What is a Title Loan?
”This is the type of loan secured when the borrower uses their car as collateral.”
Las Vegas is a city in Nevada where people go when they want to relax and enjoy the casinos. Unfortunately, it doesn’t take much to get in over your head and need a little extra money. A car title loan could be the solution to your problem. A car title loan just means that the lender of the loan will place what is known as a lien on the title of your vehicle.
A lien is a right to keep possession of a particular asset which belongs to another person until debt owed by that individual is paid. If the debtor fails to pay, this lien will not be removed and in most cases, the creditor might sell the property to recover their investment.
A car title loan falls into the category of short term loans. Normally, this is ideal. The biggest problem with car title loans is that they have a very high interest rate compared to other types of loans. This is something to keep in mind when you are applying for a car title loan. They can be incredibly easy for you to obtain one, but on the other hand, they can be incredibly difficult for you to pay back.
The reason why car title loans are so easy to obtain is because the lender giving you the loan is never going to look at your credit history when they are making their decision regarding whether or not to give you a loan. All they really care about is the condition of your vehicle and that is the only thing that they are going to look at.
Most of the lenders of car title loans will tell you that the high interest rates that they charge are well worth it. The lenders have to protect themselves. In Las Vegas, a lot of people take out a car title loan because they want to hit the casinos and slot machines. There is nothing wrong with that, but it makes it a very high risk decision regarding whether or not they will actually have the money to pay the loan back. Think of the high interest rate as a way to ensure that the lender actually gets their money back.
How Car Title Loans Work?
APPLY FOR CAR TITLE LOANS
It is your job to pursue the lender. Once you are in Las Vegas, Nevada, you are going to hear a lot of information about these kinds of lenders. The easiest way to find these lenders is to use the Internet and do a Google search. You should keep in mind that most of these types of lenders need you to meet with them in person. This is because they want to actually see all your documentation including more importantly, your car title. In most cases, the lender will require the borrower to have any of these documents (Government ID, Driver’s License, Source of Steady Income, Residential Proof and a Lien Free Car Title).
So after getting approval for a car title loan, you will give a hard copy of your car title to the creditor. The amount exchanged will not be of the same value with your car nor will it be higher than the value of the car. This is done so that you don’t borrow more than what you can afford to pay if things go south. After the debtor has repaid the loan, the creditor will remove the lien and the car title will be given back to you.
LOAN AND INTEREST RATE
In Las Vegas, Nevada, the amount of loan you will receive will be based on the value of collateral (collateral means your pledge, as the borrower of the specific property to the lender, to secure repayment of the loan). In a large number of cases, the amount of money you will receive may end up being only half of whatever the total resale value of your car is. It is important to keep in mind that this does vary from one lender to the next.
Lenders offer anywhere from 30 to 100 percent of the total value of your vehicle. Naturally, you just need to do your homework and figure out how much money you need. That will help you figure out where you should be getting your loan from. Please note that cars with liens or not fully paid off will not be accepted. If you want a very small loan of say $100 or less, you will receive this loan within 15 – 30 minutes. However, in Las Vegas, Nevada, premium lenders will not offer loans that are over $1,000 to applicants with bad credit because they classify that as high risk and does not benefit their business. The other thing you have to take into account is that some lenders will require the borrower to be employed or have some form of regular income which can be used to fund the loan just in case things go wrong.
This will also vary from lender-to-lender, but on average, the borrower is expected to pay the interest on each due date. You can pay the full amount plus interest at the end of the agreed period of time. However, if you, as the borrower, are unable to repay the loan amount at the end of the loan period, interest will keep on compounding and the amount owed will increase, so, it is better you borrow amounts that you can easily clear within a short period of time. If you completely fail to pay, it will be in the lender’s interest to sell the car and recover the money and interest.
Who provides Car Title Loans in Nevada Las Vegas?
NEVADA TITLE & PAYDAY LOANS:
With this company, the model of your car will not matter to them as long as it’s in good condition and you have the right ownership documents for your car. It is one of the best places to go when you badly need quick cash while in Las Vegas, Nevada. They are pretty fast. Once you have approached them, they will verify your car ownership, and the loan will be available within 15 minutes…that is fast! Once you get to Las Vegas, just drive to any of their office locations, tell them the amount of money you are after, leave the hard copy car title document with them, count your cash and get back on the road. Their title loan amount ranges from $100 – $10,000, you can apply online from here (nevadatitleandpaydayloans).
