Finding the Best-Fit Title Loan Option
Even though we don't want to admit it all the time, money is a huge part of our everyday lives living in the sunshine state. More often than not, one of our first thoughts before purchasing something or taking a financial risk is, "How much money is it going to cost me?"
That's the big question so many Florida borrowers are asking and it's one you should also be thinking about if considering a title loan. Despite all the criticism of fast cash loans, they can actually be extremely helpful if you know how Florida title loans work and how to choose the right loan option and repayment plan for your life.
We've outlined 3 things to consider before defining your title loan terms: Need, budget, and length. Each of these parameters can then be used to calculate the cost of your title loan, which will give you a clear idea if you have set the best fit terms for you.
Customizing your Miramar auto title loan will greatly reduce your chances of falling victim to the gossip around title loans.
- Avoid deeper financial stress
- Avoid ballooned monthly payments
- Avoid losing your vehicle
You can be a successful title loan borrower! Take a look at what we've pegged as the top considerations to keep in mind before finalizing your loan terms.
Determining Car Title Loan Terms
Your title loan is not your neighbor's, your co-worker's, or your best friend's title loan. It's yours and it should be fit to you and you only. Sometimes it can be tough to reflect on your life and decide what is best for you. Use the following three questions to help you evaluate your life and find the right Miramar title loan option.
1.) How much money do you need?
What ever goal you're striving to reach, whether it's covering a few bills, purchasing your first sail boat, or building an outdoor pool deck, carefully consider the amount of money you need to achieve it. It's important that your loan amount is not an under or overestimate of your actual financial need. Having too little money can set you back even farther and receiving too much may inflate your monthly payments to a level you can't afford.
2.) How long do you need the loan for?
Depending on your financial situation, you may need extra money until next month or for a few months. Consider how your current money status will affect the amount of time you'll need to pay off your title loan. Meanwhile, also think about start and end dates as well as your preferred interest rate. Interest rates usually decrease with the size of the loan; However, rates also increase as the length of your loan shortens. For example, a three month loan of $5000 will have a higher interest rate than a $5000 loan for 10 months. Take notice that higher interest, short term title loans have a lower total amount paid because you're not paying as much total interest.
3.) What is your monthly budget?
One thing to make sure is that your monthly title loan payments will fit with your budget, not interfere with any current financial commitments you have. Try using a title loan payment calculator to determine the affordability of potential monthly payments. It will generate a monthly estimate depending your loan amount, length, and interest rate.
Quick Way to Evaluate Your Top Options
Taking a little time to make sure that you and your title loan are a good fit is so critical to borrowing success. And you don't have to figure it out alone. We are a title loan service company, who will help you evaluate your goals, budget, and financial situation in order to connect you with a reliable title loan lender near your Miramar location - All of which offer options that are a good match for your unique borrowing needs. We will also continue to be available to you throughout the duration of your loan in case you need to discuss a possible change or alteration to your repayment plan.
Whether you know what is best for you already or you need some help deciding, we can assist in your search for the right title loan option. To finalize or get started on your car title loan, fill out our short online application and we will be in contact with you right away.
Pick the perfect title loan option and let EZ Car Title Loans help you do it just a little bit quicker!