You have seen payday lenders advertise for them before, but perhaps you aren’t as familiar with auto title loans — also called car title loans — as you know you should be. The fact remains, however, that if you are interested in car title loans, payday loans, or bad credit loans to one extent or another you are in need of emergency cash. At least, that has always been our experience at Your Loan Depot, Texas’ #1 choice in payday lenders.
In today’s blog, we’ll educate those who need to learn about car title loans prior to making a final decision. We understand that you are in need of emergency cash and that the interest rates are better than you can find with payday loans (not to mention you can get more cash than through payday loans as well), but there is more that goes into it than that!
That being said, read on if you are interested in finding some practical information about car title loans — we won’t pull any punches! We are straight shooters at Your Loan Depot, which is something not every payday lender in the Lone Star State can say!
Questions To Ask Yourself Before Agreeing To A Car Title Loan
Let’s start with a few questions every individual considering an auto title loan should ask themselves before they move forward with the application process.
- Do I need to borrow this money? – We don’t judge at Your Loan Depot, and we won’t restrict you from qualifying for a loan based on your usage plans, but if you are putting your car up for collateral, it’s worthwhile to ask yourself if you really do in fact need to borrow this money!
- Can I pay back the loan in full when it is due? – Read the fine print! We make the loan process efficient and easy to understand at Your Loan Depot, but that still means some effort will be required on your end to make sure you can make ends meet according to the loan repayment schedule specified in your agreement.
- Can I pay my bills and repay this loan? – Similar to the question above, you need to determine what your current (and future) bill picture looks like. This will take a bit of time, and might even include *gasp* math! We kid, but seriously, don’t screw your future self over by avoiding the details necessary to make a wise decision.
- Can I afford late charges if I miss a payment? – While we’d never tell someone to plan on missing a payment, the trite adage “failing to prepare is preparing to fail” rings a bit true in this sense. You want to make sure you’ll have the bandwidth to handle a month where things don’t go your way, financially speaking.
- Do I have other credit options? – If you have other options, they are worth looking into. Car title loans involve putting your vehicle up as collateral, which means you might lose your car if things don’t go well. If you have other credit options, like borrowing money from a relative or looking into loan options from a bank or credit union, explore them, we beseech you.
What Else You Need To Know
Let’s say there are ten people you get a new multi-payment auto title loan. The statistics show that three will pay the loan on time, as scheduled, usually within thirty days. One other person will renew the loan a single time before paying it off in full. One and a half people will renew their loan between two and four times before paying off the loan, while the remaining four and a half loanees will renew their loan five or more times(!) or they won’t pay it back at all.
All things considered, we hope you can see why auto title loans aren’t recommended as someone’s first choice when it comes to getting emergency cash in Texas, or elsewhere.
Contact Your Loan Depot
We can’t speak for other payday lenders in Texas. We can’t speak for the industry as a whole either. But we are responsible for ourselves and we want our prospective customers to know that we have their best interest in mind, in case you couldn’t tell by the candor of today’s blog. All of this information can be found on our dedicated car title loan resource, so if you’d like additional information about getting dependable Texas auto title loans, our versatile and efficient process, or anything else, make sure you visit that page.
If you are ready to move forward with the application process, remember that you can do so online! Otherwise, come and visit us at one of our ten Texas Your Loan Depot locations. We’d love to see you walk through our doors!