How to Get a 90 Day Car Title Loan

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November 9, 2016

Getting a 90 day car title loan is actually one of the easier loan processes out there. A car title loan can be signed and completed within a day, but usually they take a few days. You really just need a car to be able to get this loan. Bad credit is allowed because there are no credit checks. Here are some steps to get a 90 day car title loan.

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Step 1: Internet Search

Doing your research is always a smart thing to do. If you so choose, you can actually do the whole car title loan process on the Internet. A site like AZ CashNGo can handle of of your auto title loan needs. All you do is apply and fill in the forms, and they have high success rates, so that is one route. If you are more traditional, you can see a real lender to try and get your loan. First you should run a search for lenders in your area and if you can find reviews that would be good too. It would be helpful to know if some really stick to their 90 day periods, or if they grant extensions (you will see why this is important later).

Step 2: Appointment

Once you find your potential lender, set up a meeting with them so that they can answer all of your questions. There are some really important things to know when it comes to car title loans, and they can give you exact answers. The basics are that you put your car up as collateral for your secured loan. If you don't pay your loan back, they simply get to keep and sell your car, and of course, keep the proceeds of the sale for themselves. This meeting will also let you set up your title loan rates for interest. This is important since in a short amount of time, for the lenders to make money they charge high rates. You really want to get the lowest rate possible because they give monthly rates, and if you turn it into an APR percentage, you can see they are charging triple digit interest rates. If you know you won't be able to pay within the 90 days, it is better to use a credit card instead.

Step 3: Value your Auto

The last step is setting a value for your car. Lenders usually let you borrow up to half of their appraised value. This is so that if you don't pay, they have room to guarantee that a sale will net them their money back (and then some). Once you have a value, you are all set. One last question to ask them would be about payment of your loan. If you don't pay in 90 days, they can take your car as stated. However, some lenders allow you to keep the car and they increase your interest rates to astronomical levels. It would be good to know the potential penalties involved if you do default. Worst case scenario is they will take your car away. Because of this, only get an auto title loan if you know you can pay it back in the 90 day period.

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