Important things to know about car title loans
San Francisco is known to be a culturally wealthy and progressive city that has received much acclaim as one of the best financial centers in the United States today. Even though San Francisco is a beautiful city that boasts of fun and exhilarating destinations, it could be quite a stressful and demanding place for people living here who are increasingly faced with costly and unforeseen expenses. Above all, with the fear of health and the current economic crisis of COVID-19, you may be looking for some kind of help. According to press reports, the coronavirus could trigger a severe recession or slowdown in the United States.
According to https://edition.cnn.com, auto title loans were designed for anyone looking for quick cash to pay bills, manage debts or deal with an existing health and financial emergency.
According to https://edition.cnn.com, as shops, restaurants, factories and airlines are closing worldwide from Madrid and Paris to New York and San Francisco, economists constantly warn that a recession across the world is no longer a threat imminent, it is well here.
If you own a car, you can avail a very quick and easy car title loan. However, you might have to pay quite high fees or if you default on your payment, you risk losing your vehicles. Auto title loans are for people who need quick cash to pay bills, manage debts, or deal with today’s emergency.
Here are some important points to keep in mind when using an auto title loan.
To get a loan, you must own your vehicle or have equity in the car
Auto Title Lending San Francisco are supposed to be a secured loan which considers your vehicle as collateral. Car title loans range from $ 100 to about $ 5,500, or about 25% to 50% of the value of your vehicle. The loan term seems to be quite short, usually around 15 to 30 days. Even though it is the car title loan, you can get this cash advance using your trucks or motorcycles or any other vehicle. You would need a clear title to take advantage of this loan. You need to provide a photo of your car, proof of insurance, photo ID, and proof of income to qualify for this loan. If you get a car title loan approval, you will need to immediately give your car title to the lender in exchange for your loan.
Car title loans can mean high fees or high interest rates
Lenders could charge almost 25% of the total loan amount each month to fund your loan. For example, to get a 30-day loan for $ 1,000, your fees might be 25% of the amount. Therefore, you have to pay back $ 1,250 and other additional costs to pay off the car title loan at the end of the month. This would result in an APR of over 300%. It seems pretty high. However, you simply cannot interfere with the convenience and speed with which the loan is approved and processed.
If you are in a crisis and cannot repay the loan, you may have to give up the car. The lender would be obligated to repossess your vehicle in such circumstances. Know your facts before you choose. But remember that your credit history is irrelevant and you could qualify for this loan with even a bad or no credit history.