In an economy where a lot of people are living pay check to pay check when something major comes up you sometimes have to look at ways to get a fast loan, something like Rapid Auto Title Loans. are on the market and something to consider but there are factors to keep in mind before you go and get that title loan.
First things first make sure you are careful when you get a car title loan and that you are dedicated to paying it back, because if you miss a payment they can come and take your car. When you get a loan you take your title and your vehicle to the company and they will search and find the blue book or market value of your vehicle. Then they will give you a loan at a value less than what the vehicle is worth. They do this incase you default on your loan, and then when they are in possession of your car they can sell it for a profit. They will charge you an interest rate on your loan, when you do the math on the loan you will see that it’s a really high interest rate. The rate is usually a few times higher than what a bank would charge for a loan. When you make payment they can be set up to be monthly payments or one lump sum payment. You usually can’t have more than a few months to pay for your loan. Some places may allow you to extend that loan which will cost you more money to do that. These are the basics but every company is different so make sure you talk to the company you are going to use and know all their rules.
