Tips for Getting the Most Out of Your Car Title Loan
At some point or another, nearly everyone has experienced a period of financial strain. If you don’t have established credit, or have poor credit, it may be difficult for you to access financial services that could help you improve your fiscal situation and maintain your financial independence. Thankfully, there are several options for people who aren’t able to access traditional banking infrastructure.
Car title loans in AZ are a great way for many people to quickly receive the cash that they need to pay their bills and preserve their financial freedom. If you own your vehicle, you can put its title up as collateral against a loan. As long as you continue to make payments, you’ll be able to maintain use and control of your vehicle. Once the balance of the loan, as well as any accrued interest and fees, is paid off, you’ll be able to reclaim control of your car’s title.
If you think that a car title loan may be a good financial move for you, there are a number of things that you should consider before finalizing any loan documents. Here are just some of the steps to take to ensure that you’re receiving the best possible value for your car title loan:
- Know about repayment options: Depending on the lender that you end up working with, there may be different repayment options available to you. If a lender only allows you to mail in checks or money orders, for instance, it may be better to work with a lender that can withdraw payments directly from your bank account, or that offers online payment options.
- Ask about penalties: Be sure to have a thorough understanding of all potential penalties that you might incur during the course of your loan. Some lenders may assess fees if you pay down the loan too aggressively. Nearly all lenders will assess fees for late payments, or for changing your repayment period.
- Check the lender’s license: The auto title loan industry is fraught with companies that simply don’t want to play by the rules. Be sure that your lender of choice isn’t skirting regulations and ask to see their license before deciding to entrust them with your vehicle title and financial future. It’s also advisable to read up on state and local regulations.
- Be sure there are no driving restrictions: While the vast majority of auto title loan lenders will allow you to continue driving your vehicle during the course of your loan, others may require you to impound your vehicle. Still other lenders may require you to put a tracking device on your vehicle, or forbid you from driving out of state.
For nearly two decades, Cash-N-Go Auto Title Loans of Phoenix has been a trusted purveyor of car title loans in AZ. To learn more about our policies, and to find out if we can provide you with a loan using your car as collateral, reach out to one of our friendly, knowledgeable representatives today. We look forward to assisting you soon!