How Is Auto Equity Loans Changing the Way Title Loans Are Done?
This is a wonderful question. One I think people should ask more often. In Arizona car title loans are a very common thing. You can drive down any city block on Bell Rd and see five different companies. And they all look the same, they have the same interest only loan, the same interest rates, and they all advertise the same “Quick Cash Loans” “Pick us not them” “We have the lowest rates”. But underneath they are all the same.
So what makes us different? For starters we want you to understand Title Loans. When you call or stop by we will answer any and all of your questions so that you feel comfortable with the loan you are about to get into. We have nothing to hide. Please ask away.
I know anyone can answer questions, but Did you know Arizona law permits a yearly interest rate of 204%? At Auto Equity Loans the most we offer is 156% annual percentage rate. And if for some reason you do find someone with a lower interest rate we will match or beat their offer. This will result in you getting an even lower rate and avoid being stuck in an interest only loan. We are all about benefiting you as a consumer.
We know what you’re thinking right now “Why do interest only loans keep getting brought up?” Interest only loans are the most common loan that Title Loan Lenders offer. But what is an interest only loan? This type of loan makes it so that the minimum payment you make every month or every two weeks only goes to the interest accrued. “But then how do I ever pay off the loan?” There are two ways: You can make more than the minimum payment and hope that at the end of the terms you have paid enough to where you don’t have a large lump sum at the end, and you cannot pay off early or you will have an early pay off fee. OR You could just pay the interest and then come up with the large lump sum at the end of the terms.
“Well that seems like a bad loan.” We agree with you. That is why our loans are structured to make sure that you are able to pay off your loan within the terms agreed with no hassles. We believe you should have control over your loan and have the freedom to pay off when you are able. We want you to be a lifelong customer but we don’t want you be stuck in the same loan the whole time.
So please stop by or give us a call, see what we can do for YOU.