4 tips to get a great deal on your car title loan

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Have you ever tried to get title loans in Sacramento to pay an unexpected bill, cover a car repair, or take care of another expense? If you have, did the process seem overwhelming and confusing?

If this is how you feel, you should know, you aren’t alone. The process of getting an affordable, fair car title loan can seem impossible, but it doesn’t have to be.

The entire purpose of car title loans was to help people handle the financial hardships they face. However, to ensure you get the right loan for the right price, you may need some help. If this is the case, you are in the right place. Keep reading for some helpful tips and information about getting a car title loan here.

Read our 4 easy tips on getting a great deal on your car title loan 

 

1. Know What Payment Options are Available

Before you begin looking into a title loan, be sure to find out how the lender expects you to repay the loan they offer. Sometimes, lenders require direct payment from your checking account or paycheck, while others may allow you to make pays manually. In addition to payment options, you also need to ask how long your loan is going to last.

Similar to any other loan, a longer repayment period results in lower payments every month. However, the disadvantage is that you have to pay more every month on the finance charges, so make sure your loan is outstanding for the least amount of time possible.

 

2. Find Out if There’s a Repayment Penalty

With car title loans, there are several times when paying your loan off early isn’t a good idea and it may even cost you more. If you get a loan with a term over 30 days, it’s likely going to come with early repayment penalties attached to it. If you receive money early and want to pay the loan off, you are going to have to pay a penalty.

Lenders are searching for a way to make more profits from you. As a result, they often design their loan packages to make as much on the interest as possible. If you pay off the loan early, you can save thousands on interest costs, which reduces the profit the lender makes.

 

3. Get Familiar with the Application and Approval Process

There are some online title loan lenders who have an application process that is handled completely online. Others require additional verification via a phone call or even an in-person meeting. Usually, the entire process takes as little as 20 minutes but may require several hours to receive final approval.

You also need to find out if the lender requires a visual inspection of the vehicle you are seeking the loan on before releasing the funds. Usually, this inspection occurs when you pick up your check.

 

4. Ask About What Make and Model of Vehicles a Lender Accepts

There are some title lenders that are only going to accept vehicles that were manufactured in the year 2000 or later. However, others will accept vehicles that go as far back as 1995.

The mileage of your vehicle may also be considered. If the mileage is over or close to 100K, it’s a good idea to double-check with a lender’s mileage restrictions. Do this before you fill out any forms from the lender.

With the tips and information here you can easily get a good loan

 

Getting a Title Loan That’s Right for You

Getting the right title loan for your needs may seem somewhat complicated, but it doesn’t have to be. With the tips and information here you can easily get a good loan without having to pay too much for it. 

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