Recent laws on car title loans

The Republican party, also known as the GOP, recently put this into a Financial Choice Act:

source: http://www.chicagotribune.com/business/columnists/ct-lazarus-payday-lenders-20170530-story.html

So, the question one needs to ask themselves is…having access to some money better…or is it better for people to not have options?

 

What are the advantages of car title loans?

Many people often ask what are the advantages of car title loans?  In this article you will discover the advantages of a vehicle title loan:

 

Source: http://driving.com/buying-selling/title-loans/

What you should know about car title loans…

There are many things you should know about car title loans.  One of these is that the interest rate can be high, however, the benefit is that you can get money immediately.  Read more information here:

Source:  https://askthemoneycoach.com/2014/10/know-car-title-loans/

How to Be a Responsible Borrower

There are many situations in life where you need to borrow money. Sometimes they are for an unexpected bill, needing to get money to finance a big purchase, or even taking a well needed vacation. No matter if you get money from a bank via a personal loan, or a local lender that offers loans based on the value of your vehicle, you have to be able to make sure you are able to pay back the money the lender has borrowed from you. When a bank or lender decides to lend money to you, they will look to see if you possess the good qualities of a good borrower. You are more likely to get a loan a a good interest rate if you following these tipes.

First – pay on time.

Anyone who loans you money–no matter if it is a big bank or a personal friend wants to get the monthly payment on time. If you have a good track record of paying your bills on time (or earlier) when they are due then the lender will put that as a positive quality about you. If you miss payments or have late payments, traditional lenders like banks and credit unions may ask you why. Other lenders that don’t even bother to check credit history or the credit score during the application process may not be as worried about missing a monthly payment — but making an effort to pay on time will be a huge benefit.

You’re Organized

No matter what type of loan you get, secured, unsecured, a home loan, a car loan, or a business loan a lender will be more appreciative and respect you if you are organized. Every lender is going to want some sort of documentation. Sometimes this documentation will, depending on the type of loan, depend on your past history, your income, if you have insurance, and other factors. Having all these documents handy so you can prove to the lender what you are looking to do is a great plan of attack.

Discipline

When applying for any type of loan a company will look at your credit history to determine how high the interest will be. While there are exceptions to this rule, it pays to be paying on time, paying off your credit card loans, and paying off what you owe. Being a disciplined borrower will mean you have access to credit when you need it. But, just be careful. Millions of people have “over-leveraged” themselves.

You’re Honest and Can Be Trusted

Put yourself in the shoes of the lender. No matter how big a bank is…the loan officer who is going to sign off on your loan is a person. People want to do a good job and make good decisions. If you show you are trustworthy by showing these good habits and qualities the chances of you being successful go way up. The loan officer has his or her performance reviewed, and if they make a bad decision it reflects poorly on them.

One option, if you need fast money is to get a car title loan.

 

Why Customers Like Check Cashers and Payday Lenders

“The numbers of Americans who either don’t have bank accounts (the “unbanked”) or use them sparingly alongside alternative financial services (the “underbanked”) can be startling if you were raised on bank robber Willie Sutton’s apparently apocryphal wisdom that “that’s where the money is.” “As of 2013, the year of the [Federal Deposit Insurance Corporation’s] most recent survey, approximately 8 percent of Americans were unbanked and another 20 percent were underbanked,” notes Servon.”

Source:  https://reason.com/archives/2017/02/18/living-without-banks/print

Which Car Title Loan Lender is Right for You?

Recently there have been a lot of new and upcoming title loan lenders that have started. The competition is becoming more fierce and with companies offering different repayment plans, more flexible terms, and added options on how long you have to repay. Car title loans have become an alternative to traditional bank loans in many cases.

As a borrower since you have the upper hand when you are able to use the equity in your car. This is also true because the ease of the application, and how quickly you can get money. Many car title loan companies will compete for your business. So, it is important to know if you are working with a reputable lender.

