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Why People Choose Car Title Loans

May 8, 2008
One thing that many people are not watching when getting a car loan is which type of loan it is. In fact, many people are now considering car title loans over the basic car loan (through a financial institution); which in the end is there choice. A car title loan is when a person uses their clear car title for a short term loan for cash in exchange.

One of the most important things that must be determined before figuring out the type of loan one person will get is what type of credit loan they will need. By that, the type of loan is based upon which type of credit you have (whether you have poor, medium or great credit). One you have figured out your credit rating that will determine your type of loan as well as your interest rate (in most cases).

One thing that many people are unaware of when applying for car title loans is that it is a loan that uses your car title as collateral for the value of the loan; therefore, you must have a clear car title to get any sort of car title loans. Another thing that many people don't know about until they are getting their car title loans is the amount of interest they will be paying; will can be very high. In fact, on average the APR (annual percentage rate) is about 300%; however, they can also be much higher as well.

As for personal information, there is also quite a bit that the bank needs to know in order to be approved for new car loans. Some of the personal information that must be obtained (other than your personal credit history/score) is where you work, how long you've been at your current job, all your financial history (where you bank, how much you make per hour/week/year and how you get paid; weekly, bi-weekly or monthly), if you have anyone to co-sign on the loan, whether or not you have enough things to put as collateral. When getting information for new car loans, a lot depends on where you bank (as some financial institutions ask for different things on their loan applications).

One thing that many people are unaware of when applying for car loans is the time that it takes to put together the loan. By that, many financial institutions have problems getting together all the information that they need for the loan; which will cause the loan to be prolonged even longer. In many cases, (because of that problem) many people will come to the bank with most of the information that will be needed so that the loan time is not that long; which is very beneficial to them!

Another thing that is important to know is that almost any bank/financial institution that you go to allows people to get new car loans; no matter what age you are (as long as you have all the identification and specifications needed). In fact, many banks like to give new car loans because it is their way of getting new customers to their bank; and by doing that, the new customers will bring other new customers.
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