VIP Finance of Texas, Inc. at 4125 Colleyville Blvd. in Colleyville is a short drive from Hurst, Euless,
Bedford, North Richland Hills, and Haltom City. We offer the lowest rates in DFW. When calling
around and checking out other companies call us before going to any other title loan company and let us
explain the differences between VIP Finance and the competition.
One of the biggest misconceptions around, is that all title loans companies work the same way. With title
loan stores on almost every corner, many people go to the one closest to their home or their work without
doing any research. They go in listen to the sales pitch then sign a contract without really understanding
the terms of the agreement they signed.
They go along and make a payment and sign another agreement.
This may happen two or three times and
then the realization hits, they still owe the same amount as they did when they took out their first loan.
They are only paying fees and interest, not one dollar has gone to the loan principal!
The way that most companies get around the cap on interest rates in Texas, is by setting up their company
as a Credit Service Organization (CSO). A CSO is allowed to charge you a fee for “finding” you a loan
from a third-party (independent) lender. The lender usually charges 10% or less annual percentage rate.
The CSO then adds their “finder’s fee” which is not subject to state usury laws. This fee is calculated in
the annual interest rate and often raises the APR to 300% or higher.
These companies will often set up payments for the amount of the fee plus the interest, no principal
payment. Imagine borrowing $1,000.00 and paying $250.00 a month for a year. You will have paid in
$3,000.00 and still owe the original $1000.00 that you borrowed.
Unfortunately, good honest people fall for this every day. I have heard dozens of people say “I thought
the payment was going toward my loan but nothing went to the principal”.
How do I find the best title loan for me in Hurst-Euless-Bedford
The first thing you should do is shop around and ask questions. Here are some questions that I would ask.
1. What is your annual percent rate (interest rate)?
2. How much will the payment be?
3. What is the duration of your loan?
4. If I make just the minimum payments, how long will it take me to pay the loan off?
5. Can I pay my loan off early with no penalties?
6. What are your fees?
7. Are your fees a one-time fee or will I be charge for them again and how often.
8. What forms of payment do you accept?
9. What if my car breaks down?
10. Do I have to have full coverage insurance?
11. If I don’t have full coverage insurance, what happens if I wreck my car and it is my fault?
12. Do I have to make the payment in person each time, or can my spouse make it for me? (Some
companies will only allow one person to make the payment)
If I trade my car in to a dealer, will you accept the pay-off amount from the dealer? (Again, some
companies will not accept money from any other party.)
14. If I pay my principal balance down, can I borrow more money?
VIP Finance offers title loans in Hurst-Euless-Bedford, Haltom City, Roanoke and North Richland Hills
VIP Finance of Texas, Inc. is a registered lender in the state of Texas, not a Credit Service Organization.