5 Things You Should Never Do When Applying for an Auto Title Loan

Taking out an auto title loan is a good way to get some quick cash when you really need it, especially if you have a flawed credit history. Most applicants qualify without a credit check, and the only collateral necessary is your car. However, vehicle title loans typically come with a higher rate of interest than some other kinds of financing. Once you get your cash, if you cannot keep up with your loan payments, you could lose your ride. Protect yourself and your property by avoiding the following mistakes when you apply for an auto title loan.

1. Forging Ahead Too Fast

Don’t let the pressing need for funds get you into a sticky situation. Before you sign on for a title loan, make sure you understand all the terms and have a solid plan for repayment.

2. Settling for an Unfavorable Deal

If you are like most people, your car is an absolute necessity for getting to work, meeting daily responsibilities and maintaining a social life. When you agree to a deal with payments you can’t afford, you risk losing your car. Keep shopping until you find a title loan you can live with.

3. Skipping the Fine Print

Don’t let the lender rush you through the closing process. You will be the responsible party in this transaction, so start right away and read the fine print. Ask questions if anything is unclear.

4. Skipping the Research

Information is your most important tool, so take some time to learn about auto title financing before you set foot on a lender’s turf. Know how to tell the difference between a predatory lender – one who takes advantage of your situation – and a lender who is simply competitive in the industry.

5. Underestimating the Cost of Risk

Lenders take substantial risks when extending loans without checking clients’ credit histories. They have to charge finance fees that balance the risk they take. Therefore, the interest you pay on your loan is higher than that of conventional financing. You won’t find a low-cost auto title loan, but you can compare lenders to find a loan that is fair.

If an auto title loan sounds right for you, give us a call at 1-800-910-6758 or click here to start your online application.

An Auto Title Loan in San Pedro is based on Qualifications

Are you going to head to an auto title loan lender for extra cash in San Pedro, CA? Is the cash a necessity or for something extra like taking your family to the Cabrillo Marine Aquarium or maybe going on a fun trip at the Point Fermin Park? The title loan lender is not going to stop and ask those kinds of questions, it is not a loan requirement. Banks and credit unions will want this information, as their process is much different.san-pedro ca

What you will use the money for or why you need it so urgently are not questions which apply to an auto title lender. There are no intrusive questions which apply to the cause of the financial emergency. What a title lender wants to know is based around the payoff. Because these lenders work with what are normally “riskier” applicants, the payoff is the focus for the application.

  • What condition is the car in? Since the title loan is secured with the title to your vehicle, the value of the vehicle is extremely important and an evaluation will be done by lender provided appraiser. The auto title loan lender will need your vehicle on the premises in order to process the application.
  • Do you own the title clear out? Bring the title with you. Your title will not work if it belongs to another party or if there is a lien placed on it. The title lender needs to protect their interest since this is their only way to collect if the loan goes into default.
  • Do you have your California driver’s license with you? There are many factors which relate to this qualification. The photo ID lets the lender know who they are working with and that it matches the owner listed on the title.
  • Show proof of employment. Even though the loan is secured with the pink slip, a lender will ultimately prefer payback in the form of money. This information gives the lender that you have the means to pay off the title loan.
  • Bring in a current utility bill to prove your residence. Often times a license will not have the most current address. Since utility bills are paid each month, you will need to provide the most recent one.

A bank’s application involves pages of documentation and questions to answer. The approval process may takes weeks and include an interview with the loan officer to find out more information. An auto title lender will not waste your time; as long as you bring in all the qualification information, once your car is assessed, you will know right away whether or not your application has been approved. Imagine driving away with the money in your pocket in what could be less than an hour! Fast money is simple when you use an auto title loan in San Pedro, California.

If you are tired of being rejected by the banks for short term loan, you are simply wasting your time. Switch your preference to title loans in San Pedro and see the difference. We stand as one of the primary Car Title Loan providers in San Pedro and have achieved a good reputation from our clients for years. It’s all because of our services.

We hate to make people wait for money because we understand their emergency and respect it. We are motivated to offer best loan facilities and grant the money ASAP, soon after the loan application. Experience the same day loan approval and money transfer in your bank with title loans. Call us at 1-800-910-6758 or click here to apply today.