Questions to Ask Yourself if You're Thinking About an Auto Title Loan | Cash-N-Go Auto Title Loans of Phoenix

Questions to Ask Yourself if You’re Thinking About an Auto Title Loan

November 20, 2020

If you’re in need of quick cash but either don’t want to go through traditional lenders to get it or have already been turned down by the big banks, you do have some other options available to you. One of these options is to get an auto title loan in AZ.

With an auto title loan, you use your vehicle as the loan collateral. This means you’re relying on an asset you already have, rather than the hope or assumption that you’ll be able to make your payments back with cash in the future.

Of course, an auto title loan isn’t necessarily for everyone. Here are a few questions you should ask yourself as you attempt to determine whether or not an auto title loan is sensible for your particular situation.

How much money are you trying to get?

The amount of money you need will dictate whether an auto title loan is even a feasible avenue for you to pursue. There are limitations to how much you can expect to borrow with an auto title loan.

You’ll need to know the approximate market value of your vehicle before you start looking for auto title loans in AZ. Lenders are not going to give you any more than the value of your vehicle, because the vehicle acts as the collateral. If you need significantly more cash than what your vehicle is worth, an auto title loan might not be the best route for you to take.

Make sure the value of the vehicle is equal to or greater than your loan amount, so you can prevent yourself from accidentally borrowing more money than you’re capable of repaying, especially if you’re relying entirely on the vehicle’s value.

How long do you need the money for?

The next consideration to think about is how long of a loan term you’ll need. Keep in mind that the longer the loan term, the more you’ll have to pay in interest, because interest keeps accruing until you’ve fully paid back the loan.

Keep in mind that many auto title lenders will not have any prepayment fees, so the faster you’re able to pay back the loan, the more money you’ll be able to save!

What types of repayment terms are you looking for?

Consider also the repayment terms for your car title loan before you take it out. How do you plan or wish to repay the loan? What is your gross monthly income, and are you reasonably able to pay the loan back while keeping up with your other expenses? Here again, it’s important to carefully analyze your financial situation so you can prevent yourself from getting trapped under a loan you cannot afford to repay, as this could result in you losing your vehicle. A good lender will offer flexible payment plans so you can get your payments in within a reasonable time frame.

For more information about auto title loans in AZ, get in touch with Cash-N-Go Auto Title Loans of Phoenix today.

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