Everything You Need to Know About Car Title Loans

When you need a loan but you have bad credit, there are still options that can help. A car title loan is one of the best ways to borrow money despite a low credit score. You are essentially using your car as collateral. This means that if you are unable to pay back the loan, the lender has the right to permanently take ownership of your vehicle. This is a secured loan, but it comes with a decent amount of risk. It is important to learn all you can about this borrowing option before making a decision either way.

How Car Title Loans Work

In order to obtain a car title loan or any regular same day loan, you must own your vehicle outright. This means that you cannot be currently financing it. If you own the title, you can leverage it to your advantage with the right lender. You will need to speak with a car title loan company to see if you are eligible. You will also be required to fill out and submit an official application.

Can You Get a Car Title Loan with Bad Credit?

One of the best things about these loans is that they don’t require good or even decent credit to get approved. You can have a very low credit score and still acquire a car title loan, but there are other requirements to consider. This is one of the most popular borrowing options for people who have bad credit.

Minimum Requirements

It is important to keep in mind that each lender will have different minimum requirements for lenders. You need to make a point of visiting the lender’s website to get this information before applying. This will help you to save a lot of time and frustration.

Some of the basic requirements of a car title loan include:

  • You must be at least 18 years of age.
  • You must own your car outright (cannot be financing or leasing).
  • You must make enough money to pay back your loan on time.
  • You have to be a legal resident of the United States.
  • You must have an active checking or savings account.

You should also remember that the overall value of your car is going to play an important role in determining whether or not you can get this sort of loan. The more your car is worth, the better your chances will be of getting approved.

Benefits of Getting a Car Title Loan

There are a lot of benefits associated with getting a car title loan, including:

  • High borrowing amounts: You can borrow tens of thousands of dollars, depending on what your car is currently valued at.
  • Credit isn’t an issue: People with bad credit can easily get one of these loans, which is part of the reason they are so popular.
  • No restrictions: Most lenders won’t even ask any questions about why you want the loan or what you will use the money for.
  • Fast cash: If you get approved for a car title loan, you can get the money you need quickly without an unnecessarily long waiting period.

Loan Limits

You can typically borrow up to $50,000, but it depends on the overall value of your vehicle. The lender will determine how much your car is worth based on its make, model, year and current condition. The mileage will also play an important role in how much you will be allowed to borrow. If there is an existing lien on the car, it will likely affect your borrowing potential.

Choosing a Lender

It is important that you take the time to choose a reputable lender for your car title loan, as there are many of them out there. Make sure that you look for an actual car title loan company so that you get the best deal. The longer the lender has been around, the more reputable they are likely to be. Take some time to get quotes from some of these lenders before deciding which one to borrow from. This will help you save money on your loan and get the best overall terms.

The fact is that car title loans have a lot to offer for the average borrower, so you will need to keep this information in mind. It is one of the best options for short-term borrowing, so it is worth at least looking into. You shouldn’t submit too many applications at once, as doing so can harm your credit quite a bit. Instead you will want to prequalify with a few different lenders. This will give you a good idea as to what your chances are for approval, and it won’t negatively impact your score. Lots of people can benefit from these loans, and you could be one of them.

8 Ways to Save Big Bucks On Your Homeowner’s Insurance

Every homeowner needs to be insured, but it can get expensive very quickly. If you want to reduce the amount of money you spend on this type of coverage, it is important to be aware of certain tips that can help. This article will take you through some of the best ways to get the coverage you need for your home without spending more than necessary. There are quite a few ways to do this that might just surprise you.

  1. Get Lots of Quotes

While it might seem obvious, getting quotes from numerous insurance companies is very important. You should never settle on a certain insurer or policy until you have taken the time to do this. You can get free homeowner’s insurance quotes online quickly and easily. You can also call up each company to do this if you wish. It is one of the best ways to ensure that you don’t pay more than you have to for your coverage.

  • Choose to Pay a Bigger Deductible

One of the best ways to lower your monthly homeowner’s insurance payments is by choosing to go with a higher deductible. While this can save you a lot of money, it’s important to consider the potential consequences. If you ever do need to file a claim with your insurance company, you will end up paying significantly more. The lower premium could definitely be worth it, but you still have to keep this in mind.

  • Work on Building Up Your Credit

You should also make a point of working on boosting your credit score as much as possible. Most insurance companies give the best deals to those who have good or great credit. The higher your score is, the more money you can potentially save. There are lots of ways to raise your credit score, such as taking out loans and paying them back on time. Simply avoiding late payments can do wonders for your credit over time.

  • Don’t be Afraid to File a Claim

Some homeowners are hesitant to file a claim for smaller repairs, but the fact is that doing so most likely won’t cause your premium to go up at all. If you have some sort of repair work that needs to be done, you should just file the claim. There is a good chance that you won’t face any consequences from doing so.

  • Get Adequate Coverage

If you are shopping around for homeowner’s insurance, you need to be absolutely certain that you get enough coverage. One of the biggest mistakes people make is getting a policy that doesn’t offer adequate coverage. While you might think that you are saving money, you are probably just costing yourself more in the long term.

  • Combine Your Policies

Another good way to save a significant amount of money on your homeowner’s insurance is by combining it with your other policies. These days a lot of companies offer some great discounts for those who bundle their car, homeowner’s and life insurance policies. If you haven’t bought a policy yet, you should ask each company you come across about this. You could end up saving thousands of dollars over the years.

  • Get Information About Discounts

Ask each insurer that you are looking into about various discounts that you might be able to quality for. People who are over the age of 55 can typically get a fairly steep discount on their homeowner’s insurance policy. Active military members and veterans can also typically qualify for a discount of some kind. This is definitely something that is worth finding out, especially if you are on a tight budget.

  • Renovate Your Home

If there is a certain part of your home that you have wanted to renovate for a while, you should consider going ahead with the project. It could actually save you a decent amount of money on your insurance premium. Make sure that you consult with your insurance company before making any decisions though. This is not always the case, which is why you want to be absolutely certain prior to having any actual work done. Make sure that you hire qualified professionals to do the work so your premium doesn’t go up at all.

Homeowner’s insurance is a necessity, but that doesn’t mean you have to pay an outrageous amount for it. There are plenty of big and small ways that you can save on your policy. Take the time to review all of these tips and try them out to get the biggest savings possible. One of the best ways to get the coverage you need at a reasonable price is to choose the right insurer. There are a lot of these companies, so you need to research your options.