If you find yourself in a financial situation where you need cash now, a car title loan may be a good option for you. You don’t need to have excellent or even good credit—your credit can be relatively poor and you can still get this type of loan. Of course, you want to find the right car title loan company before moving forward. Below are some tips for getting the best rates on auto title loans in AZ:
- Shop around: Between brick and mortar car title loan companies and online stores, there’s little doubt that you won’t be able to find a great auto title loan. Searching online saves time, but some people prefer going into secured car title loan company offices. The latter can also save you some time because most lenders will want to inspect your vehicle on-site anyway.
- Look closely at interest rates: Federal law states that car title loan companies must post their interest rates, whether on their website or in the store. Keeping track of rates while doing research will help you choose a rate and company later. The lower the interest rate, the quicker you’ll likely be able to pay off your loan and the less interest you’ll end up paying.
- Sign up for auto pay: Did you know that some car title lenders offer a lower APR for borrowers who choose to sign up for auto pay? Setting up automatic payments is not only convenient, but the lender may also offer you more money—as well as the aforementioned lower APR. Additionally, auto pay is the best way to prevent late fees, as your payment will go through on time, every time.
- Avoid extra fees: So, you know that your car title loan comes with interest, but you should also be aware of hidden fees. Extra fees you want to ask about include charges for processing your application and charges for the steps needed to put a lien on your vehicle. Ask about additional fees, and to be sure you understand the fees, have the lender explain them to you as many times as necessary.
- Get a co-signer: You could get a better rate, and maybe a higher loan amount, if you have a co-signer on your title loan.
Using your loaned cash
It’s advised that you use your car title loan responsibly. With that in mind, only get a car title loan if you have a true need for the money. If you decide you’re going to seek out a title loan, make sure you consider the amount of money you are borrowing, as well as whether you can realistically pay the entire agreed-upon amount back in time. Here’s a pro tip: When it comes to auto title loans (or any loan for that matter), always pay more than the minimum payment every month if you can. Doing this will save you money overall, and you’ll pay off your loan early.
If you have questions or want to learn more about auto title loans in AZ, don’t hesitate to contact the team at Cash-N-Go Auto Title Loans of Phoenix. Call us today!
Categorised in: Title Loans