Here are a few ways to know if you are working with a good lender.

The lender has a strong On-line presence: 

In today’s environment it is very easy to throw up a website in an hour and then start trying to generate business. The key is to find a company that has been established. Fortunately, Big Car Title Loans of California has been in business for years, having helped hundreds of people get an auto title loan. Also, you should look at the bottom of the screen to see if the website you are working with is licensed. For example, the lending license of Big Car Title Loan is located at the bottom of the website. This means that the company has passed an extensive test and is licensed to do business and work with reputable lenders. The California department of business oversight is the legal entity that regulates auto title loans in California.

They do not become hostile if you ask questions:

As the consumer you should be able to ask what questions you need to feel comfortable. If you get a high-pressure sales pitch, then it makes sense to move on. However, you need to understand that any car title loan company is going to ask for some basic information. This information includes your name, level of income, the make and model of car along with mileage, and a few other details.

The Best Car Title Loan Companies in California Will Explain Your Options:

You need to make sure that, whatever your decision is, the company you call will take the time to explain your options. The lender should take the time to talk to various options for loan amounts. The loan amount will come down to several factors. One of the main factors it will come down to is the make, model, and mileage of your car, but most important the size of the title loan you get will come down to how much equity you have in your car.  The Best car title loan companies in California will also explain how the repayment process works. They won’t try to confuse you or give you high pressure sales tactics.

Expectations are set up front

You know you will have found the right On-line car title loan lender if the process has been spelled out clearly for you. You don’t necessarily need a high credit score or a perfect credit score when you get an auto title loan. It is important to realize that you are using your vehicle as collateral so that the lender is protected in case you do not pay your payment. This is very similar to a home equity line of credit or a mortgage. You are responsible for making payments on time, and if you do not make payments on time a lender will repossess your car. You should know ahead of time if you can afford the monthly payments.
Not all car title loan companies are created equally. Some are easier to work with. It pays to take time to make sure that the company has been around for a few years, that the company is licensed to do business in California (and any other states) and that the auto title loan company explains how car title loans work.  IF you follow these steps you should not have a problem.

Get a Title Loan at Big Car Title Loans Los Angeles

If you are in need of money quickly go ahead and give us a call at (818) 217-8960

and a friendly agent will speak to you and walk you through the process on what you need to do. Rest assured, you will not find the process pushy and you will not obligated to take a loan with us.

What are the Pros and Cons of Title Loans

Are you in need of some money for an emergency? A auto title loan is one of the fastest ways to get an immediate injection of money for an emergency or for a short-term need. How does a title loan work? Well, the lender holds onto the title of your automobile and uses it as collateral for you to borrow against.
It is important to realize that if you pay off the auto title loan on time and on budget (or before it is due) these funds can help you through a difficult financial situation. However, you should educate yourself about a car title loan before you get one and learn both the pros and cons of title loans before you begin.

Pro: Auto title loans can be gotten even if you have bad bad credit.

Many times when you want to get a loan having a bad credit rating prevents you from getting the money you need. Lenders take just once glance at your credit history and write you off. They will tell you that they either can’t help you out–or want to charge you ridiculously high interest rates so that the loan isn’t worth it. This is not to mention the fees that many lenders tack on.
Title loans, however, allow the borrower to use the car as collateral so you can get a loan even if you have bad credit. If you are in a difficult financial situation and you don’t have a good credit score or credit history–you may find yourself in a situation to where a title loan is the only option for you.

Con: High Interest rates

It is important to realize that title loans do charge very high interest rates. Since you can get a loan with bad credit, the lender will look at the borrower with risk, so the lender will charge more money. You need to look at the annual percentage rate that car title loan companies charge and make an educated decision. Late fees, and even car repossession, are all possible if you do not know what you are doing.

