A car title loan Sacramento is quite tempting as it helps you cope with an emergency cash situation or pay off your medical bills. It is a secured loan where you use your car title as collateral. The loan amount you can expect from such a loan tends to range from $100 to $5500. The exact loan amount is based on the market value of a car you own. However, in most cases, you can get 25-50 percent of a car’s market value. If you apply for a 30-day car title loan of $1000, then your interest could be 25 percent. That’s mean after a month; you can get back your car title once you clear payment of $1250. Now you have a clear idea about car title loans and its cost. Now the time to get an answer to questions should I go for a Fast Title loan online.
When to Consider Title loan “an Ultimate Financial Choice”?
Here are some situations where you should consider going with this option.
Bad Credit Scenario- car title loan Sacramento is undoubtedly the right choice for all those people for whom bad credit has become a roadblock. People avoid traditional loans because they know that even when they complete all the paperwork, they won’t get the loan amount. It’s because of credit score matters in the bank.
Can’t Go with a Payday Loan– Although a payday loan seems like a blessing, people who get this loan know very well how bad this loan choice becomes later. As a person can’t pay on time, he ends up paying more than he gets from a company. Scam cases of payday loans also make it the least personal financial decision for many homeowners.
No one is Helping You – Everyone has a friend’s circle. However, it happens that you are going through a slump life situation where you already have taken a lot of debt from friends. Now the only option is either to sell your home or car. So, don’t sell your precious life assets as you are going to regret sooner or later. The better option is to use your car title as collateral and apply for car title loan Sacramento.
You must Own your Car
As the loan name clarifies it a lot, when you are applying for a car title loan, you must own your car. If you didn’t pay back the full loan amount but have some car equity, your car title lender will change the title loan into a personal loan. You can still get some cash, but now you will have to pay back monthly to a new lender.
Credit Card Advance Vs. Car Title Loan
People who have credit cards think that getting a cash advance would be a great idea in the time of need. Although ARP on credit card advance is low, a credit card loan’s missed payment is going to pile up a huge interest amount in your monthly payment. Another expense that will add up to your payment is an advance fee, so if you think that a credit advance is a cheaper way of borrowing money, you first need to take into account all fees and charges. Know other reasons to avoid cash advance.
Article Submitted By Community Writer