By Charlie Brown

Life is full of uncertainties and needs preparedness to meet unexpected situations with a strong mindset and a fat purse. While you might find it easier to rule over your mind, the same may not happen for finances. You will come across unexpected situations that require immediate funds and getting a loan is the most convenient way of arranging quick money to tide over the crisis. As traditional loans take longer time and have too many requirements to fulfill, most people in need of quick money prefer alternative loans. Auto title loans are quite popular for providing money almost instantly. The loan process is quite simple and consists of minimum formalities that facilitate speedier disbursement and keep borrowers happy.

The process

Lenders give the loan against the car you own, and there is no need for any other securities as collateral. Walk into the lender’s office with the car and let them inspect it to determine the amount of loan that you can get. Go through some simple documentation, provide little personal information and then wait for the disbursement by the next day. A dedicated customer support executive will take you through the entire process to make it completely hassle free.

Main attractions

There are three main attractions of title loans.

? Loans are available for any kinds of vehicles from cars to trucks including motorcycles.

? The lender does not consider your credit score for giving a loan. Even if you have poor credit, you are eligible for a loan.

? You get a loan for refinancing current outstanding title loans.

Shop around for the best deal

The loan market is very competitive, and you must shop around to get the best deal. Comparing offers is the only way to get the loan of your choice. Read on to know how to compare offers by selecting the right parameters.

Compare it threadbare

? The rate of interest –The real worth of loan to borrowers lies in the interest rate. Interest on title loans are high and can be even as high as 300% APR. This is why you must shop around for lower interest. However, adjusting the tenure of the loan is one way that you can keep interest low because longer repayments entail less interest, but you have to pay back much more at the end. Higher loan amount carries lower interest.

? Terms and conditions – Since APR depends on the interest rate, loan period, loan amount and fees paid to lenders, insist on clear terms and conditions. Everything must be visible, and there must not be any hidden charges to surprise you later.

? Special fees – If you are unable to pay back the loan and want to extend the period of loan some lenders charge additional roll over fees that you must know.

Lastly, look for any compulsory appendages that come with the plan, like roadside assistance as it can increase the cost of credit because you have to pay for it. Calculate the lowest payout on loans to identify the best one.

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