On the flip side, if you pay back a loan quickly, you will not have to pay as much interest and with auto title loans there are no prepayment penalties. Also, you need to realize that if you default on the loan the lender has the right to repossess your car.  Of course many people who scream that car title loans have high interest rates don’t take into account how high bank interest rates are if you bounce a single check. Many times if you are .01 overdrawn the bank charges you anywhere from $20-$35…many times. The interest rate on THAT is huge.

Pro: Fast cash!

Many times you can get the cash you need in the same day you apply. It all depends on how quickly you submit your application and get the lender the information you need. If you have a medical bill, funeral to pay for, vehicle in desperate need of repair, or an emergency in your house a title loan can be the thing you need to turn to. It can give you an immediate influx of cash.  The best part is, if you are 100% certain that

you can pay back the loan you are getting the risk of putting of your vehicle is zero. And because you don’t have to have good credit history with this type of loan, you won’t have to worry about your financial past. You can focus on the current emergency.

Con: The risk of losing your vehicle

Of course you need to be realistic. Anyone who says title loans have zero risk is flat out lying. There IS the chance, if you do not pay back your loan, the lender can take your vehicle away. The word “title” in “auto title loan” or “pink slip loan” refers to the collateral you’re putting up. If you don’t pay the lender back or fall behind you’ll lose that title. The car then becomes the lenders and not yours…so be aware of this fact.

Of course, due to the high interest rate on this loan you want to make sure you can afford the payments and can pay back the loan in a timely matter. If you have solid cash flow then the risk of losing your vehicle due to repossession is low. If you don’t have future money coming in, however, the risk is can be high.

Pro: A title loan is NOT a payday loan.

Payday loans have been considered predatory and can even charge ridiculous rates of interest. If you don’t want hassle getting a payday loan–and many people don’t, then getting an auto title loan can be one option for you to consider.

If you don’t have great credit to get a loan, you will discover that auto title loans can charge really high rates of interest. The best part is because it is not a payday loan you are not linking your future paychecks to a payday loan.

Con: Some companies charge outrageous or hidden fees.

Make sure to keep your eyes and ears open for fees. Make sure to work with a reputable lender like Big Car Title Loans if you’re interested in this type of loan. Make sure to work with a company that is licensed to do business in the state of California. There are many lenders that make it difficult for you to pay back the loan. They tack on fee after fee and before you know it you’ll feel as if you are drowning. Take your time and carefully read the fine print from the beginning and you’ll be able to see all the fees well in advance. Don’t get surprised by something you could have read about ahead of time.

Pro: Title loans are simple to get

Since there is no heavy credit check involved, a title loan can be easy to get. If you work with a reputable lender and your vehicle qualifies, you’d be amazed at how fast you can get the cash you need. In California you can get as much as little $2,500 to up to $50,000 in some cases. And when you work with Big Car Title Loans you will find that some of these cons are wiped away by lower APR and bette terms that make getting at title loan better off for you.

But let’s be honest: With ANY loan there is some risk involved. If you work with the right lender and know your stuff before hand, and you have a reasonable expectation of future cash-flow, a loan can be a powerful tool for ensuring you have the cash you need now. All it takes is using your head a bit and some thinking to make sure that a title loan is win-win for both people. This is why we give a list of pros and cons–so you can better understand how auto title loans work.

If you are looking to get an auto title loan for yourself, you can continue to read here or call us at (818) 217-8960 or fill out the application form on the page here or go here:  http://bigcartitleloanslosangeles.com/ If you some reason you don’t hear back from one of our friendly representatives within a few minutes during normal business hours do not hesitate to call us.

Cash for Your Title in Los Angeles

Do you need cash quickly?  We’ve all found ourselves in situations where we need cash quickly, and one lender you may want to consider is Big Car Title Loans of Los Angeles–one of Los Angeles leading auto title lenders can help you get the cash you need within as little as a few hours. Unfortunately, in today’s economy the average savings level of an American has gone way down. Most people have less than $1,000 in savings according to some reports.

