Are You Getting The Wrong Car Title Loan?Fast Action Finance
Sometimes, you find yourself in a fix that can only be sorted out with cash at hand. This means you need fast cash as soon as possible. When in this situation, most people are unable to think clearly. This presents an opportunity for vulnerability and a lot of wrong choices. Taking out a car title loan is a critical decision that in most cases may end in disappointment and regret, unless you really think it through. You have to get the right loan on your car, based on its actual market value. The appraised value may be accurate, but what can you really get for your car if you were to sell it today? The answer here depends on what you know about your car.
Who is selling?
The loan business is highly dependent on credibility. Companies need to be able to assure their customers that they are ethical and will exercise respect and due process when collecting the loan even in the case of a default. You may want to look for a loan provider who has a good reputation in your area. Fortunately, people talk about their experiences a lot and you can always seek out a friend’s opinion regarding a loan company that they may have used at some point. The right service provider here will save you from a bad deal since they need you to be a return customer. The fraudulent ones are often looking for some quick business, and they cannot be trusted.
Pay attention to the interest rates
Sometimes, people are lured into bad deals in terms of their title loans due to longer payment times, a longer grace period, or lower monthly installments. The companies in this case are only trying to beat the competition by sounding very considerate of the client’s situation. You, however need to know that you must look at the interest rates before signing up for a car title loan. The monthly installments may be low, but the interests could be really high.
Find the right value for your car
It is understandable that you are in a fix and are thus feeling desperate at this point. This however does not mean that you should throw away your car for a measly price. The point of a car loan is to get your money fast. This however only works if you are going to pay it back and keep your car in the long term. If you have doubts about your ability to repay the loan, and it is your only option, you may want to get the right value for your car.
It would be a shame if you lost a $20,000 car on a car title loan worth $8,000. Being in a bad situation will not excuse such a colossal mistake on your part, especially considering that you have read this post. Always ask the loan company to give you the accurate value of your car before signing up for the loan. This way, you will know whether to take the full amount or commit yourself to paying the loan.
Is it a good car or a higher priced one?
A good car is one that is well taken care of, has a good engine and is generally road worthy. This means that you could easily get a buyer for it. Good cars also attract higher car title loans because if you can maintain your car, then you can probably service a car title loan. Cars with higher street values can also be used to get a higher title loan.
Unfortunately, this is not always the case. Most people take car title loans when they are at their breaking point. This means that they are probably not able to raise the money anymore. If you have a decent car and you are in this situation, you may want to consider downgrading your car. You may have been able to afford that car previously, but in your present situation, the car is just another expense that could be turned into a solution for your predicament.
Working with a honest title loan company
Although we are car title loan providers, we are impartial when it comes to advising you if you should actually take up a car title loan based on your situation. If it looks like your car will most likely get confiscated due to your inability to pay the title loan payments, we will actually suggest other alternatives for you such as selling your car off or downgrading your car.
To us, it is important that before settling for a car title loan, you understand the value of your car and whether or not you will be able to repay the loan. Although getting you as a customer will bring business to our company, our core concern is to let you access auto title loans when it is a good solution for your situation instead of letting it become another liability of yours. If you want to work with an honest Toronto title loan provider, give us a call today.