When a financial emergency hits you, sometimes, you just need to get some stop gap emergency money. These types of loans are not always ideal, because they will be more expensive than traditional loans. But with traditional loans, the banks and finance companies will take time to fund the loan application.
Untraditional loans are the fastest way for you to get the money, and using the equity that you have in your vehicle, is a great way to get that money.
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Vehicle Equity Loans in Louisiana
How do these types of loans work? They are very simple, the finance company will use the equity that you have in your vehicle.
They will make sure that your vehicle does have the equity, and they will give you a percentage of it. Most companies are giving from 50% to 80% of the equity value of your vehicle. These types of loans are fast and easy to qualify for, the qualifications are not based on your credit score, so if you have bad credit you will still be able to qualify.
Most online title loan companies in Louisiana will be able to get you the money within 24 hours, so will be able to take care of the financial emergency that you have.
Problems with Title Loans in Louisiana
Vehicle title loans are easy to qualify for, and they will give you the fast money that you are looking for. But the biggest problem with them, is that they can be very expensive, some companies will charge you triple digit interest. So it is very important to shop around, you will also find that there are other companies that offer much lower interest rates.
It is up to you to shop around, and find the lowest interest rate. Or you can always use a Louisiana title loan broker, and they will find you the lender that is offering the most money on your vehicle equity, and the best interest rate too.
These types of brokers will take away the guesswork , and all of the calling and applying to different companies.
Choosing the wrong car title loan company in Louisiana, with a high interest rate, could put your car at risk, because if you can’t make the payments, your vehicle could end up being repossessed.
Get The Money You Need Today
Getting the money that you need, when you need it is important, but making sure that you are getting the best deal is also important, so do not dive into the first Louisiana title loan offer that you get. If you already have a title loan in Louisiana with another company, you can still use the title loan broker to help you to find a better title loan for you.
You could refinance the existing title loan, into a lower interest one, so you can save money on your monthly payments.
If you have some equity in your existing title loan, when you refinance it, you will be able to get some more money, and your monthly payments may still be lower than what you are paying now.
Choosing The Right Lender for Your Vehicle
There are plenty of title lenders out there, but if you choose to use a broker, they will find you the lender that will be the best fit for you. With the right lender, you will be able to get a title loan on cars, trucks, vans, RVs, motorcycles, and commercial vehicles.
As long as you have equity in your vehicle, they will be able to help you. Your vehicle equity will be the number one qualifying factor, you can find out your vehicle equity by using the Kelly Blue Book, but you will also need to show your proof of income.
The lender will need to know that you will have the ability to make your monthly payments. Your name must also be on the title of your vehicle, as your title will be used as the collateral for the loan. These types of loans can be very easy to qualify for, but if you get into the wrong type of car title loan, with the wrong lender, they can be difficult to get out of, and they also can be expensive to get out of.
Making sure the lender does not charge you fees to get the loan, and early termination fees to get out of the loan is important.
Car title loans can be very helpful and can get you the money that you need, but using a title loan broker can save you a lot of time and money.