Payday loans can be extremely expensive, and bank loans can take a long time to get–and banks only want to lend money to people who don’t need it. It’s not easy to get money quickly if you have a financial emergency like a medical bill, tuition, or a house or auto repair.

The good news is getting cash for your title in Los Angeles is now a lot more convenient. Big Car Title Loans promises some of the lowest rates and can discover if you can get a Los Angeles car title loan in as little as 15 minutes. Auto title loans have become one of the fastest and easier borrowing sources that is available to people looking to get money to handle financial emergencies quickly.

Don’t Get A Bad Interest Rate

When you need instant cash even the smartest and financially savviest individuals can go for payday loans and bank loans. Many people pay a steep price for these loans which are sometimes non-repayable. Getting cash for your title in Los Angeles at Big Car title loans has 2 main advantages. First, we can get you the cash you need quickly…just call us (818) 217-8960 to find out if you qualify for quick relief. Second, you can, many times, get the cash you need within 24 hours. It really depends on how quickly you get the lender the information that is needed to verify some information. We’ve developed a network of lenders who can assist you quickly and effectively.

Our Los Angeles auto title loans are available when you are ready to apply. Just visit BigCarTitleLoansLosAngeles.com to apply online, or call us at (818) 217-8960. We will work with you to develop a repayment plan that will help you keep the monthly payments low. This will help you budget accordingly so you won’t default on another payment that you must keep current.

  • Stipulations Vehicle Title Loans
  • Once you’ve called and have been pre-qualified for an car title loan you will need to provide the following.
  • Identification – such as a driver’s license
  • The Car Title Itself
  • Proof of Car Insurance – Full Coverage in Most Cases
  • Proof of Income so you can be able to repay the loan
  • You Also Must be 18 or older

There are no prepayment penalties with us.

When you get cash for your title in Los Angeles with Big Car Title loans you can expect a simple and easy experience. We don’t have hidden fees and our lenders don’t penalize you for paying off your loan before the time of the loan ends. We’re here to help you with your financial difficulties and get you back to a sound financial place without all the hassles other lenders make you go through.

Call us today (818) 217-8960 if you’re in need of instant cash and don’t have any other place to turn to. The experience will be great and you will find that when getting a title loan we are your number one choice!

An Analysis of Car Title Loans vs Payday Loans

Which Type of Loan is the Best Option For You?

When your bank account gets low and you have a financial emergency you may need access to cash within 24 to 48 hours from a good lender. Because there is such a need for immediate funds, short term loans are many times the only realistic options–especially if you have less than ideal credit.  Traditional banks and credit unions often won’t loan you the money, and the underwriting process can be very slow.  This is the time when many people will either apply for an auto title loan or a payday loan.

Before you borrow any money, however, it is important to understand the difference between how they work – the pro’s and con’s of each and how to make an informed decision on which is best for you.

An Analysis Car Title Loans vs Payday Loans

Before we get into the exact details on payday loans vs car title loans it’s important that we state up front that yes, they are very different from one another.  The only real similarity between these two types of loan is that they can be used to get cash immediately.

First, let’s begin with how a payday loan traditionally works.  A payday loan is secured by your paycheck.  Generally, you will write the lender a post-dated check or set up an automatic funds transfer for the amount of your paycheck and give that to the lender.  The funding is immediate (except there generally are processing fees) and once you get your check the lender takes the money immediately as repayment for the loan.

Generally, payday loans are for short periods of time–like 2 weeks, and the amount you can get is normally fairly low–like $100 to $1,000).  The true cost of a payday loan is generally a “flat fee” based on the total amount borrowed, and of course the lenders want to make sure you have a job with steady income in the first place.

A huge difference between auto title loans and payday loans is that car title loans are not secured by a paycheck, but the lender’s loan you the money by using your car or truck as collateral.  You also must have equity in your vehicle before you can get a car title loan.  Think of it like a home equity line of credit, except it is for use on your car.

