You’ll see a lot of articles online telling you that you need a title loan, or that title loans are the answer to all your money problems, but the truth is – a lot depends on your situation, and the best answer isn’t always the same for every person.
Remember, we’re here to help, whether you need a title loan buyout, your first title loan, or just information – we want you to have all the information and make the right choice! So, VIP Finance of Texas wanted to tell you the truth, and when to NOT get a Texas car title loan.
Don’t Use It for ‘Fun Money’
A title loan, or any personal loan, isn’t ‘just for fun’ or because you want a new big screen or kitchen island – in fact, taking out a loan should only be for items or reasons you cannot plan for or save up for in time. In other words, it shouldn’t be for a whim or a want, but a need.
Make sure you are using your money wisely, as any loan, even one with a great rate, makes you pay more in the end than if you had just saved up and bought it outright.
A good example of a reason to take out a title loan is for an unforeseen expense like a medical bill, or surprise home repair. Some people even use title loans as a quick and easy business loan, but it should still always be able to be paid off, and not lose you money in the long run.
Don’t Use It If You Can’t Pay It Back
This should be a simple one – but it is important enough to mention; don’t take out a title loan if you cannot pay it back, because you will lose your car, and that’s not what anyone wants. Some title loan companies try to sneak you out of your car – we don’t, and really, we don’t want your car. We want to help you get your money right and send you on your way with better finances and your car.
Make sure you have a feasible and realistic plan for how to pay back your title loan (or any loan) and that it won’t hurt you in the long run. Run the numbers, ask questions, and make a payment plan that you can stick to. And if the people you’re working with aren’t willing to help you plan or explain the process and fees fully – look elsewhere!
Don’t Use It If You Can Get a Better Rate Somewhere Else
If a title loan option isn’t the lowest APR, then don’t do it. Only use a title loan if it’s the cheapest option – like with VIP Finance of Texas which has an APR of just 6%. That’s cheaper than most personal loans from banks, even when you have excellent credit!
This is why we recommend our own Texas car title loan over all the competition, and even over personal loans, because we offer the lowest APR! But that doesn’t mean all title loan companies are the same, in fact, most have high APRs, meaning you should look at any other loan option first, and find the best price for you (which should always be the lowest).
Want to Learn More About Texas Car Title Loans from VIP Finance? Call or Visit Us Today!
We have multiple convenient locations to make it easy for you to get to us, ask questions, and walk out with the best APR and term title loan in the industry! Don’t wait, come in and learn how we can help you get your finances right today!