Financial problems can pop up out of nowhere, and sometimes people don’t have the money for these unexpected expenses. While car title loans are a convenient way for people to get cash quickly without surrendering ownership of their car, many wonder are car title loans safe?
They work by loaning the ownership of a person’s car to a company like Quick Title Loans, in exchange for an agreed amount of money. Most companies will use the car’s current resale value to determine a finance amount. The minimum amount of money you can get for a title loan in California is $2,500.
Alternative options like applying for a bank loan or refinancing your home are harder to qualify for and usually require lots of time and work. Car title loans have their risks, but there are many common misconceptions about them. They are quick and safe as long you understand the terms of your agreement and are able to pay off your loan on time.
Understand The Terms of Your Car Title Loan Agreement
Before signing off on your loan, it is extremely important to read over the terms of the agreement. Car title loans often come with pretty high-interest rates. According to the California Department of Financial Protection and Innovation, many of these loans had annual interest rates ranging from 70% to 100% and higher.
Additionally, car title loans require you to make pretty frequent repayments. At Quick Title Loans, you will make monthly payments. The majority of our loans last between 12 to 36 months.
Make Sure You Can Pay Off Your Car Title Loan
This one is pretty straightforward. Car title loans require you to use your vehicle as collateral. Quick Title Loans reserves the right to repossess your vehicle if you fail to pay on time. Unfortunately, we may have to sell the vehicle to recuperate our losses. Many lenders like Quick Title Loans will not look at your credit when applying. So if you can not pay off your car title loan within the specified amount of time, you should look into alternative options for obtaining funds.
Choose From a Reputable Company
At Quick Title Loans, we do not engage in any predatory lending practices. We will be fully transparent with you about the interest rates you will be paying and will try to work with customers who fall behind on payments. After paying back your loan, we will immediately turn the title of the vehicle back over to you. No stress, no hassle.
Car Title Loans in Southern California
Are you in Southern California and need cash now? Quick Title Loans in South Gate, CA is committed to serving everyone in Los Angeles and its surrounding areas. We don’t just accept cars, bring in your commercial truck, RV, or even a boat to secure your loan.
You must be at least 18 years old with proof of income and proof of residence. Our entire loan process takes no longer than 30 minutes. Just call us at (844) 422-7676 or click here to apply now.