flexible payment plans that make it easy for you to pay back your loan on time. Contact us today or stop by to get started.
Categorised in: Title Loans