Auto Loans - Are They the Right Way to Get Extra Cash?
Auto Loans - Are They the Right Way to Get Extra Cash
?An easy source of funds during times when a person is faced with a financial emergency is a car title loan. For example, you may have suddenly remembered that you should pay a particular bill that you forgot to take into account in your budget or your child in college suddenly spent all his money on beer and calls home for a cash infusion.
First, head to your car, inspect it carefully and fix those things that can be fixed because the amount you will get as a loan will depend on its resale value. Of course, you will also need to make sure that you have a clear title, which means that it is completely paid off and it should not currently be used as collateral. Other things that you need to bring when applying for a car loan using Car Title Loans in Thousand Oaks include personal references, proof of residency, proof of income and proof of identity. You will also need to make a comparison of the rates of interest used by the various loan providers. Finally, make certain that your budget can easily handle the payments.
The thing to remember is that even though the cost for repaying the loan can seem high, you have to consider the costs you'd incur not taking out this loan. Such as, would it mean penalties and fees from missed credit card payments? If so, you should do everything in your power to avoid it, since the fees can be really high. The loanable amount is usually around half of the resale value of the vehicle. Thus, the lending company will only need to check the price of the car and then the automobile title and the requested funds can be released.