When you find yourself in need of some extra cash, sometimes all you need is a helping hand, someone to lend you some money, such as a friend, family member, or even maybe a Phoenix car title loan. Anyone can find themselves with a shortage of cash. All it takes is one unforeseen expense, such as medical bill, car or air conditioner repair, or even a hefty traffic ticket, and you may be wondering how you will be able to make it to the next paycheck.
If your current source of income is earning you just enough to be equal to or maybe less than you spend, borrowing money can really help you get back on your feet. All you need is a well-planned budget and the right Phoenix Car Title Loan; which brings us to the next point of discussion, who you decide to borrow money from is a big factor in regards to how likely you are to successfully pay off the loan.
So, let’s talk about some warning signs to keep an eye out for so that you ensure you avoid a predatory loan practice. The first line of defense against these types of loans are talking with the loan officer and having your questions adequately answered beforehand. Be sure to ask about all the possible fees as well as the consequence of a late payment. These are the usual culprits that trap people in cycles of growing debt, and if a lender is transparent about these factors, you shouldn’t have much to worry about.
The next possible flag to watch out for is whether you able to use your car during the loan term. Some lenders will physically hold onto the car as collateral, and yet often times you will need your car to get to and from work. Lastly make sure that you can ask for and get an amortized loan. This means that every payment will work towards paying off the loan principle and not just the interest. That way at the end of the contract period if you make all your payments as scheduled, there is no balloon payment and you are debt free!
So now that you know some of the warning signs when finding a lender, you are ready to find the Phoenix car title loan that’s right for you!