Car Title Loans in CA, IL, UT, NV, NM – 5000, 6000, 7000, 8000
The latest applicant lives in Green River Utah and thinks that a car title loan might be the solution to his credit card problems. He has two credit cards each with a balance of $3000 on them for a total of $6000. The credit card companies will be charging him 21% if he does not repay these balances in total by the statement due date. He is exploring loan alternatives and was wondering if a car title loan would be a solution to his financial issues.
He has a full time job working as a hotel night shift manager and although he is looking for something better including the day shift he has not been able to find anything yet. He does not have the ready cash to pay his credit cards and he would like this loan to at least reduce the amount of interest that he will pay.
He correctly pointed out that car title loans offered by dealers when they sell a new car are sometimes quite low. Some will be as low as 1 or 2% since they are part of the sales incentive for buyers to purchase a car. He is not in that situation. Personal loans can also be quite low compared to credit card rates ranging in the 5% to 8% range at the time of writing this post. On the other hand car title loans on used cars are often through the roof in terms of interest rates.
Lobbyists are trying to limit the rates to 36% on car title loans which is still very high, but are low compared to what many lenders are charging for car title loans. In addition if the borrower cannot repay his loan, then he risks having his car repossessed and sold to recover the costs and accrued interest.
Based on this clients desire to pay something lower than 21%, a car title loan may not be the right answer for this applicant. He may want to pursue a personal loan as a means of controlling his interest costs.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Car Title Loan Amount :: $6000
Title Loan Application and Processing Speed (when do you need the funds):: really quick, I have several credit card bills to pay before they start generating interest on the unpaid balance at 21%
Do you currently have a mortgage? :: no, I rent an apartment and own my own car.
Bank Name and Branch :: Key Bank, Main st
What City/Town, State and County do you live in? :: Green River, Utah
What is your employment field? :: Hotel Management
Employment Position :: local hotel manager, night shift
When are you paid? (monthly/weekly/biweekly):: biweekly
Your credit rating to be – excellent, fair, or bad? :: fair
How did you find us? :: search for any kind of loans online including car title loans
How are you paid? (direct deposit/paper check):: Direct deposit to a checking account
Gross Amount Per Paycheck :: $1,110
Do you agree to have this information published online, without your PRIVATE information of course? :: sure, no one really cares about what they read online
Extra information here please (some detail):: hello, I have a couple of credit cards which I have max’d out on and now I need to pay the balance on both of them before they start charging me the standard credit card rate of 21%. Both cards are charged up to their limit which is $3000 for a total of $6000. This is why I need a loan of this size.
I have been shopping around for loans and have not been able to find any lenders that will over decent rates. I saw online that car title loans might be an alternative and was wondering if that would be a solution to the problem I have. I really do not want to pay interest at the rate of 21%. For a new car you can sometimes get an interest free loan or pay at the most 1% or may 2%. Even on personal loans with good credit rates seem to be in the 5% to 7% range. If I can sign up for a loan at these rates they will be better than what the credit card companies will be charging me.
Note to Lender :: I work as a hotel manager on the night shift for a local hotel in Green River, Utah. I would really like to get on the day shift, but unless the lady who has it now moves on, I will be stuck here for a long time. It is really not too bad and it gives me time to study for my college classes that I take online. I don’t make that much money so I have to find something better in the long run. My credit rating is fair because I have these two credit cards that are max’d out.
Do you think that a car title loan is the right way to go and how quickly can it be processed? I have a 2011 Honda Civic which is worth about $10,500 as a trade in. it is in good condition and should be worth enough to cover for this loan. What do you think, can you approve a car title loan for me in time to repay the balance on my credit card debt?
|Category: Car Title Loan||APR 2%||APR 6%||APR36%|
|Length of Term||15||25||30|
|Amount to be paid||$6.124.98||$6.374.93||$8.249.58|
|Total interest paid||$124.98||$374.93||$2.249.58|
|Paid per installment||$251.71||$261.98||$339.02|