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Auto Title Loans - In Times Of CrisisAuthor: Alisha Delphi
When times are tough and you need immediate cash, you could avail of auto title loans, providing you have an automobile. All you need to do is make sure that you hold the title to your automobile. You don't have to worry about a credit check, nor about finding guarantors, or placing some security - just keep your car title as security for the loan. Your vehicle would still be with you and you could drive it around without any hassles.
Those looking for stop-gap arrangements for money can avail auto title loans. It would be ideal if you pay off your dues within fourteen days to a month, and as per the agreement with the loan company which usually gives you the option of rolling over your loan. With annual percentage rates being slightly on the higher side, if you opt to roll over the loan repayment for another payment period, you could end up paying more than the loan amount in just interest and fees.
Most companies play fair and give you a reasonable retail value of your auto. Be assured that you are not incurring a high financial risk, as the value of the vehicle far exceeds the amount of the auto title loan and most borrowers are able to pay off the amount.
Motorcycle title loan takers do not have the luxury of rolling over their payment and could lose their vehicle if they miss a single payment on the auto title loan. If you need to get your vehicle back, be ready to pay an additional amount, over and above the retail value of the vehicle.
Even though auto title loans help you in times of crisis, be prudent while availing of them. The interest you pay is marginally higher than regular loans and the time frame to repay the loan is lesser. The dealer is provided a spare set of keys at the time of agreement, and you will have to surrender your car which is sold off to repay the loan amount.
About the Author:
Alisha Delphi holds a degree in Economics and Commerce from USC. She started out as a financial advisor with a bank and has moved on to become a loan consultant with more than ten years of experience. Apply for car cash loans application now.
Article Source: http://www.articlesbase.com/loans-articles/auto-title-loans-in-times-of-crisis-790869.html