Loans are hard to get for just about everyone, unless you have good credit. What if you are trying to raise or reestablish your credit, you have to start somewhere, right? This is a good way to start if you have no credit or poor credit, get a car title loan. With this type of loan, you have the ability to still keep driving your car and get the money you need to get back and forth to your job or just want cast for the holiday season. This loan is great for no credit people because there are only a few criteria that they need to meet.
With this type of loan, you need to own a car. The car title must have no leans or you must not owe any money on the car. The lender runs the car title to see if any other place or lender ha the rights to the title. The value you get for your car also depends on the Kelley blue book or the NADA guidelines. These books cover the prices of used cars and will tell the lender how much they could get for your car if you default on the loan. If you get this loan, it is said only borrow about one third of the blue book value. This will keep your payments more manageable so you don’t loose your car for non-payment of the loan.
The last thing you need to know about these loans is that the interest rates are higher because with these loans, they mature in a shorter time than a regular loan. Some of these places offer great deals on interest rates; you just need to do the research on the lending places. Some car title loans places offer you a deal if you bring in another person or other things like that, or they will give you $50 towards your loan balance. Please do the research, you don’t want to jump right in and sign up for a loan agreement that you can’t get out of.