Applying for a Title Loan: Make Repayments a BreezeInk Well Mag January 6, 2016 0 COMMENTS
For many Utahns, title loans are the answer to financial problems. Especially if you have less-than-pristine credit with few options to get instant cash, using your vehicle’s title as collateral to get the greenbacks you need without having to give up your ride to the lender is an absolute godsend. In addition, tapping into the equity in your already paid-for vehicle is an amazing opportunity to borrow a bigger amount for your greater needs (unlike personal loans).
The flexibility of this loan doesn’t end in the variety of vehicle titles you can pawn. Many lending companies provide different avenues to make repayments less stressful.
Here are some of them:
Settling your monthly loan repayment is obligatory, but do you know you could also lower or even get rid of the interest by paying on time?
Industry professional Utah Money Center shares that certain lenders are rewarding borrowers that never get late on repayments by decreasing the interest on monthly balances until it drops to zero. It may seem too good to be true, but not all private lending companies are loan sharks.
When you apply for a car title loan in Taylorsville, Provo or West Jordan, you can choose to make either interest-only or principal and interest payments every month. Having this option gives you the convenience to settle the interest first in the few months, and deal with the original amount you borrowed later.
If your budget doesn’t allow you to pay everything at the same time, you no longer have to apply for new loan to repay another one.
If your lender doesn’t charge any prepayment penalties, rounding up your repayments is a clever way to shorten the term of your loan. Including even your loose change to your payment could go a long way to decrease your overall loan balance in the long run.
Some experts say that title loans are a rip-off, but no lender could exploit you if you arm yourself with the right information. Always do your due diligence and make the most out of this untraditional financial product.