What are Car Title Loans in Los Angeles?
If you are living in the California area with the need for emergency cash but you have zero or bad credit history then you may want to consider looking for car title loans in Los Angeles. Do not immediately assume that these are exactly like a payday loan or shark loans that will rob you of your hard earned cash. A payday loan is still going to check your employment and will still put your credit history into consideration no matter what the advertisements say. Payday loans generally have an interest rate that goes over 500% of the amount you took so you will be paying so much money in so little time that you’ll be forced to take out another loan just to cover the one you previously took. A car title loan is not as complicated as that.
How Does a Car Title Loan Work?
A car title loan will not look at your employment at all. This is definitely one of the best emergency solutions you can turn to if you need cash and you are not employed or if you have really bad credit scores. You can use a title loan for the following:
- Medical emergencies such as paying for hospital fees and prescription
- Paying for emergency repairs such as fixing your roof or a door t
- To pay for a fine or bail out of jail
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The loan is actually very simple to get. All you need to do is surrender your car’s title. This does require that you have fully paid off the car or at least pretty close to completely paying off your car. Some loaners will require you to surrender your car keys as well. This is their collateral in case you do not pay your loan. Since they will not plant a very high APR or annual interest rate they need some way to cover their finances. Instead of giving you impossibly high interest rates that go from 500% to 900% of the loan amount, they’ll give you a low interest rate but keep your car title until you can pay the loan off.
How Much Will You Be Paying?
Most likely you will be getting interest rates from 5% to $17% of the original loan amount on your initial loan and your usual restriction is to pay it off within thirty days unless if it is a higher loan. Most car title loans in Los Angeles allow you to borrow from around $2,000 to $20,000. Some car title loans in Los Angeles will allow you to take a loan up to $50,000 depending on the value of the car you surrender. Generally you are going to get 25% of the total market value of the car added onto the total loan amount so you can estimate an average loan of around $15,000.
With a low interest rate of only 5%, if you take out a loan of $15,000 you will only have to pay an additional $2,250 making your complete payment round off to $17,250 at the end of the month. Of course if you fail to pay the full amount at the end of the agreed term you will be paying penalty fees and then you will face the possibility of losing your car. This only happens to those who completely fail to pay the loan however. Most of the time, you will be able to recover your car but there are several penalties you will need to pay. If you don’t you could end up with a loan note on your records. This means you will have a note; no cash, no car, and a very bad smudge written all over your credit history because of the unpaid loan.
How to Qualify for the Loan?
There are a lot of requirements when taking out a loan from a bank or when applying for a payday loan since they require so many papers and documents that prove your income and status in life but car title loans in Los Angeles do not. They go away with all of these practices. Consider the following:
You can get a loan without employmentCredit history is not a part of the calculationYou do not even need to be a Californian resident for the loanYou only need to have a vehicle which worth at least $6,000You can get approved for the loan in just 1 hour99% of all car title loans have a small interest fee of around 5% to 12%
Differentiating a Pink Slip Loan from a Pawn Loan
These two – a pink slip loan and a pawn loan – are both car title loans in Los Angeles. The prior however is where you are only required to submit the pink slip or title of the vehicle you own to the lender. This means you can still drive your motorcycle or car around but a certified copy or the original copy of the title will be with the lender. A pawn loan is where they not only have the title but the actual vehicle and the keys as well to serve as collateral for the loan. This is usually the case if you are borrowing a very high amount.
You can be sure of getting a higher loan if you opt to choose the latter type of car loan. This is because the lender will have a sure means of redeeming their financial losses. Even if you do not pay the loan they will have a new item that they can auction off and recover their losses. These are the title loans that can grant you anywhere from $25,000 to $50,000.
Safety When Getting a Car Title Loans in Los Angeles
You still need to be careful however. Some car title lenders are not as good as they advertise. Some are still loan sharks that will allow you to borrow a lot of money but then pound you with high interest rates and penalty fees so that when you cannot pay it back they can take your car and ruin your credit scores. Always borrow with precaution and you can solve your emergency problems with the car title loans in Los Angeles. Please visit 800 Loan Mart for more information.
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