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$10000 Used Car Title Loan in Glendale – Los Angeles, California

The most recent client is applying for a $10,000 loan that he needs to pay some medical bills, consolidate his credit card debt and to complete some repairs on his car. He still owes $5000 on his Ford Expedition that has a trade in value of roughly $25,000.  He has heard about car title loans and wonders if this is the correct way to go for his loan. He lives in the Glendale area of Los Angeles in California.

This particular client has very good credit ratings and also makes a decent salary with a stable job in IT. The job is as stable as any job these days. No one should get to complacent in their jobs regardless of how comfortable they feel. He has asked about car title loans and whether they are reasonable to consider.

Car title loans come in many forms. When you purchase a car or truck from a dealer and take a loan that enables you to buy this vehicle, you are essentially taking a car title loan at a very competitive interest rate which the dealer has arranged to help improve their sales. Some customers will also go directly to their banks and arrange a new car loan or a used car loan. These are also car title loans and are also at reasonable loan interest rates. For all of these types of loans you need to have a good credit rating, a good debt ratio and a job.

There are firms that offer car title loans with no credit checks etc. Unfortunately the interest rates on these loans can be extremely high. Clients take a long time to repay these loans because they are paying so much interest. In fact the interest cost can sometimes be higher than the original loan depending on how long you take to repay the loan.

In the table below we illustrated the difference in interest rates and the associated payments. The numbers are very surprising and anyone that is considering a car title loan should think about which kind of loan they are signing up for.

DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION

Car Title  Loan Amount :: $10,000

Title  Loan Application and Processing Speed (when do you need the funds):: within a few days

Do you currently have a mortgage? :: yes

Bank Name and Branch :: Bank of America, San Fernando Road

What City/Town, State and County do you live in? :: Glendale, California

Zip :: 91206

What is your employment field? ::IT

Employment Position :: Computer Programming and Support

When are you paid? (monthly/weekly/biweekly):: biweekly

Your credit rating to be – excellent, fair, or bad? :: fair to excellent as far as I am aware

How did you find us? :: searching online for car title loans

How are you paid? (direct deposit/paper check)::Direct deposit

Gross Amount Per Paycheck ::$2600

Do you agree to have this information published online, without your PRIVATE information of course? :: sure I guess so, but make sure that your online security is really tight, hackers can get into almost anything these days.

Extra information here please (some detail):: I really need a loan to help deal with a combination of medical expenses, some repairs to my car and to consolidate some of my credit card debt. The repairs for the car can be put off for a little while, however I figured that if I was going to take out a loan, I may as well get enough to cover these repairs as well at this time. I do not want to have to borrow more money later on.  We also have some medical bills of around $5000 that need to be paid. The hospital is calling us weekly to find out what we are going to do about this bill and when we will pay it. Finally I have $3000 in credit card debt that I am gradually paying, however the interest rate is 21 % and I am looking for something lower that this to help reduce my overall costs.

This loan would really help to solve a few problems for us and we are hoping you can help. I heard about car title loans. My car could be used as collateral for the loan. It is a Ford Expedition that has a trade in value of around $25,000. We still owe $5000 on it so we would not be able to borrow the full amount, but we only need an additional $10,000 anyway so we should be ok.

My buddy at work told me about car title loans and how easy they are to obtain if you use your car as collateral and it is worth enough. I also heard that the interest rates can be very high as well which is not what we are looking for. Appreciate if you could help us with understanding car title loans better.

Note to Lender ::I work for an IT company providing online support as well as some programming work when the support issues are not out of site. I think my credit rating is pretty good and I make a pretty decent salary. My job is secure and even if I have to change jobs which I do not think I will, there are lots of IT jobs available.

Let us know if any more information is needed and if I could be approved for this loan within the next few days.

 

Category: Car Title Loan APR 4.5% APR 5.0% APR 6%
Loan Principal $10,000 $10,000 $10,000
Payment Schedule Monthly Monthly Monthly
Length of Term 2 3 300
Amount to be paid $10,468.66 $10,770.69 $56,241.32
Total interest paid $468.66 $770.69 $46,241.32
Paid per installment $430.22 $295.09 $1540.86