Auto title loans California laws – What You Need to Know!
In today’s economy many people are in need of cash quickly so they want to know the auto title loans for California laws. People have faced unemployment issues, medical bills, bankruptcies, foreclosures, or other money problems.
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Car Title Loans California Laws: Learn more here!
In California, according to state law, a loan under $2,500 is capped at 36%. The department of business oversight regulates the auto title loan industry, but above $2,500 there is no cap on the interest rate that lenders can charge you when you get a car title loan.
Therefore, there are pros and cons when getting an auto title loan.
You should do your homework ahead of time before getting an auto title loan because ultimately a high interest rate means the the money you are borrowing is expensive. The other thing you need to know is that if you do not make your payment, a car title loan lender can repossess your car or truck. You should read any paperwork you sign very closely because.
On the positive side of auto title loans you can get money very quickly. Your credit history isn’t as important because lenders look at the equity in your vehicle as the main requirement. Also, in California you will need to have a verifiable income of at least $1,200. Some companies can shut off your car, and some companies use GPS tracking devices when they loan you money. The minimum and maximum amount you can borrow for a pink slip loan is regulated by the state of California. Generally companies will loan up to $20,000, and in some cases, as much as $50,000. But you need to understand that you are under no obligation to borrow the maximum amount.
Generally, auto title loan companies also charge fees on top of the loan. They will also usually have late fees and penalties if you don’t pay on time. The last thing you want to do is lose your vehicle to a company–especially after making a lot of payments. If you are interested in an auto title loan in California and need cash quickly consider calling The Net Lender. You can call us at 888-539-2184 and see how much your vehicle qualifies for in a matter of minutes. Simultaneously, you can also fill out an application form on this website. You can find out how much you qualify for in as little as 10 or 15 minutes.
We hope this information has been helpful regarding auto title loans and California laws. Click here to return to the main website.