How To Get Low Interest Car Title Loans in Los Angeles
So you’re in the market for a car title loan and live in or around Los Angeles, California. You’ve come to the right place because The Net Lender is one of California’s best places to get an auto title loan.
Here are the steps to get a low interest car title loan in LA:
First, you need to understand how a car title loan works. A car title loan works on borrowing against the equity in your car, pickup truck, sports utility vehicle, or other type of vehicle. The lender will get the fair market resale value of your vehicle, and will loan you money against a percentage of that amount. So, for example, if your car is worth $10,000 on the resale value, the lender may loan you up to 60-80% of that vehicle’s value.
It depends on many factors on how much money you get. Your credit score, your employment history, your income sources, and other factors come into play. The lender will also want you to have proof of a steady job, pictures of the vehicle, the Vehicle Identification Number off the vehicle, full coverage, identification to prove who you say you are and more.
Now let’s discuss the second part on how to get the best interest rate on a car title loan:
To understand how to get the best interest rate you have to do the following: You must understand the market and how it works. Car title loan companies are in business to make money for their owners. They do this by providing loans to people who need them. The biggest benefit of an automobile title loan is the speed and flexibility and how quickly you can get the loan.
For example: If you work with a bank, credit union, or other financial institution they are generally going to take longer for you to get the money. With a pink slip loan, you can get pre-approved in 15 minutes and also get the money in as up to a few hours (but generally a few days). This is much faster than what traditional lenders do, so you end up paying more interest for the privilege of getting money quickly.
Auto title loans, in most cases, should only be used for short-term lending situations. The lender will generally make your monthly payments fairly small so you can afford the payments, but a downside of auto title loans is you will end up paying a lot of interest over the long time.
Ultimately, to get a low interest rate you need to be able to show the lender that you are a good risk. How do you do this? The higher your income is, in theory, the lower risk you should be to the title loan company. Why? Because if you have more money then you should be able to pay back the loan. What are other things that will get you a low interest rate?
- A car that has lower mileage
- A good credit score
- Good references
- Full coverage insurance
Some of the above are in fact required to get a car title loan at all. If you have any questions don’t hesitate to call The Net Lender at (888) 539-4465 or fill out the application form on the website. There is no risk, no hassle, and no pressure in getting information or applying today!