Title Loans: Helping You Make The Most of Financial Challenges

While everyone loves surprises, not many are as welcoming towards the idea of surprise expenses. It can be busted plumbing or a bad relationship. Either way, there is a cost involved along with a lot of mental fatigue. In most of the cases, the mental distress caused by these situations is more than the financial distress. This is primarily because most of us do not have a reliable supply of emergency funds that can bail us out of these situations. The moment we get our hands on some money, the situations become a lot easier to handle. However, finding a trustworthy source to lend you money during your hour of need is an adventure not everyone is ready to go on.

So here’s a list of ways you can find out sources of emergency money during unprecedented challenges –

You can try title loans. You can take out this kind of a loan against your vehicles. A vehicle title loan uses your car or your motorbike as collateral. The company you choose will lend you the money by placing a lien on your car or motorcycle. Now, as the collateral is there, you can go back to using the vehicle.

A title loan is quite an instant payout option for the most of us. The money is usually instantly given out with a minimal scrutiny of the application. In fact, getting a loan approved on the same day of the application is not uncommon either.

This is a quick financial relief for medical emergencies, family crises and even house repairs not covered by insurance.

Comparing different options

While comparing title loans, be sure to look for the varying rates of interest. The interest can vary considerably from company to company. The Bay Area Title Loans offer up to 75% value of the vehicle as a loan amount. This is a standard rate and it may even increase depending on how well you have maintained your car.

It is understandable how a recent buy in better shape attracts more loan amount and a less interest rate. Review the terms of all the loan options you have before picking one. The APR varies from company to company. You should find out all the fees and hidden fees before you decide on a loan company. The Bay Area Title Loans has no hidden fees. You can find out about all the penalty charges in advance. From late payment fees to pre-payment procedures, the customer care executives will explain everything to you on behalf of the Bay Area Title Loans.

You should find out all your payment options before you sign up with a company. You will get three main payment options: online, in person and automated repayment system.

If you go for an online payment option, you can use net banking or even your credit card to pay your installments. In person is more of a labor-intensive option. Every time, you will have to drive over to the office to pay the amount in person. Most loan companies do not take personal checks. So, you will have to carry a business check or the cash amount to the office every month.

Automate repayment is quite a convenient process. However, you should go for this only if you trust the lender. This is when you authorize them to directly take the money/regular installment payments from your bank account. You can also use your debit card account for the process. The only way your lender can make these payments is when you authorize the transfers directly from your bank account.

You should always go for a company that has multiple payment options. It is illegal for a company to only accept pre-authorized transfers are as payments.

The “roll over” fees

In case you are unable to repay the loan in 30 days’ time, your lender will offer to “roll over” the existing loan into a new loan. This process will add new fees, new interest to already agreed upon rate and much more.

Just like the initial terms of a title loan, the terms for a “roll over” loan will vary from company to company. While companies like the Bay Area Title Loans is here to help you out with amicable interest rates and processing fee, many loan companies will catalyze a loan cycle. This is a vicious cycle that involves borrowing and rolling over without any conceivable escape. In such cases, you usually end up paying more in penalties and fees that the amount to had originally borrowed.

Before you commit to a particular company, you must check their “rollover” process. Legitimate companies may levy the fees involved in the process and help you pay off the original loan amount.

Repossession

This is a nightmare no one wants coming true. If you lose your vehicle, you lose your way to get college, office, supermarket and wherever else you need to go. There are other more interruptive loan companies and policies that require you to get a GPS tracker for your car. They want to keep a tab on where you are going and what you are doing lest you abscond with their collateral.

The Bay Area Title Loans offers a chance for the debtors to reconsider their payment terms. In case you think you may fail to repay the loan on time, you can extend your repayment term by discussing with your loan executive. No one can repossess your car by committing a “breach of peace” or without notice.

Before you select any title loan company, you should check their terms for repossession quite thoroughly. Their websites may not have the complete detail a car owner wants. You can give their offices a call or drop by for a chat.

You can find out all you need to know about loan amounts, APR, interest rates, penalties and repossession terms from any Bay Area Title Loans loan executive. You can also enjoy a free loan counseling session that will help you get your finances in order and help you understand if you at all need a loan or a simple restructuring.