CASH 1 Blog - News

CASH 1 knows money. We've been a financial institution for over 20 years. Read our blog to learn ways to manage your debt, loans and personal finances.

Tips to Get the Best Rate on a Secured Loan with Car Title

  • 3 MIN READ|
  • 0 Comment |
  • 1148 |
  • by Javed Jat|
  • September 15, 2015 |
  • Loans

How to get a secured loan with a car title

Car title loans are a quick financial solution when you need fast cash in Nevada. Even if your credit is bad you can get these loans in minutes from a variety of car title loan companies. We put together some advantages of a car title loan and some tips to help you get the best rates.

Secured Loans Give You the Most Cash

A car title loan no FICO credit check is different from other loans you may have received because these loans are secured. Your vehicle is the collateral and is used to essentially back your loan which gives you more money. That's why your traditional credit is never checked during the process. You can get Nevada title loans for not only your car, but your truck, RV, or motorcycle could also be used as collateral. Keep in mind, however, that if you stop making payments on your loan, you could lose these vehicles.

Getting a Car Title Loan is Fast

The application process is quick and you can usually get your car title loan in 15 to 30 minutes. You can get pre-approved over the phone, online or visit a local title loan store. Most lenders require that you be at least 18 years old and have your title and proof of income. Being a Nevada resident is also necessary when you apply for a Nevada title loan. Other than that - you'll need to allow the lender a moment to inspect your car at one of their locations.

If You Have a Car You Can Get a Loan

Anyone can qualify when you borrow against your car title. Title loans have high approval rates if you have any equity in your car. Lenders give you money based on what you can afford and what your car is worth.

Bad Credit Isn't a Problem with Nevada Title Loans

Car title loans are a solid solution if you have bad credit and need emergency cash. Using your vehicle's equity can get you a larger amount of money than instant approval payday loans because lenders have your vehicle as collateral.

You Keep Your Car

You can still get to work and get around town because you get to keep using your car. The lenders will keep your title and maybe ask for a spare set of keys, but you get your cash and keep driving.

Use Your Car Title Loan Responsibly

Before you get a title be sure to ask yourself if you really need the money. If you really do then consider the amount you are borrowing and know with confidence that you will be able to pay it off. Always make larger payments than the initial minimum payment. You'll save money in the long run.

Finding the Best Rates

Shopping around for Title loans has never been easier. Services like Yelp and YP.com can give you quick information and customer reviews.

Explore Rates Online and in Stores

Saving time online is always the first way to research loan rates, but you can research the old-fashioned way by actually going into a physical secured title loans store. Besides, most title loan direct lenders require an on-site vehicle inspection, so you'll have to drive to a store anyways.

Look at the Interest Rates

It is federal law that title loan lenders must post their interest rates online and in the store. You can cruise around online and write down these rates to choose the lowest. Keep in mind that paying off your loan as soon as possible is your best way to save on the interest of your loan. Most companies add interest daily and even paying a few days early will save you cash.

Avoid Fees

There are quite a few title loan lenders that have unnecessary fees. They may charge you for processing your application or for the process of putting a lien on your vehicle. Ask the lender about additional fees and be sure to fully understand them.

Sign up for an Auto Pay Plan

Some title lenders may give you a lower APR and give you more money if you set up some sort of automatic payment with them. This is convenient for you because forgetting to make a payment may create additional fees. The lenders like this option as well because they will consistently get your payment on time.

Consider a Cosigner

A cosigner could help with getting a better rate or at the very least - more money. The amount of your title loan is dependent on your vehicle's value and the amount of your gross income. If you have someone sign with you, the lenders add the cosigner's income to possibly increase your loan amount. Be sure that your cosigner understands all the terms and their responsibilities. If you live in Nevada and find yourself needing fast cash, a CASH 1 Car Title Loan could be used to bridge your next payday. 
 

Showing 0 Comment


Comments are closed.