In today’s struggling economy, everyone is trying to make ends meet in any way they can. That often means doing things that you wouldn’t normally do, like getting a Car Loan in AZ. As with any type of loan, there are pros and cons to getting a title loan as well. In some states, getting a title loan is harder than you might think.
Read on below for the pros and cons of getting a Car Loan in AZ, and what you should do if you intend to get one today.
The Pros of a Title Loan
- Quick cash is one of the major enticements of a Car Loan in AZ. You can go in and be out of the title loan office with a check in hand in about 30 minutes. In some states, it may take a few day, but this if very rare. There are no questions asked, so you don’t have to give a reason for getting a title loan.
- Since car title loans work by putting your car title up in exchange for cash there is no credit check required. In today’s economy, you can be sure that a lot of people don’t have the credit that they once had and no credit check is a huge enticement for them.
- The fact that you get to keep your car is another major reason that title loans have become so popular in today’s day and age. If you can get money and keep your car, it is a win-win situation for everyone involved.
The Cons of a Title Loan
- One of the bad things about title loans is the fact that they have high interest rates. It is possible to have really high interest rates when it comes to a title loan, and you could be paying for quite some time if you aren’t careful.
- It is highly possible as well that you will end up losing your car if you don’t make the payments as scheduled and on time.
These are just a few of the pros and cons associated with getting a title loan. There are good and bad points that you need to consider before you make a final decision.