TITLE LOANS NEVADA
Are you someone who has bad credit? Maybe you have no credit at all? This is the company for you! They will not have any problems giving you a car title loan as long as your car loan is paid off and that you have your car title in your possession. This means you will be able to get your hands on instant cash, anywhere from $500 to $5,500 without any trouble. In order to apply, you just need to use their online website which can be found at (titleloansnevada). The form you are required to fill in requires information such as your name, email address, zip code, phone number, monthly income, and vehicle information.
After you fill in the form and press the submit button, you should be prepared to hear from them in just a few minutes. If you do not have access to the Internet, they have physical locations in Las Vegas where you can go to in order to apply. Just bring your driver’s license with you. They will take a couple of photos of your vehicle and then they will complete the title loan application with you. The entire application process takes as little as 10 minutes to complete. If you have the Internet, visit their website to learn more or apply today (titleloansnevada).
TITLE LOANS LAS VEGAS NEVADA
Due to the fact that this company is open 7 days a week, it does not matter when you need a car title loan while you are in Las Vegas, Nevada. They are ready to help you out. This company believes that a friend in need is a friend indeed. If you are in need of a car title loan, they will help. This is a company that will actually get you the money you need in as little as half an hour.
The way they work is that they will determine the value of your vehicle. They don’t care about your credit history; the only thing which interests them is your vehicle. Then, they will give you a loan that meets your requirements or is a fair estimate of the value of your car. In terms of refinancing loans, this is a title loan company with one of the lowest refinancing rates in Las Vegas. One of the ways you can refinance your loan is to refer friends. You get $150 off your next payment for each friend who gets a car title loan from them (titleloanslv).
Things you should consider before getting a Car Title Loan
Regardless of how small the amount of money you need to borrow on your car title, there are other things you need to think about. The interest on the title loan, for example, is going to be very high. This means you could end up getting caught in a financial trap. Before you know it, you could be struggling to make all of the necessary payments. The biggest downside to a car title loan is the fact that you have just 30 days to pay off the title loan. If you do not pay off the loan within 30 days, the lender has the right to sell your vehicle in order to get back the money that they lent you. This means that if you are thinking about getting a car title loan and you are not so good with money, you might need to consider other options. Here are some other things to try that may just save your vehicle.
- Borrow money from a friend: If the money that you need is less than a thousand dollars, there is no reason why you cannot ask a friend or family member for the money. You can just tell them that borrowing this sum of money from them will solve your financial trouble. This way, you will not risk losing your car and you can pay them back at a comfortable rate that works for you and your financial situation.
- Get a small loan from a credit union: The biggest reason why people hesitate to use a credit union to get the money they need is because the process can take a little longer. It also may require more paperwork and documentation on your part. The upside is that the interest will not be nearly as high.
- Utilize a credit card: It is safe to say that most people who live in the United States have at least one credit card. Most people have more than one. You have to be careful about using these cards because, realistically, you are spending money that you do not actually have yet. A credit card is a quick and easy way to get a little extra money you need for something. The only hiccup would be if what you are buying doesn’t accept credit cards as a form of payment. You may also be able to withdraw some money with your credit card as long as you do not exceed your credit limit. But be careful, cash withdrawals attract a high interest as well.
Naturally, these options are going to work for some people and not for others. You may not have friends or family members who have any kind of extra money that they can spare. You may have such a bad credit history with financial institutions that they are unwilling to give you a loan regardless of how small it might be. You also might be a person who has simply never signed up for a credit card. Furthermore, you could be someone who has already maxed out all of their credit cards.
There is nothing wrong with getting a car title loan if you are in desperate need for money. You just need to be aware of how quickly you need to pay the money back and that is within 30 days. Never take out a car title loan if you are not sure about how you will pay it back. If you think your financial situation is bad now, just imagine how much worse it could be if you do not have a vehicle.
I am sure you know the motto which goes “Think Twice, Act Once”. So, once you are sure that a car title loan is the way to go, simply click on either of the above 3 websites to start your application.