Car Title Loans VS. Personal Loans in North Las Vegas
There are a many options to choose from for loans in the North Las Vegas area. However, not all loans are created equal. From personal loans and payday loans to car title loans in Las Vegas, there are many differences that set these loan types apart. So how do you decide what type of loan best suits your current and prospective financial situation? Let’s take a look into secured and unsecured loans – and just how different they actually are.
First we will take a look at car title loans, or secured loans. These are loans that are protected by collateral, or an asset of some sort. For a Nevada car title loan, the process is pretty simple. It starts with a vehicle. A vehicle that you must own outright. That is to say that you have paid off your car and the title is free of any liens. If you own your vehicle and do not owe any money on it, then you can use your car and title to apply at your North Las Vegas title loan company. Before your title loan has been approved, they will inspect your vehicle, starting with matching the vehicle identification number (VIN) on your title to the vehicle identification number (VIN) on your car. Once your VIN is confirmed, your title loan representative will check your mileage. Your vehicle’s mileage is going to play a part in how much they can loan you. After inspecting the mileage, they will take a lap around the car. At this point they are searching for dents, scratches or anything wrong with the outward appearance of the vehicle. Having dents, scratches and the like does not disqualify you from getting a loan, usually if you’re car is in working order and the title is clear, car title loan shops generally will loan to you. After the inspection is complete and the amount of the loan is agreed upon, they will start typing up your contract. In the event that you cannot pay the full amount of the loan off within the time agreed upon on your contract, you have the option to refinance your title loan in Las Vegas. After you have paid off the loan, the shop will take their lien off of the vehicle and return your title to you free and clear.
Compared to title loans, personal loans are unsecured loans, or loans granted without collateral. These types of loans can also include things like credit card purchases or student loans. This is a riskier type of loan from the eyes of the lender, as there is no collateral or assets to collect in case the loan is defaulted on, or not paid back. When you apply for an unsecured, personal loan the lender is believing that you have the ability to repay the loan based on your income. These loans take many forms; for example, they can be credit cards, personal loans, personal lines of credit, student loans, and some types of home improvement loans. A personal loan can be ideal for somebody that does not want to put their home or vehicle down as collateral and risk losing them should they default on the loan. And unlike the car title loan, monthly payments are made that include the interest payment. What doesn’t go towards the interest payment goes towards the principle, or the total balance due. Unfortunately, these loans can prove to be difficult to get if you don’t make enough money, making a car title loan a lifesaver for those with limited income.
If you are currently looking for a loan, contact Title Loans 365 in North Las Vegas today to learn more about the car title loan process and to get an offer for a loan on your paid off vehicle. A member of our experienced, knowledgeable staff will be happy to help you in any way possible and to answer all of your questions. Give us a call or apply for a North Las Vegas title loan today, and find out just what we can do to help you.
TITLE LOANS 365
1810 E Sahara Ave #391
Las Vegas, NV 89104