The Ins And Outs Of An Auto Title Loan

Unforeseen emergencies can cause a lot of stress and anxiety, especially when they occur unexpectedly. It happens to everyone. Just when you think you've got a handle on your expenses, another bill pops up creating a financial hole. Given today's difficult economy, more and more people are finding themselves living from paycheck to paycheck and with so many lenders raising qualification standards, it's become more difficult than ever to obtain a short term loan through traditional sources. Auto title loans may provide another option for getting quick cash.

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If you find yourself in this situation, rest assured you're not alone. It's reported that last year alone more than a million people used these short-term loans to help through the rough spots. But beware, all loans aren't the same.

If you're considering an auto title loan it's a good idea to shop around. Just like any other type of borrowing, lenders and the programs they offer can differ dramatically. Because many people only consider an this kind of loan after experiencing an emergency, they can be easily exploited. Remember, just because auto title lenders must be licensed, not all lenders are the same. Fees, rates and repayment terms can differ substantially, so take time and do some research before signing on the dotted line.

Some simple tips to help you understand the auto title loan process:

*Call first: While many lenders use the internet as a lead source, it's also a good idea to call the lender to discuss you're intentions. We live in a world of score based lending and one of the advantages of auto title lenders is they pay more attention to the collateral of your car than your credit.

*Discuss rates, fees and repayment terms in advance: The best time to negotiate your loan is before you plan to get your money. Obviously, like other forms of lending, auto title loans are risk based, so the higher your income, value of your car or truck and lower your debt to income ratio's, the greater the likelihood repayment terms will be attractive.

*Clean-up your collateral before seeking credit: Since the amount of your loan will be based upon a percentage of the wholesale value of your car or truck, so get it looking its best before having it inspected. Remember, pride in ownership speaks about your credibility too. The appearance of your car and truck can make a difference.

*Compare: Since most auto title lenders don't run your credit, there's no need to worry about applying to more than one lender. Sometimes a little extra effort can translate in hundreds of dollars worth of savings depending on the amount borrowed.

Depending on your circumstances, an auto title loan can be an effective way to get extra cash quickly, but as in any type of loan, borrowers should shop around before proceeding. Most auto title lenders operate legitimate businesses and while their rates may initially seem high, they can get you the money you need quickly.

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