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Auto Title Loans for Older Cars - 3 Frequently-Asked-Questions (FAQs)
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When the need for cash arises in order for you to be able to handle expenses such
as unexpected medical bills, credit card debts, or other expenses, there are a number of ways to get access to the money you need.Of course, if you have the time and the opportunity to do so, finding a way to earn a bit of extra money on the side is a great way to get the funds you require. However, opportunities are not always available, and even if you do this you may not actually get paid for a week, a month or longer. By then, the money may come too late to meet your current needs.
You can also try taking out a personal or a payday loan to get your hands on the needed cash. However, you may not be have a near-future paycheck lined up (due to lack of a job, for examples) which you could use as collateral for a secured personal loan.
The good news is that if you have a car, you may be able to take out an auto title loan. This type of loan works by you temporarily signing over the ownership (title) of your car to the lender. Once the loan is paid off, you get the title back. But, you keep your car the entire time!
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If you are interested in auto title loans for older cars, here are answers to 3 frequently-asked-questions (FAQs) that can help you make a more informed decision:
1. Can an older car qualify for an auto title loan?
A: Yes! Fortunately, the age of your car is not relevant. You will just need to own your car completely; you will not be able to do an auto title loan if you still owe money on your car loan.
2. How much can I expect to be able to borrow?
A: Typically, most auto title lenders will let you borrow up to 50% of the value of your car. So, if your car is worth $2,000, you will be able to borrow up to $1,000 in most cases. Note that the percentage of car value that you can borrow will vary by lender, which is why it is smart to apply to multiple lenders.
3. What type of interest rate should I expect to pay?
A: Auto title loans traditionally have very high interest rates. Still, if you pay the money back within 30 or 60 days, even paying high interest rates can still be a very reasonable thing to do since interest will not have time to accrue in great amounts.
Take these answers to these 3 frequently-asked-questions into account as you find the right auto title loan to get the cash you need right now.
Auto Title Loans for Older Cars - 3 Frequently-Asked-Questions (FAQs)
By: Robbie James