Eventually, there’s going to come a point where you need to get your hands on some quick cash. Maybe you need a loan to start a business, or need some extra money to help pay your college tuition and other expenses. Unfortunately, getting a loan is not always quick or easy. There are a lot of hiccups that can happen along the way, which could put you in a financial pickle.
Fortunately, car title loans in AZ exist to solve this issue. These secured loans allow you to use your car title as collateral. You temporarily give ownership of your vehicle to the lender until you’ve paid the loan back. These loans typically end up being short-term loans that allow you to quickly get your hands on some cash.
So how do you make sure you’re getting the best deal and the most cash out of your car title loan? Here are some tips to keep in mind:
- Know your payment options: Before you decide you’re going to move forward with taking out a title loan, make sure you’ve fully investigated how you can repay the loan. You might pay directly, or take a cut out of your paycheck. You should also know how long the loan will last. If you know the exact terms of the loan and your payment options, you can choose the option that will make the most financial sense for you.
- Ask about repayment penalties: In some circumstances, lenders penalize borrowers for paying back their loans early. If you take out a car title loan that is longer than 30 days, you’ll probably have an early repayment penalty to consider. Therefore, make sure you’ve taken the time to ask your lender about repayment plans before you sign on the dotted line.
- Ask about allowed car types: There are some title loan lenders that will only accept cars that were manufactured after a certain date, or will not accept certain models of vehicles. The mileage of the vehicle could also at the very least impact how much money you’re able to get for the loan, if not entirely restrict you from being able to use the vehicle as collateral.
- Learn about the application process: If you’re working with an online title loan lender, you’ll need to go through a full application process that occurs entirely online. There are others that might need additional verification in the form of phone calls or other methods. The process of applying and being approved for the loan could take a few minutes, or it could take a few hours. While this might not affect the amount of money you’re able to get, it will at least help you set your expectations.
- Learn about your car usage capabilities: If you need that car to get around, you should make sure you’re able to keep driving your car if you put it up as collateral. Rarely will this actually be an issue, but it’s still important for you to make sure.
For more information about car title loans in AZ, contact Cash-N-Go Auto Title Loans of Phoenix today.
Categorised in: Title Loans