When looking for a loan for any purpose, we will have to face the creditworthiness assessment – the credit company checks whether we are able to repay the liability. This assessment is influenced by many factors that may be the reason for refusing a loan. How to deal with this?
A car title loan in Glastonbury, CT comes to the rescue. In the absence of full creditworthiness, loan companies treat our car as collateral in the event of problems with the repayment of liabilities. Is it a safe solution? Absolutely. If we have ever dealt with any form of loan, we are aware of how this process works. It is enough to keep the deadlines so that everything goes smoothly. Let us remember, however, that this is a solution rather for people who are sure of their financial situation because you are risking your own car.
Title Loans in Glastonbury, CT – Rates and Fees
Before applying for a title loan in Connecticut, you should learn about rates and fees in this state.
| Legal Status | Illegal |
| Finance Charges | $17 per $100 |
Title Loan In Glastonbury, CT – Requirements
Loan companies place several basic requirements on customers. First of all, the car that we want to pawn should meet the following conditions:
- Have a valid insurance;
- Be the sole property of the borrower;
- The age of the car cannot exceed 12 years;
- Have a valid document in the form of a registration certificate;
- Be technically fit and admitted to traffic on public roads.
In addition to meeting these conditions, we only need to have two valid identity documents. Thanks to securing the loan in the form of your own car, we will not be checked in the registers of debtors. No one will ask us to document a steady income, which in the case of other loans is an element necessary to obtain them. Another advantage is the lack of consent of the spouse and guarantor. Therefore, we are dealing with a loan that almost anyone can apply for. Are you sure?
Although most potential borrowers will be approved, not everyone should use it. Let us remember the dangers of any form of a loan. We cannot be sure that in 2-3 years everything will be as it has been so far, which makes repayment of loan installments a real challenge. In the event of problems with the performance of the obligation, we may lose our car. Fortunately, these situations are very rare, the vast majority of customers cope with repayments very well, meeting deadlines.
We Decided On a Title Loan in Glastonbury, CT. What’s Next?
We meet all the lender’s requirements and we are sure that we want to take a car title loan in Glastonbury, CT. So what can we count on from the loan company?
Lenders offer us a loan on the following terms:
- Contract period from 1 to usually 60 months;
- The maximum amount is up to $50,000;
- Up to 80% of the value of the pledged car;
- Interest rate from 6% per month;
- The pledged car is still fully at your disposal.
More details on car title loans can be found on the lender’s website. The most important conditions are mainly the interest rate, which can sometimes fluctuate significantly.
Knowing all aspects of such loans, we should ask ourselves whether it is a profitable form of loan? Considering the conditions placed before us, absolutely! If we work on the basis of a contract other than an employment contract, this is the best solution for us. It is true that you can get a loan without an income certificate, but these are amounts not exceeding $5,000. So far, no other type of loan offering such high amounts with such small requirements has been created on the loan market in Glastonbury, CT.
Title Loan Alternatives
If you are not satisfied with the conditions of a title loan in in Glastonbury, CT, you can use one of several alternatives.
- Payday loans: this type of loan is the smallest among non-bank companies and is usually issued for only 30 days. As you can understand by the name, the essence of such a loan is the provision of funds before payday. These loans range from $100 to $1,000 and are ideal for paying bills and car repairs.
- Installment loans: installment loans are a great option for clients who need more money and would like to pay it off in installments. For example, you can receive up to $5,000 for a period of 3 to 36 months and pay them in monthly installments. These loans are ideal for buying appliances, car and home repairs, and paying for the holidays
- Personal loans: in terms of their structure, this type of loan practically does not differ from installment loans but is issued for a larger amount for more serious purchases. A personal loan is also repaid in installments but is issued for up to 60 months and in amounts ranging from $1,000 to $35,000. The APR for such loans is often slightly lower than for installment loans. Such a loan is ideal for large purchases, paying for expensive medical services, and traveling.
- Loans in Connecticut: if you are a resident of another city in the state of Connecticut, then you can apply for it at any time convenient for you. The application is completed online, so you can complete it from anywhere in the state, even if there is no lender office there. Depending on your needs, a loan calculator will select the ideal option that will help pay for both small expenses and large-scale purchases.