Interest rates are one of the most important things you need to consider prior to securing a Phoenix title loan or a registration loan.
You never expect your car to break down or the air conditioner to give out but those spur of the moment things can cost you a lot of money. Everyone would like to have money saved up for emergency expenses, however it is not always possible to save enough money for when you need it most. For those who experience these last minute mishaps, auto title loans can see you through until your next payday. But how do these loans figure in the interest rates and pay back terms?
In order to qualify for a Phoenix title loan, one thing you will need is of course a car title. This title will be used as collateral for your loan. While you are paying back the loan, you will still be able to use your car. The lender will simply need to hold on to the title. Once the note is paid back, you will have a clear title and be able to gain complete control again.
The value of your car will be determined by the face value of the car in reference to the Kelley Blue Book value. This is a measurement that car dealers and lenders use in order to determine the fair trade value of a car.
When you apply for the loan, your Phoenix title loan lender will discuss the repayment terms as well as how much you will pay in interest rate alone. With a short term loan, you don’t have a lot of hidden fees that may be paid back within the loan.
If you don’t pay off your loan on the original loan date, you may be subject to accumulating interest charges until you pay the loan off. In most cases, you can get an extension on your loan if you pay the interest charges that have accumulated up until the date you are calling.