Velocity Title Loans – Get Fast Cash from Car Title Loans Boca Raton Provider

Get Fast Cash from Car Title Loans Boca Raton Provider

 

Do you need fast cash but have a bad credit score? Then you can get a car title loan. This type of loan requires minimal income verification and credit check. However, failure to pay the car title loans Boca Raton provider can lead you deeper into debt, and without a car.

 

A car title loan works just like pawning your jewelry to a pawn shop. The car titles loans Boca Raton Company will evaluate the price of the car, and provides you a loan based on the evaluation. The company will hold onto the title of the car until the loan is repaid. It is a short-term loan that comes with a high-interest rate. If you fail to repay the loan on time, then you have sold the car to the company by default.

 

Who Qualifies for Car Title Loans in Boca Raton

 

Most car title loans Boca Raton companies require applicants to prove that they own the car. If the car is still under a car loan, then the title is still in with the bank and can’t be used as collateral for a car title loan. The loan applicant must also provide proof of income and residence.

 

Before finalizing the deal, it is important that you read the fine print of the contract. Determine how they calculate the interest, as well its time period. A 3 percent interest rate might look good, but it is not if it is 3 percent a month, which is equal to 36 percent in a year. And because car title loan companies are not subject to usury laws, they are able to charge higher interest rates.

 

It is also important to know the penalties for late payments, as well as defaults. Determine if one late payment might result to your car being taken away, or whether the interest rates increase for late payments.

 

One thing that you should know is that 11 percent of people who use car title loans lose their vehicle. And having the car repossessed can lead to more financial problems, especially if they need it to get to work. Around a third of people who apply for car title loans are single-vehicle households. Thousands of people lose their cars by defaulting on their car title loans each year.

 

These are the things that you need to know about car title loans Boca Raton companies. Just like any other loan, it is important that you consider whether you can afford the loan or not. You should be sure that you are able to pay back the loan amount on time or else you will lose your car. And make sure that you are dealing with a reputable company. One should be transparent about the fees to be collected as well as other details of the car title loan.