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Should You Discuss Getting A Car Title Loan With Your Significant Other?

For many couples, discussing finances, budgeting, and money in general can be a difficult subject; especially when it comes to borrowing with a car title loan. Approaching the topic in a way that will help both of you feel that you are being heard is very important. Being able to talk about finances is a sign of a healthy relationship. Unfortunately it's not that way for everyone. Often times one or both people become upset which can lead to a real strain on the relationship. In fact, one of the most common reasons married couples get divorced is because of money. Approaching the subject of finances, when it comes to your relationship, means being able to talk without confrontation. Learning how to have productive, calm conversations about money will be beneficial not only to your finances but to your relationship as well.

Financial transactions like collateral loans online that involve borrowing money should always be discussed between couples. It's a big decision and one that should be made together. The first thing to think about when talking to your significant other about budgeting for a car title loan is being able to sit down and discuss your financial goals as a couple. What we desire for our financial life is not always the same as our loved one. You may want to save for a summer vacation while your partner wants to sock away money to buy a home. Your desires may or may not be the same. Regardless, being able to sit down and talk about your budget and future finances without arguing is the first step to setting and achieving your financial goals together.

Achieving financial goals and dreams together also requires some sort of compromise on both sides of the relationship. Whether it's denying yourself a purchase or committing to putting aside a certain amount of money every month, taking turns to compromise can be a large part of having a healthy financial relationship. You and your significant other should be able to offer suggestions, as well as criticisms, about spending, saving, and achieving monetary goals. If one of you is looking to take out a car title loan for something that isn't a priority at the time, it may take some compromise to put off getting the loan if the other person doesn't feel comfortable borrowing money.

It's important for couples to determine their current financial standing to better understand where they can go with their future finances. Often times it is hard for people to discuss the future of their money because it can be scary or frustrating. Using a budgeting tool, either online or in a paper format, can help provide a clearer road-map for a couple's budget and financial future and put some perspective on what the other person's ideals and vision are. It can also help with future discussions.

The most important part to of discussing the option to get a car title loan is knowing if it actually fits in with your budget. If you choose to borrow, setting a budget to pay the loan back is imperative to help both people in the relationship understand, and feel good, about the decision. Sit down together and look at your current budget to figure out whether or not you will be able to pay back the lender within the time frame that is required. It may take some moving around of numbers. If you have to compromise in other areas of your budget, make sure both of you are clear and accepting of what categories may take a hit. The key is in the communication. When both of you understand where the other person is coming from and work together to understand your finances, the process of budgeting with your spouse, partner, or significant other will be a whole lot easier and blissful!

Don't Spend Another Minute Trying To Understand Car Title Loans

You have probably heard of car-title loans but don't understand them. How do they work? Are the a safe financial option? Are they the best option for you? Car title loans are also known as auto title loans, pink slip loans or simply "loan title".

A car title loan is a collateral loan where the borrower used his car or truck to secure the loan. The car will have a lien placed against it and the borrower will surrender a hard copy of the title to the lender. A copy of the car key is also necessary. When the loan is repaid the keys and the title will be given back to the borrower as well as the lien being released. If the borrower defaults on the loan payment, the car will be reprocessed.

A car title loan is a short term loan that carries a higher interest rate than a traditional loan. The APR can get up as high as 36% or more. The lender does not usually check the credit history of the borrower but will look at the value and condition of the car in deciding how much to loan.

Being that a car title loan is considered a high risk loan for both lender and borrower, the high interest rate is assessed. Many borrowers default on this loan because they are in financial trouble to begin or were not in the position in the first place to take out the loan. This makes it even riskier for the lender.

The car tile loan will only take about 15 minutes to achieve. The borrower can receive anywhere from $100 to $10,000. Because of the risk involved with some borrowers, traditional banks and credit unions may not offer these kinds of loans for many people.

With that being said, borrowers are still required to have a steady source of employment and income. After this is verified the borrower's vehicle will be appraised and inspected before any funds are received. The lender will usually give the borrower 30% to 50% of the value of the vehicle. This leaves a cushion for the lender should the borrower default on the loan and the lender need to sell the borrower's vehicle to regain his profit.

The amount of the loan depends on the car.Kelley Blue Book values are used to find the value of resale. The car that you are using for collateral must hold a certain amount of equity and be paid in full with no other liens or claims. It also needs to be fully insured.

Loan repayment is usually due in full in 30 days but in the case of a borrow needing more time to repay, the lender may work out a separate payment schedule. If the borrower is unable to pay the balance of the loan at this time, he can rollover the loan and take out a new loan with more interest.This can become very costly while putting the consumer in jeopardy of getting in way over their head with loan repayment obligations.

The government limits the amount of times a lender can rollover the loan so that the borrower is not in an endless cycle of debt. If the borrower defaults on this payment the car will be repossessed if the lender has clearly tried to work with borrower and isn't getting paid back. Car title loan lenders can be found online or at a storefront location. When applying for one of these loans the borrower will need a couple forms of identification such as a government issued ID, proof of residency, proof of a free and clear title in your name, references and proof of car insurance. Just a quick note, the borrower is still able to drive the vehicle for the duration of the loan. The funds will also be available within 24 hours either by check or deposited in your bank account.

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