Deciding on Terms for California Auto Title Loans

California auto title loans

What are Auto Loan Terms?

If you need cash quickly and as conveniently as possible, California auto title loans are a great way to go. Tio Rico makes it easy for you to apply right on our site, call one of our team members, or pop into one of our locations in the greater Los Angeles area. If you are a qualified applicant, you can get the cash you need that day! Once you have the loan, the terms encompass a number of things. The terms depend on how much money you borrow, the amount of your monthly payments, and how long you must pay back the loan. The other perk to getting fast cash loans like an auto title loans is that once you are qualified these terms can be customized to your needs.

Think About the Amount and the Payback Schedule of Your Loan

In order to understand your loan terms, you must evaluate how much you need and the timetable in which you will pay it back. Think about how much cash you really need and what you need it for. If you’re facing a financial emergency that necessitates a loan, be sure that you don’t burden yourself further by borrowing too much money. Remember, you have to pay back the loan plus interest.
To figure out how much you can afford in payments each month, do a quick budget calculation. Write down your monthly income and then estimate your:

  • Rent or mortgage
  • Auto loan payment(s)
  • Insurance (auto, life and/or property)
  • Gas, water and electric
  • Cable, phone and internet
  • Groceries

Add up these bills and then subtract that number from your monthly income. How much do you have left over? Based on that figure, how much can you afford to pay each month on your auto title loan without being completely broke?

The next step is to decide how long you would like payback timetable for the loan to be. Do want to make larger payments for 12 months or smaller payments for 36 months? Remember that the longer loan term means more money paid in interest. Smaller payments might seem great right now, but in the long run you will be paying more money. Discuss your options and loan payment schedule with your Tio Rico loan specialist, they will be able to customize a term agreement that will fit your needs. If you want more information about loan terms or need help getting started with the loan application process call 602-322-1010.