Important Things to Know About San Francisco Car Title Loans
San Francisco is known for being a culturally rich and progressive city that has been highly acclaimed as one of the best financial centers in the United States today. Even though San Francisco is a beautiful city that boasts of fun and exhilarating destinations, it could be quite a stressful and demanding place for the people living there who are increasingly faced with costly and unexpected expenses. Above all, with the current COVID-19 health crisis and economic crisis, you may be looking for some kind of assistance. According to reports, the coronavirus could trigger a severe recession or slowdown in the United States.
According to https://edition.cnn.com, car title loans were designed for anyone looking for quick cash to pay their bills, manage their debts, or deal with the existing health and financial emergency.
According to https://edition.cnn.com, as shops, restaurants, factories and airlines close around the world, from Madrid and Paris to New York and San Francisco, economists are constantly warning that a recession across the world is no longer an imminent threat , she is there.
If you own a car, you can qualify for a very quick and easy car title loan. However, you may have to pay quite high fees or if you are in default, you risk losing your vehicles. Car title loans are for people who need money fast to pay bills, manage debt, or deal with today’s emergency.
Here are some important things to keep in mind when getting a car title loan.
To get a loan, you must own your vehicle or have equity in the car
Car Title Loans San Francisco are meant to be a secured loan that takes your vehicle as collateral. Car title loans would range from $100 to around $5,500, or around 25-50% of the value of your vehicle. The term of the loan seems to be quite short usually only 15 to around 30 days. Even though it is called car title loan, you can get this cash advance using your trucks or motorcycles or any other vehicle. You would need a clear title to avail this loan. You must provide a photo of your car, proof of insurance, photo ID and proof of income to qualify for this loan. If you get a car title loan approval, you will need to give your car title immediately to the lender in exchange for your loan.
Car title loans could mean high fees or high interest rates
Lenders might charge almost 25% of the total loan amount each month for funding your loan. For example, to obtain a loan of $1,000 for 30 days only, your fees could be 25% of the amount. Therefore, you must repay $1250 and other additional costs to pay off the car title loan at the end of the month. This would result in APR over 300 percent. That seems quite high. However, you simply cannot compromise on the convenience and speed with which the loan is approved and processed.
If you are in crisis and cannot repay the loan, you may have to give up the car. The lender would be obligated to repossess your vehicle in such circumstances. Know your facts before opting for this. But remember that your credit history does not matter and you could qualify for this loan even with bad or no credit history.