why consumers should avoid car title loans

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Why Consumers Should Avoid Car Title Loans

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You must be in the process of taking a car title loan or just took a car title loan and heard all the scary stuff about them. However, it is never always late to learn and here we give a lowdown on what are some of the reasons to avoid a car title loan.

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Page 1: Why Consumers Should Avoid Car Title Loans

Why Consumers Should Avoid Car Title Loans

Page 2: Why Consumers Should Avoid Car Title Loans

Car Title Loans

You must be in the process of taking a car title loan or just took a car title loan and heard all the scary stuff about them. However, it is never always late to learn and here we give a lowdown on what are some of the reasons to avoid a car title loan.

Page 3: Why Consumers Should Avoid Car Title Loans

Don’t buy title car loans if you cannot afford

Firstly, never afford for what you do not have. Greed is the basic cause of all misery. It is one thing to be ambitious and other to be attracted by every cherry in the cake.

So always be realistic of what you want in life and what is required for your life and we mean absolutely necessary. So if you just landed in a job and look confident of repaying your title car loan without any hiccups and we mean without any problems at all, then go for title car loans.

Page 4: Why Consumers Should Avoid Car Title Loans

If you are hoping things will get well

Hope is a good thing to have but finances are about profit and loss. So when you spend that dollar or earn that dollar make sure you exactly know where it is going and how you expect to get it back as well.

Off course you cannot always be prepared for that emergency cash crunch but most of the times, the debts we are in; is mostly because of our whims and fancies and not because of our needs and necessities.

Page 5: Why Consumers Should Avoid Car Title Loans

Triple digit interest rates

Title car loans coax you into buying the new car and push you into bad credit with triple digit interest and in fact the government has legislations on the title car loans to limit the losses they can.

So if you are paying a triple digit interest rate, your problems are only going to fourfold. So beware of the high interest rates.

Make sure you exactly know how you are going to pay back even in case of the worst financial crisis. Else you could end up in an endless cycle of debt.

Page 6: Why Consumers Should Avoid Car Title Loans

Look for alternatives

There is always a better option. Car title loans is an easy 15 minute process to get your car but you also need to keep your credit history in mind. So if you still want a car try visiting the bank or the credit union.

These are some of the largest money lenders and offer lower interest rates as well. Though the process might be tedious go for them.

If possible check out with your friends or rich relatives (all in good sense) and see if they can loan you the amount for the new car.

Page 7: Why Consumers Should Avoid Car Title Loans

Beware of Hard and fast rules

Most car title loans are almost favoured towards the lender and so be sure you check all the terms and conditions and are completely aware of the dangers in case you do not pay or miss to pay the loans on time.

If they do not allow you to apply for a legal case in case of any discrepancies it is best to avoid such loans.

Page 8: Why Consumers Should Avoid Car Title Loans

The fair 36% interest rate

The fair 36% interest rate act is a pro consumer law for car title loan applicants.

So if your lender is only interested in the fares and not being fair by giving you 36% percent interest then there is no point in having further interest towards the car title loan.

Page 9: Why Consumers Should Avoid Car Title Loans

Thank you for checking through our slide. For more information about the Car Loans, just browse through BankBazaar.com