California Buyers Increasingly Turning to Car Title Loans

07825e93d8724c79b7c85c0123ec6e47Over the past few years, car title loans have been increasingly in popularity as an emergency short term financing options. This has been especially true in California. There, the number of auto-title loans issues increased 140 percent over the last three years, from 38,148 to 91,505 between 2011 and 2013. Car title loans are an easy financing option for those who need money quickly or have blemishes on their credit score that make it difficult to get a personal loan from a bank. Here are the things that you need to know about getting a car title loan.

To get approved for a car title loan, you must be at least 18 years old and own a car that has no liens on the title. The car title must have you listed as the owner of the vehicle for you to use it to get a car title loan. The car title is the collateral for the loan, meaning if you don’t repay the loan as agreed, the lender has the right to keep the title, repossess the car, and sell it to get back the money owed to them.

Car title loans can be approved faster than traditional personal loans. Online car title lenders, such as the one found at www.titleloans-california.com, can generally give you a decision on your loan application and have the funds in your bank account in a matter of days. This fast turn around gives you the financial means to handle your financial emergency in a timely manner. Delays in handling a financial emergency can result in higher costs, increased stress, and other unpleasant consequences.

The amount of the loan you are offered will depend on the age and condition of your car. If your car is a newer model and is in good condition, you can get a larger loan because the loan amount is based on a percentage of the resale value of the vehicle. To ensure that you will be able to get the amount of money needed to handle the financial emergency, go online to a site such as Kelly Blue Book to see the approximate resale value of the car you intend to use for the car title loan.

Car title loans come with repayment terms as short as 30 days and as long as several years. Payments on the loans with longer terms are repaid in installments, generally deducted from the borrower’s bank account. Loans with shorter terms are due in full by the due date. If the borrower is unable to repay the full amount of the loan by the due date, lenders often provide an option for refinancing the loan or rolling the old loan into a new one. Know what repayment options are available before signing up for a car title loan.

Join our newsletter

If you like Critical Financial, subscribe and get our latest content via email.

Powered by ConvertKit

Share this post:

Recent Posts

Leave a Comment

*

People count the money to buy a house in future success.

Avoiding Mortgage Scams: Don’t Fall for Unreasonable Promises

If it sounds too good to be true, it probably is. That’s sound advice for almost all aspects of life, including the search for... more →
Eat for free for a whole month via the meal kit companies discounts for new customers.

How To Get a Month of Free Food: 9 Meal Kit Companies Offering Discounts to New Customers

Play your cards right and you might be able to line up a month’s worth of free meals if you were to try out all nine of the meal... more →
Generate extra cashflow -- here are 97 ways.

96 Awesome Ways to Generate Extra Cashflow

Who doesn’t want more money nowadays? We’ve got you covered on that front. Here comes a long list of different ideas on... more →
Valentine's Day gifts that won't destroy your budget

Valentine’s Day Crafts Are Romantic Rescue from Crazy Inflation

Fall for the hype this week and you’re out an average of $143.56 for Valentine’s Day. Crafts and other do-it-yourself tactics... more →

Ultimate Guide to Bitcoin — FREE Ebook!

Have we got something for you: a free ebook about bitcoin! more →
Get a flu vaccine.

Why You Need To Get a Flu Vaccine Right Now

Flu vaccines aren’t just for the elderly  anymore. Here are 25 reasons you should go get vaccinated. more →
Financially successful

Acquire the Trait All Financially Successful People Have

Financially successful people tend to all have a lot of self-discipline. Improving your discipline in one area of your life often spills... more →

What’s the Best Free Recipe App?

The Apple Store and Google Play together offer more digital cookbooks than you probably have room for on your mobile device. So which... more →
New tax law might slow down housing market.

What Will the New Tax Law Do to the Housing Market?

The new tax law will have a profound impact on the housing market, although in ways that go beyond the deductibility of mortgage interest... more →

4 in 5 Households Will Get a Tax Cut in 2018

Four out of five U.S. households will get a tax cut as a result of the legislation that President Donald Trump signed into law today. more →
Will bitcoin reach $100,000?

When Will Bitcoin Reach $100,000?

Bitcoin has accelerated its pace of appreciation in recent months, and if the current levels between $15,000 and $19,000 make you itch... more →
The Dow Jones topped 24,000 -- now what?

The Dow Jones Crossed the 24,000 Threshold. Now What?

Stocks appear to be increasing in volatility, yet the markets closed on Monday, December 4 with the Dow Jones Industrial Average is... more →
Peer mortgage

Should You Get a Peer-to-Peer Mortgage?

If you can’t get approved for a home loan from a bank, you might want to look into applying for a peer-to-peer mortgage. more →
Investment gifting is awesome.

4 Things To Know Before You Donate an Investment

While donations of any kind are appreciated, gifting investments benefits both the giver and the receiver. Here are four key things... more →
Are you wondering: What's the Relationship Between the Stock Market and Federal Debt?

What’s the Relationship Between the Stock Market and Federal Debt?

Wouldn’t it be wonderful if gains in the stock market could actually reduce U.S. government indebtedness? If that were true,... more →
retirement,retirement mistakes,saving for retirement

Retirement Finance 101: Common Mistakes to Avoid to Ensure a Happy Retirement

For most people, retirement is the time for enjoying the fruits of one’s lifelong labors. Retired workers often look forward to... more →