Auto title loans Los Angeles can prove beneficial whenever you are facing a financial crisis. This is because you only have to cash in your car title in order to get money from a lender. However, you will need to get accustomed with the loan terms before you can start looking for a car title loan in Los Angeles. Through this action, you will not have to worry about anything after applying for the loan be it interest rates or repossessing of your car in case you fail to pay the loaned out amount within the agreed period. In this article, we are going to examine some of the things you need to know if you are to choose the best auto title loan distributor in Los Angeles.
- Annual Interest Rate
In most cases, an annual title loan for an automotive will stand at 25%. This interest rate might not sound so high in the first place especially when your credit card interest rate is not far from that. However, the car loan translates to an APR of 300% meaning you may end up paying more if you borrow money and roll it over a year. It is for this reason that you should avoid rolling the loan over in order to get the best deals possible.
- Number of Times You Can Roll the Loan Over
Chances are you may delay paying back the auto title loan Los Angeles due to unavoidable circumstances. Even if you are going to stick with the repayment plan, it is important to know more regarding the number of times you can roll over the loan. This is because things can get pretty bad if you decide to roll over the loan indefinitely. You should therefore ask the lender to give you a maximum of eight rollovers thus saving you from the stress of having to pay back the loan.
- Fees Charged and the Presence of Add-Ons
One of the most important things you need to consider when opting for Los Angeles car title loans is the astronomical interest rates. However, quite a number of title loan Los Angeles lenders tend to impose additional fees that accompany the interest rates. Some of the common additional fees charged include comprehensive coverage, roadside assistance or even life insurance. Shun away from signing contracts having any of these inclusions as it will only make your life a living hell.
The Bottom Line
These are just but some of the tips you need to put into consideration before opting for auto title loans Los Angeles, CA. Take your time in examining as many lenders as possible after which you can finally make the decision to settle on one. For those who are still encountering problems, then you can consider seeking the services of Simple Car Title Loans, a renowned lender when it comes to car title loans Los Angeles, CA. Get in touch with them today to know more regarding their services.