Whether you need a vehicle for business, pleasure or some other reason, you may be interested in car title loans New York. If so, this article will discuss some of the many reasons you may need such a loan.
A job loss or bankruptcy which causes you to miss payments
You may have a poor credit history, a job loss or bankruptcy which causes you to miss payments. Or, you may be the type of borrower who simply cannot get approved for another loan, like a car title loan. For these types of borrowers, a car title loan may be the answer.
These types of loans allow you to borrow money without having to put up anything as collateral. However, these loans are also harder to get than traditional loans. For that reason, you need to know how to qualify for a car title loan.
In order to qualify for car title loans, you must have a reliable source of income, such as a job, which is steady. You also need to have a place to store the car, such as a garage or storage facility.
Get a low interest rate on the loan
A high quality title loan is also essential, since you want to ensure that you get a low interest rate on the loan. Keep in mind that the longer you keep the car, the more of a chance there is of getting a lower interest rate.
If you have a good credit history, then it may not be difficult to get the loan. If you don’t have a credit history, but still need the car to get to work, then a car title loan may be for you. All you have to do is meet the requirements and make the loan payment on time every month.
You can find car title loans New York from any one of a number of sources. Whether you can find a lender or you just shop around, you should find that the interest rates on these loans are quite competitive.
You may also find that a number of these lenders can also help you get your credit restored and your car restored. This can be very beneficial, since having your title loan negatively affect your credit can make it more difficult to get car loans, auto insurance and even your car repaired.
Be aware of the different types of loans that are available
When you are shopping for car title loans New York, you will need to be aware of the different types of loans that are available. This is because there are many different types of loans and each can have its own fees, terms and conditions.
The loans available through the United States Department of Housing and Urban Development are called Title Loans. These are specifically designed for borrowers who have bad credit.
This type of loan is easily accessible. You can find one by searching for “Title Loans” on your local Yellow Pages.
One more type of loan that can be used by borrowers with poor credit is the loan from the Federal Home Loan Mortgage Corporation (from FHLMC). You can find this type of loan through the New York State Department of Financial Services website.