It may be difficult for you to name a person that does not have monthly bills. Just about everyone, has bills to pay, whether they are car notes, rent/mortgage, hospital bills or grocery bills. The average person if they have their own place looks forward to a monthly electricity bill, followed by a home cable/internet bill. With all of these bills, sometimes an individual can get behind on them due to an emergency that has popped up. Certain events that could pop up include, getting terminated from your job, having to lend money to a friend or relative or an emergency hospital visit. All of these could cause a person to turn to car title loans for help.
Car title loans Florida have been around for decades now. It is a quick and simple way to get a loan. Typically, your credit will not be checked, neither will you be required to provide your employment. You will be asked to fill out a form, present a photo id, provide your car registration and car title. However though this all sounds very simple there are a few things that persons who are interested in car loans should know.
Car title loans in most situations will charge very high APR%. Sometimes the APR% can be as high as 300%. With this in mind the first thing you should ask the loan office, when searching for the right one is how much do they charge in interest. If you happen to be in the military, then you are protected from extremely high APR%’s. The APR% for military personnel can not be more than 36% for a 181 day period, however if you are not in the military, you may want to be wary of this.
Another question that many consumers ask when searching for a car title loan office is how long does the loan have to be out, before the office began to consider repossessing the vehicle. Always keep in mind, most car title loan offices prefer the customer to pay within 30 days. If the loan has not been paid within 30 days, you may find yourself paying only the interest owed. However, after a while the office will require you to pay the full amount of the bill, which could lead to them taking your vehicle.
Prior to taking out a car title loan, decide on a game plan. Seriously consider the worse case scenario of you not being able to make the payment within 30 days. Will you feel comfortable paying only the interest, over and over again, which could be $200 or more depending on the amount of the loan. Ask yourself another question could you live without your vehicle? If the answer is no, then you may want to make sure that you can pay back the loan.
After going over all of the scenarios you can now make a mature responsible decision.
Having set up a plan to follow, in case something goes wrong with the original goal is always worth while.