By [http://EzineArticles.com/expert/Robert_Frimet/1321650]Robert Frimet
Automobile Title Loans: A Perfect Fit for Many Reasons
Most Americans use loans to pay for huge purchases, such as a house, vehicle or vacation. They might even secure a loan to go to college. The current economic crisis, however, has affected many people and made it impossible for those without perfect credit to qualify for loans - even loans with very high interest rates. Many people feel stuck, as if they have no options. Many do not want to take a loan out on their house, as they do not want to run the risk of losing their home. "Payday loans"- called that because the lender is expecting to get paid on your next payday- are known to have very high APR's (annual percentage rates). This means a higher cost to you- the borrower. Furthermore, many do not like to use their credit cards as these types of loans can be very expensive after the interest is added in. And there are no federal laws limiting how much interest you can be charged on a credit card-that comes under the authority of the state that the bank is based in. And if you miss a payment, you can be sure the credit card company will dramatically raise your interest rate on the spot.
Thankfully, there is an excellent option available: the automobile title loan.
Do you have bad credit? That's no problem!
As its name implies, an automobile title loan allows the borrower to use the title to their car as collateral. Most of these loans are available to people with poor credit; in fact, many automobile title loan companies don't check a prospective borrower's credit score at all. This is definitely good news to somebody with bad credit! The decision to grant the loan is made solely on the value of the collateral vehicle. If you are lucky enough to own a high-value vehicle, then you may be pleasantly surprised to find that you can get a fairly high loan amount.
These types of loans offer another advantage: quick closing. In most cases the loan application and approval process takes about fifteen minutes, and often less. Some other types of loans (especially loans from banks) can take days (maybe even weeks!) to get approved, adding to the overall frustration of the loan process.
Low Amount Loans
Many loan companies offer loans in amounts as low as $100; this is unheard of in other types of bank loans, where the minimum loan is $1,000 or more. This is great news for people who need only $200- because they don't have to add up all that additional interest that comes from the higher monetary value that was loaned. So the end result is that you only borrow the money amount that you need, and are not stuck having to pay interest on money that you don't want or need. This means more savings for you!
Determining the Collateral Value
During the application process, the lender examines the vehicle, to estimate the value of the vehicle. This means that the better the overall condition that the vehicle is in, the higher the potential of the loan value. Most use the Kelley Blue Book to gauge the worth of the auto. It is often wise to validate that the lender gets all the right information about the vehicle: the year, make, model, even the type of engine in the vehicle is a factor that is used. It is also wise to inquire how the lender intends to determine that value, and if they refuse to reveal their method, run away. They might be trying to pull a scam on you. This is one of those situations where it is better to be safe rather than sorry. The maximum amount of the loan is usually half of the blue book value. This means that the higher the value of the vehicle, the higher the value of the loan. It is important to understand that borrowers who apply for this type of loan must own their vehicles outright; lenders will not accept a financed vehicle as collateral because the borrower does not yet fully own that car. Valid automobile insurance is usually also required; this should not be an obstacle because all road-worthy vehicles in the United States must be insured before they may legally be driven.
From Application to Approval: Fast and Easy
Automobile title loans are an excellent choice for borrowers who own a vehicle and need cash quickly. There are no credit checks, no required lists of character references, and no anxiety-inducing approval process spread out over several days or weeks. Some individuals who take out a loan need some last-minute funds for an important purchase or an emergency medical procedure that cannot be postponed. In many cases, borrowers can apply for the title loan online, and then drive their vehicle to the lender for the inspection. This makes it easier on you. Some title loan companies will even send a representative to the borrower's home to inspect the car in person.
Just the Ticket
Like all other forms of credit, automobile title loans can be a blessing when life throws a curveball. It seems as if most unexpected and expensive life events happen at very inconvenient times, and many people have had their life savings ravaged by the global economic crisis. When something important just can't wait- like a surgery or other important health crisis- consider an automobile title loan as the remedy for financial anxiety.
Robert Frimet is the owner of Advantage Title Loans Las Vegas [http://www.lowestratetitleloans.com], which is the premier loan company with the lowest rates in Las Vegas, Nevada. For more information on how to find the cheapest auto loans in Las Vegas, please visit [http://www.lowestratetitleloans.com] today!
Article Source: [http://EzineArticles.com/?Benefits-of-Utilizing-Auto-Title-Loans&id=7000901] Benefits of Utilizing Auto Title Loans
Home Loans Las Vegas - How to Maximize Your Borrowing Power
By [http://EzineArticles.com/expert/Frank_Farage/44197]Frank Farage
A home is most likely the biggest purchase you'll ever make in your life. With many thousands of dollars on the line when buying a house you especially want to sweat the details when looking into home loans Las Vegas. Since even a small difference in the interest rate can add up to big bucks.
Problem is first time buyers often can't present a compelling enough financial picture to be seen as highly qualified for Las Vegas mortgages. Or they lack a sufficiently strong credit history to qualify for the best interest rates.
This is why it often helps to know what NOT to do prior to seeking a Las Vegas mortgage.
For starters a big no no is taking on more debt. Like for a car. Flat screen TV. Or new furniture for the living room. Especially unwise if you'll be stretched to make the house payment as it is. Avoiding going on the hook for another substantial monthly payment can sometimes make the difference between the Las Vegas bank approving or not approving you for the mortgage you seek.
Now's also not the time to change jobs. Even though it often won't matter if you'll be making more money and are paid a salary. But that's not the case if you're paid on commission. While changing careers and taking a pay cut to do so won't reflect positively on your ability to pay.
Being approved for any home loans, Las Vegas or elsewhere, also requires money for the down payment. How much you've got and the source of the funds will be verified. This means you can't make a withdrawal from the "Bank of Mom and Dad" the day of the closing to come up with the down payment. Typically you'll have to show the funds have been in your account for 60, or in some cases, 90 days.
Sadly, qualifying for Las Vegas home loans is just one side of the coin. First time buyers in particular may be subject to shock and awe at how little their monthly payment will buy. Which will leave them with fewer desirable choices of houses to pick from.
The average middle class household is carrying $8,653 in credit card debt. Is it any wonder
Las Vegas mortgage lenders [http://www.takemehometovegas.com/a/las_vegas_mortgage_lenders.shtml] have a hard time approving some buyers? Click that link for other articles about what to do when trying to appear to be an appealing credit candidate.
Article Source: [http://EzineArticles.com/?Home-Loans-Las-Vegas---How-to-Maximize-Your-Borrowing-Power&id=477507] Home Loans Las Vegas - How to Maximize Your Borrowing Power
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