Let’s face it. Some of you out there have bad credit and it may be hard to get a car loan from a traditional financial institution like a bank or a credit union. The good news is that there are title loan companies out there. These title loan companies will give you short term loans to pay for a car. Some of the best title loans out there would have to be the title loans in Port Washington. If you are located anywhere in Wisconsin, I would highly suggest looking into the title loans in Port Washington. The title loans in Port Washington offer some of the best rates nationwide. Before visiting them, you should first figure out what exactly a title loan is, how to apply for one, things you should consider when taking one out, and other methods of buying a car.
A car title loan is a short term loan normally lasting around 30 days. These loans are normally around the $2,500 price point but can range up to $5,000. These loans tend to carry extremely high interest rates, like 300% APR. This is why it is extremely important to do your own due diligence on one of these loans before taking in out. Given that interest rate, you will be paying $1,250 dollars a month just on a $1,000 loan. To obtain this title loan, you first have to apply for one which will be our next step. However, just realize that you are giving up your car title as collateral for the loan. This can be a very dangerous situation, especially if you can’t pay back the loan.
Depending on the title loan company you choose to go with, application processes will vary. Typically, the title company will either have you apply online or in person. I like applying for things online personally. It just makes it easier for everyone involved. However, I wouldn’t choose a company solely based on the application process but rather the rates they give you. If you apply in person, there are some things that you may have to bring with you. These things include registration for the vehicle, valid proof of insurance, a photo identification, and maybe even an extra set of keys depending on the company. Obviously, you will need to bring your car title as it will be used as collateral. After the application process is over, you are now qualified to take out the loan. Again, I cannot stress enough how important it is to read over all of the terms that the contract has. If there is something on there that you don’t know or are confused about, be sure to ask questions. They will help you out.
Now, I will always recommend buying a car cash till the day I die. Making payments on a depreciating asset can be risky if you are not careful. By owning a vehicle outright you don’t have to make monthly payments with interest which saves you a ton. If you do need some financing, going to your local bank or local credit union would almost always be smarter than going to a title loan company. These financial institutions could finance a lot more than the title company could. Finally, I would go to a title loan company as the last option. Even though they are expensive, they still work. Like I said earlier, the title loans in Port Washington are the best around. They are some of the best Wisconsin car title loans. Title Loans in Port Washington won’t let you down!