Vehicle Title Loan for $3000 in KC Missouri
The latest applicant is applying for a $3000 vehicle title loan and likes the idea of being able to do this online which will save him a trip into town to meet a lender at his local bank. What he may not like is the cost of a vehicle title loan. There are several types of car title loans or vehicle title loans. The traditional personal loan that a customer can obtain using his current vehicle as collateral for a loan will cost something in the order of 5% at current rates. Vehicle title loans offered on line can cost as much as 300% depending on the lender.
This may seem shocking to some people, however that is what many consumers are finding when they apply. The advantage is that they can be obtained easily using your vehicle as collateral with no credit checks etc. the disadvantage is the high interest rate.
We suspect that this client may want to make sure that they obtain a traditional vehicle title loan at a lower interest rate which means the lender will confirm his credit rating and his ability to meet the terms of the loan. It is worth taking the time to do this given the amount of money that can be saved in interest payments. It is definitely worth a trip to his bank if he goes that route. He can also find online vehicle title loans at better rates.
We have shown in the table below the difference in costs for a traditional vehicle loan where you must have a decent credit rating etc and one that is offered with no credit checks or income confirmation. The differences are significant and careful consideration should be given regarding which type of loan is chosen.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Car Title Loan Amount :: $3,000
Vehicle Loan Application and Processing Speed (when do you need the funds):: within the next two weeks
Do you currently have a mortgage? ::yes a small mortgage
Bank Name and Branch :: Missouri Bank, Main St.
What City/Town, State and County do you live in? :: Kansas City, Missouri
Zip :: 64105
What is your employment field? :: Agriculture
Employment Position :: Grain operator
When are you paid? (monthly/weekly/biweekly):: biweekly
Your credit rating to be – excellent, fair, or bad? :: good
How did you find us? :: i did a search online for personal loans and for vehicle title loans
How are you paid? (direct deposit/paper check):: paper check
Gross Amount Per Paycheck :: $1,346
Do you agree to have this information published online, without your PRIVATE information of course? :: i guess so, I am not too familiar with this online stuff. a coworker said I should try searching online for loans and that I might get a better deal.
Extra information here please (some detail):: The wife and I are planning to do some renovations to our home. We are only going to spend around $3000 to replace some appliances and update the back porch. We live in the country and have a great view of the rolling farmland from our back porch. We love this spot, but like all things, it is in need of repair and it is time to fix it up. We do not want to touch our savings so we were thinking of taking out a small loan to finance these renovations.
A buddy at work suggested a vehicle title loan. He heard that they were easy to get and that there were no credit checks and no debt or income limitations. All you needed was to have a vehicle that still has lots of equity in it. We have a 2011 ford explorer that is fully paid for so I guess we could use this vehicle for our title loan. We are not even sure this is the right way to go. Normally I would just go to the bank and get a small personal loan for something like this. Maybe you can tell us what the difference is between a personal loan and a vehicle title loan?
Note to Lender :: I work at a granary processing grain that is delivered to us from surrounding farms, storing it and then loading it onto train cars to be shipped east to the big mills. This is a seasonal job for the most part. The rest of the year is spent doing repairs and getting ready for the coming season as well as working on a local farm during the planting and harvesting season. It is a great life and I really enjoy the outdoors and the fresh air.
We deal with a bank in Kansas City which is not too far from our home. I still receive a paper check from most of my employers which is a problem sometimes. We do not always go into town unless we have a lot of errands so sometimes my checks do not get cashed for several weeks. I have to really watch our cash flow and make sure that there is always enough money in the account. Applying for a loan online like this is much better than making an appointment to see a lender at the bank and then having to take a trip into the city.
Anyway I am rambling. Do you think that you can help us with this personal loan, whether it is a vehicle title loan or just a plane Jane personal loan?
|Category: Vehicle Loan||APR 5%||APR 6%||APR 300%|
|Length of Term||3||5||2|
|Amount to be paid||$3,231.21||$3,457.41||$12,373.24|
|Total interest paid||$231.21||$457.41||$9,373.24|
|Paid per installment||$88.53||$56.83||$508.49|