Three Pros to Refinancing with Auto Equity Loans

Getting a car title loan or auto equity loan can work to your advantage in ways you were not expecting.  Compared to traditional banks or payday loan companies, the best services and convenient options are usually at a car title loan business.

Listed below, three main pros to refinancing with auto equity loans are discussed.  Once you have a better idea of how this loan works, visit us at Bay Area Title Loans to get your application finished quickly, and have cash in your hand within an hour or less.

1.  Lower APR and payments available

Title loans in the Bay Area vary significantly.  Depending on where you go, annual interest rates can be as high as 360 percent APR.  While the government caps this amount, some businesses refuse to go lower with their percentages to cut the borrower a break.

With a lower interest rate, you can expect to have a lower monthly payment.  This comes in handy if you increase the period of time you want to payback the loan to 12 months or more. Other car title loan options for payment include getting an interest-only loan that is also called an amortized loan or what is called a balloon payment.

2.  Convenient payment options

Have you worked with banks or short-term loan businesses that insist you only use one form of payment?  For example, some payday loan companies ask you pay in cash in person on the due date.  This means standing in line and taking up valuable time driving to the location.

However, car title loan businesses often allow up to five different forms of payment.  These options include paying with a credit card over the phone, paying online, paying in person with cash, checks or money orders, bank transfers, or other online options.

3.  Increased customer service availability

Banks ask you to come to their location for services only during business hours.  If you work 9-to-5, this can be a huge inconvenience.  A cash for car titles business, on the other hand, will often be open after 5 PM.  They will also help customers avoid waiting in line for first-come-first-serve services.  This means that car title loan businesses are more readily available when you need them for loans or asking questions.