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Decoding Car Title Loan Misconceptions
Most apprehensions regarding the use of Car Title Loans have arisen due to malpractices of some dubious Car Title Loan providers or due to misinformation about this form of financing. The most common mistake people make when evaluating these loans is equating them with conventional loans. Title Loans are essentially last resort loans and they should be sought when other,[link widoczny dla zalogowanych], conventional forms of borrowing become too difficult. The easiest example that underlines this fact is that the majority of people with a poor credit history form a major consumer base for these bad credit loans. In fact, those faced with bankruptcy too can be approved for auto title loans!
Car Title Loans are not 'Rollover' Entrapments
Despite the transparent loan processing practices in the Car Title lending industry, some unfounded, pessimistic sentiments have arisen. Such loans have been often termed as rollover traps that tend to prey upon the inability of the loan-seeker to repay the loan. The misconception about unreasonably higher interest rates is based upon the fact that providers charge an interest rate that is much higher than the market average. This is often interpreted as taking advantage of a people who have no other avenue of seeking credit. Rollover is a common term that has become synonymous with those badmouthing these loans. Such folks commonly spread the idea that higher interest rates are charged to make the timely payment of the loan almost impossible, so that the loan can be 'rolled-over' (extended) multiple times, beyond the payment capacity of the lender, eventually causing him to surrender his car.
However, Car Title Loan providers charge higher interest rates for a commonly ignored reason - they provide instant loans to high-risk borrowers,[link widoczny dla zalogowanych], for a customer-defined period,[link widoczny dla zalogowanych], with greater flexibility in the repayment schedule and that too with a fraction of paperwork or verification associated with any other form of lending.
Before a Loan document is signed, the potential customer is briefed about the interest rates and the expected date of maturity of the loan,[link widoczny dla zalogowanych], i. e. the date by when the loan should be repaid. There is negligible room for surprising the customer with hidden clauses or raising unreasonable demands about the loan payment schedule among reputed, Car Title Loan companies.
Self-preparation is the best tool to protect against deceptive Car Title Loan practices. Use the following tips to make an informed Car Title Loan decision:
** Seek car title loans when you are convinced that your credit ratings have dipped beyond redemption and seeking extensions on pending payments is no longer possible - don't consider car title loans purely because of their ease-of-availability but due to the urgency of your financial situation.
** While evaluating different Car Title Loan Plans, enquire about the penalty clauses and payment extensions. Some companies have a slightly flexible payment structure wherein under difficult personal circumstances, delayed payments with minimal penalty are also accepted.
** Thoroughly read the documents to unearth any unexplained payment clause about the loan payment schedule & most importantly, always seek the loan from a reputed Car Title Loan company.
With a little persistence and research, you can find a lender that will make your car title loan experience an enjoyable one.
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