411 drives car loan company specializes in helping people who have less than stellar credit. They do this by making car loans to people who have bad credit. Their goal is to provide you with the money that you need to buy the car that you want. Now that you know what they are, here is how it works.
Signing the agreement
You sign an agreement with a 411 drives car loan company. This agreement is known as a Broker’s Agreement. It consists of all of the terms and conditions that must be met. This agreement between you and the company ends with them agreeing to provide you with a car loan. In return, you agree to pay a certain amount of down payment and closing costs.
If you are approved for a loan, the company sends your information to lenders. Lenders approve these companies based on their credit worthiness. Then the company does all the marketing for you. All you have to do is sign the paperwork and submit to the lender.
Once the company has made a few loans, they begin to acquire more. They will then pass your information on to other potential car buyers. This is how they continue to grow their business. Every time a customer decides to purchase a car from them, they receive a commission.
If you decide that you would like to get out of this type of arrangement, you can. You just need to follow certain guidelines. First of all, if you go to one of the online companies, you will need to pay a fee. Also, if you go through a local company, you may have to meet in person. Either way, you will end up paying a lot of money. Many people find it better to go with a traditional car loan company.
Affordable fees on loan
The fees are usually affordable. Most companies charge around ten percent of the loan. So you will be paying quite a bit of money to just start up the company. So if you do not make much money in the first few months, you could find yourself paying hundreds of dollars for the first year.
Once you start your own company, you will find that it is easier to make more money. It is definitely an opportunity that you should look into. As for any other opportunity, it is important that you research thoroughly. When you do, you will be able to tell whether or not the company is legitimate. If you do, you should definitely move forward.
You also need to watch out for companies that ask for too many applications. It is important to make sure that you only fill out one application and then you should be approved. Many people think that if they get accepted, then they are approved. Not true; you have to keep reapplying.
Another important thing to do is to make sure that you keep good records. The best part about this is that the company will check with the credit agencies to see what your history looks like. It will give you a good idea on how to make improvements. You should always keep copies of anything you send in to the lender so that you can prove that you made payments on time. If you cannot provide them with these records, then you can expect to get rejected.
Your goal is to make sure that you have a low interest rate. This can be done if you pick a company that does not charge a lot of interest. The more interest that you have to pay, the higher your payments become over time. If you are able to find a company that is just under the limit, then you will be able to lower your payments each month. This can help you save money over time.
A company that can really help you is called Car Loan Tracer. This company actually goes out and finds you the best deals for car loans. You can use them to compare different loans and decide which one fits your needs. They have an easy system where you fill out one form with your personal information. From there, you will be matched with a loan.
The Dos and Don’ts When Getting a Car Title Loan
Get Cash Fast, When You Need It
If you’re facing down a surprise bill or expense and aren’t sure how you can pay it before it gets sent to collections, car title loans could save the day! These short-term loans let you borrow money against the value of your car and come with manageable payment plans, without having to undergo credit checks or fill out complicated personal loan paperwork with your bank or credit union.
You can find title loan companies in your city who are prepared to help you out of a financial bind. As you research your options, keep these helpful dos and don’ts in mind.
DO Bring Your Car and It’s Clear Title to Apply for a Loan
To qualify for a title loan, you must own your car outright, and the car title must be in your name. You cannot have any outstanding liens on the vehicle, including any money owed to the bank for your original car loan. You’ll need to bring your vehicle and its title to the title loan company. The company will hang onto your title for you while your loan is active, but you can drive away in your vehicle and keep your keys.
DON’T Expect to Get a Huge Loan from a Car Title Loan Company
Car title loans are designed to be short-term ones, and they vary from a couple hundred dollars to a couple thousand. You likely will not get a loan for the full value of your car, and certainly not one for more than the value of your car. If you need a larger loan, unfortunately, a title loan may not be the right product for you.
However, we still recommend inquiring with your title loan company of choice! They may be able to accommodate you with another one of their loan products, or find a way to help you get the cash you need in an emergency.
DO Ask Questions if You Don’t Understand Something
Car title loan experts are generally very good about explaining the terms of your loan, how to go about paying it back, and what happens if you need an extension of your payment plan. They also are required to disclose the interest they charge on the title loan.
If you have any questions about the process, your loan, or a related topic, ask while you are at the title loan company before you sign the paperwork to borrow money. Get clarification in advance, and request copies of your loan agreement so you have it to refer to in the future.
DO Pay Back Your Loan on Time
Although you do not need a credit check – and thus can have poor credit or no credit at all – to take out a car title loan, there are consequences should you choose not to pay back your loan or make on-time payments. For one, you could be charged a lot in interest or penalties. And if you take the money and run, you can expect that your car will be repossessed to cover your debts.
If, for some reason, you are unable to make a payment, call the car title loan company in advance to let them know and see if they can work something out for you. It is their goal to help people who need cash to get it quickly, and they love it when their clients are communicative about what they need.
DON’T Borrow More Than You Can Comfortably Repay
If you fear that you are not going to be able to pay back a car title loan on a reasonable schedule, it may be best that you don’t take one out – or that you take out one that you can afford to pay back with your income from your paychecks. Talk to the title loan company about how payments work, and always keep your monthly budget in mind before taking out a loan of any kind.
DO Tell Your Friends if You Had a Good Experience
Did a car title loan company help you get the money you needed? Tell your friends if you had a good experience, so that they, too, can have a good experience when they need money. Leave your car title loan company an online review, or consider providing them a testimonial for their website.
Finding a good car title loan company means you’ll always have access to cash should an urgent situation arise. You can help others by sharing your opinion about this service.