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What Are the Most Popular Auto Loan Terms?

February 20, 2024

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Car title loans are an appealing option when money is running short. You don't need to meet a long list of requirements just to get approved, and this can be a blessing during an already stressful situation. There's also the fact that you're likely eligible for a loan as long as you're a legal adult with a running vehicle.

These are just some of the reasons why people expect a flexible process from the start, including various loan term options to suit each preference.

The loan terms are meant to clearly outline:

A Man Holding a Sand Clock in an Office
  • The duration of the loan: This refers to the period in which the person is expected to repay the money. Car title loans are usually short-term transactions where the client pays the owned money in a year or less. Some companies can offer loan terms of up to 72 months, but clients need to juggle with high monthly fees, not unlike the rates you'd get from a bank or a personal loan service.

    All in all, the most popular approach involves a 12-month loan term. It gives clients time to go over their priority list and cover multiple expenses without harming their credit. A shorter loan term always means lower monthly rates.

  • The repayment schedule: Car title loans are known for being flexible on this end, helping clients schedule their payments in the way that's more convenient for them. A popular approach involves making monthly deposits until the amount is repaid in full. Borrowers can also make a payment ahead of schedule if they want to shorten the process after overcoming a financial crisis. The client's preferences are taken into account when deciding how much money is expected on each deposit.

The loan specialist introduces the loan terms after the vehicle inspection, along with all the legal repercussions attached to them. The clients can't sign the agreement before reviewing these terms and they're encouraged to ask questions when needed. This feedback is important to ensure that you walk out of the office feeling like a weight has been lifted off your shoulders, and not the other way around.

The current landscape doesn't always offer much room for clients to repay a large amount ahead of time. That's why Quick Cash Auto Loans offers monthly rates as low as 1.50% and a reliable online system where clients can make their payments in minutes. Many people find themselves overwhelmed only when they need to face an exorbitant fee on top of the standard loan amount. Car title loans stand out from other options because they provide enough leeway so that clients complete their payments in little time.

Can Your Credit History Affect the Loan Terms?

The perks of car title loans come in handy for different types of customers, including people with bad credit. For one, there are no credit screenings involved in the process so it doesn't affect the calculation of the loan amount. This also removes the sheer stress of having your credit history under constant scrutiny just to face rejection in the end.

You Won'T Get Less Money Because of Your Financial Situation
Likewise, you won't get less money because of your financial situation; loan specialists don't need to know why you're applying for the loan to verify how much money you can get.

The loan amount is based on the equity in the vehicle, and the loan terms will change accordingly. All makes and models are accepted, but factors like mileage and the car's market value will affect the end result.

Other Things To Consider

It's normal for a title company to protect its investment. Credit checks are not necessary to complete the process, but you still need to show your ability to pay for the loan.

If you're in charge of managing your finances, you know that many legal documents will have your earnings on display. From bank statements to tax-related files, even a payment stub serves to show how much money you make, depending on the time frame used during the loan process. Showing proof of income upfront is a simple way to smooth things along before you start hashing out the loan terms.

Quick Cash Auto Loans simplifies the process so you don't have to waste time between applying for the loan and getting the money you need. In one visit, you can have your vehicle inspected, hash out the loan terms, and walk out with the desired amount.

Our team has assisted people from all over South Florida with top-tier customer service and a straightforward title loan process. You may need some extra cash to face a medical emergency or simply get the money you need for your own passion project. Whatever the case, our staff can help you customize the terms of your loan and that makes us the best choice for a wide array of clients. If you need money fast and our online content piques your interest, don't hesitate to get in touch with Quick Cash Auto Loans. You can fill out the application form at the top of the page or call (786) 600-3411. Discover how easy it is to get a car title loan with Florida's leading team.

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