In the state of California there are laws that regulate the industry and the lowest amount you can borrow is around $2,500. (Some lenders make it $2,500 and some make it $2,550.  It depends on the law and most current regulations).

Another big difference between payday loans and vehicle title loans is the term of repayment.  Most title loan lenders will let you pay the loan back over a period of several years…24 to 36 months–thereby keeping your payment low.

If you are looking at the pure math, most of the time a car title loan is actually cheaper than a payday loan, however, one has to realize that neither payday loans or title loans are a good opportunity to borrow cash for a long period of time and they should only be used for short periods of time.

Things to Consider When Choosing a Title Loan or Payday Loan

When you are low on money, short term loans like title loans and payday loans can help you get through difficult times.  It is important, however, to look at the fine print and each and every detail.  Do not be afraid to ask the loan officer’s questions such as what the yearly interest rate is, what your monthly payment is, if you have a grace period, and other questions.

Vehicle Title Loans for California Residents

Big Car Title Loans Los Angeles provides elite title loan services to California residents who need immediate cash. Our loans can help you get more money than a payday loan.  Click here to go to our main page and fill out a form, or call one of our friendly staff members today at Call 818-217-8960

Loan options for people with bad or poor credit

In today’s economy anyone can have the issue of having poor credit. With how the economy has performed since 2008, it is easy to get behind on one’s bills due to lack of good employment opportunities. Just one missed bill payment, or going over on a credit card, or facing challenging financial circumstances out of nowhere that can eat all your savings away overnight.

Once you start having credit problems and bad credit hits, lenders and other creditors will look at you as a high risk borrower, which means that you may not be able to get the money you need when you need it most. There are, however, several options for you to look at for getting money in times of an emergency.

First: Go to your friends and family.

Nobody likes to admit they have a problem, because often times people are embarrassed they have to ask for help. But, many times your friends and family will support you even if you are in financial trouble. Why? Because they love and care about you no matter what you might think.

One thing you can do instead of borrowing money outright is to speak to friends and family members are co-signing a loan. Most lenders are willing to approve loans with someone who has weak credit when there is a someone who has good credit cosigning involved.

Of course, be honest with yourself and the person who is co signing for you on the loan. Make sure to talk to your co-signer to ensure they understand the risk involved. If you, the borrower, don’t pay back the loan on the agreed upon terms, then the cosigner can have his or her credit damaged. Furthermore, if you default the cosigner is likely to get contacted by the creditor. Not only can this hurt relationships, but it can be annoying for the person who is dealing with the credit issues.

Car Title Loans

If you still are in need of money and cannot have a friend or family member cosign with you one option you can look into is a car title loan. There are pluses and minuses with any type of loan and that includes auto title loans. Car title loans provide a very fast way to get cash when you do not have other loan options and have a poor credit history. A car title loan works like a home equity loan. You borrow against the equity in your vehicle.  The car title lender will use your pickup truck, your car, crossover, or SUV as collateral for a loan and in California this generally ranges from $2,500 up to as high as $50,000. Now, you need to make sure you understand some things. With an auto title loan the lender is out to make money, and they are only going to lend you what they feel they can comfortable recoup if you default on the loan. The lender will repossess your car if you default, since they will have access to your car’s title.

Check with your Local Credit Union

Another option you can do is to check with your local or regional credit union. Many times these people have programs for people who have poor credit, and they may be willing to work with you versus a giant bank like Wells Fargo, Chase, Bank of America, or Chase.  When you go into a credit union or local bank, make sure you show them you have legit proof of income so you can show how you will pay back your loan. It is also a good idea to show them that you are working to improve your credit score and history.  All is not lost, however, if you have bad credit. An auto car title loan is an option that many people turn to. If you are in need of a loan and need cash within a few hours, Big Car Title Loans can help. We can help you get the cash you need generally within 24 hours, and sometimes within a few hours.  Just call us today (818) 217-8960