Author: dev

There are many kinds of loans out there, and one of the simplest and most straightforward is a car title loan? At Utah Money Center, we have many options to get you a quick title loan for that little bit of financial flexibility you need.
What are some of the key reasons why title loans can be preferable to many other formats? There are a few specific situations. Here are a few.

Bad Credit Score

Some people might be ashamed at having a bad credit score, but don’t get down on yourself if this is the case. Things happen, and life throws a lot of curveballs that can be tough to plan for financially. It’s not uncommon for people to have bad credit history, and it’s not some terrible reflection on you.

It is, however, often a good time for a car title loan to be used. If you’re on the way toward a more stable financial situation but just need a little bit more flexibility to get you over the top, a title loan can be perfect.

Car Needs Repairs

Issues with the car itself can signal some of the best potential opportunities for title loans. If you’re in a situation where delaying a repair might lead to further issues, and you have no other outlet to cover these repairs, it makes sense to put your car itself up as collateral. If the only alternative is being forced not to use your car, and paying for alternative sources of transportation, use a car title loan to handle repairs instead.

Emergencies

Probably the most common use of title loans is for unexpected emergencies. Maybe it’s a medical situation, or a large unforeseen expense in a variety of areas – whatever it is, there are few options available to get you money quicker and more easily than through a title loan.
Want to learn more about any of our car title loan programs? Speak to the brokers at Utah Money Center today.

Whether it’s a car title loan or a signature, loan, we’ve got you covered for your quick cash needs at Utah Money Center. Our brokers will help you find the perfect fit for you, plus advise you on any important hoops to jump through during the application process.

These loans are simpler than most other kinds, but that doesn’t meant there aren’t a few traps you can fall into. Here are a few mistakes to avoid as you shop and apply for title or signature loans.

Thin Net

A common mistake many people make is not casting a wide enough net in their search for loan options. We know we offer the best rates at Utah Money Center, but chances are our competition makes those same guarantees – and only your own research can truly tell you which situation is best for you. Don’t just apply at your local neighborhood bank – both credit unions and online services like ours are often able to offer better rates because we’ve automated many of our processes.

Taking the First Offer

There’s often some wiggle room on interest rates and terms, and you should be willing to negotiate during this process. Don’t be ridiculous, of course – there are limits to how fa this can stretch.

Borrowing Too Much

Asking for more money than you really need is a recipe for disaster. Interest on these kinds of loans is significant, and this is because of their short-term nature. That makes the penalties if you don’t pay in full and on time more severe, including the potential loss of your vehicle. While this fast avenue to cash may seem tantalizing, don’t take it further than your direct needs.

Rushing

When it comes time to get a contract signed and get your cash, don’t rush through the details. Make sure you’re 100 percent clear on the terms of the loan, including maximum debt and interest amount. Understand the penalties if you miss or skip payments, and the length of the loan – plus whether you’ll be allowed to roll it over, and how many times this will be allowed.

For more information on car loans or signature loans, speak to our brokers at Utah Money Center today.

Whether you’re looking for a car title loan or any other type of personal or signature loan, one factor that’s going to remain vital is your credit score. This measure, usually using three different scores from some of the largest credit bureaus, can help determine everything from the types of loans you’re approved for to the rates you’ll find yourself paying in interest.

At Utah Money Center, we can help people in varying credit ranges get the best possible loan available. Here are some tips for keeping your credit score high.

Don’t Miss Payments

One of the easiest ways to lower your credit score in a hurry is to miss payments, both for credit cards themselves or for many other kinds of bills. Every time this happens, your score will be dented. Staying organized and planning payments in advance is therefore vital – and it’s easier than ever in today’s modern times with online banking available. Stay up to date on your line of credit and the limits you’ve set for yourself, and you should be in good shape.

Spending Limits

Setting these precise limits can be confusing for some people, so here’s a simple “20-10” rule: Never allow credit debt to rise above 20 percent of your yearly post-tax income, and never use more than 10 percent of your monthly income to pay off credit debts. If you can be even stricter than this, do it. The more flexibility, the better.

Emergency Funds

If you’re in an emergency situation and your only funds available are via credit, your credit score could be in for a long term dent. Try to keep at least 15 percent or more of your available credit open for these situations, and if possible, try to keep separate emergency funds so you don’t have to rely on credit if something unexpected happens.

Interested in learning more about credit score, or finding out about our signature and personal loans? Contact the brokers at Utah Money Center today for more information.

At Utah Money Center, our car title loans are one of the quickest and simplest ways to get you cash. Whether it’s for an emergency or one-time payment, our title loan programs will get you in and out with a bit more flexibility than you had before.

Unfortunately, we can’t offer our services if there are issues with the title of your car itself. Here are a few of the most common such issues, and how you can avoid running into them.

Title Fraud

One of the most common negative issues in the used car industry is title fraud. This is when the previous owner of the car, or a dealer looking to shadily add some profits to their ledger, will clean the title history of a car. This hides issues that may have taken place in the past, including major repairs and big issues that may threaten the long term lifespan of the car.

Title fraud is expressly illegal, but many people still attempt it. To avoid running into title fraud, make sure to only deal with reputable vendors and do the proper due diligence.

Lost Title

Many people forget that the title of a car is a physical document, and it needs to stay safe and secure. You can run into proof of ownership issues if you don’t have it, and a title loan is impossible without one. If you can’t locate your tile, your state’s motor vehicle office will be able to get you a new one (this can be a hassle in many cases).

Improper Transfer

Improper transfers usually trace back to issues with paperwork or other details, but they may make an entire vehicle transaction void in some cases. Again, this is where dealing with a reputable vendor is so important – if both sides are willing to negotiate in good faith, improper transfer issues can be easily corrected. If not, a court battle may be necessary.

To find out more about our title or signature loans, speak to the brokers at Utah Money Center today.

Every loan process has bits of complexity and detail, even signature and title loans which are generally considered a bit simpler than many other kinds of loans. At Utah Money Center, our brokers are here to help walk you through any of the semantics you may not have been aware of.

Starting out with a basic body of knowledge is always a boon to your chances of finding the best car title loan for your situation. At the top of that pyramid is terminology – knowing the industry terms and keywords is a great way to make sure you can hold your ground in negotiations. Here are some of the simplest loan terms to stay on top of:

Principal/Interest

These terms refer to the monetary amounts in a loan. The principal is the amount you originally borrowed from a lender, and the interest is amount of extra money it costs you to borrow this money over a period of time. Interest rates are generally determined by a combination of factors, including annual percentage rate (APR).

Collateral

The agency lending you the money needs something to cover them in case you’re unable to pay back the terms of the loan, and this is collateral. In the case of a car title loan, collateral is the vehicle itself. You aren’t usually actually required to give the car up until the loan is repaid, but you’re entering an agreement where the lender will own your car if you don’t meet the terms.

Lien

A lien is the document that makes the collateral the legal property of the lender. Once the terms of the loan have been repaid, the lien ends.

Defaulting

Anytime you break the loan agreement, this is called defaulting. In some cases this just mean being late on a payment or forgetting one, but in some others it also means a full-on stoppage of payment. Default is a very bad word in a loan situation, and if possible, you want to avoid these occasions at all costs.

Balloon Payments

When you’re nearing the end of a loan, one or two payments might be larger. This is because you’re paying both interest and any remaining balance on the principal amount. You can often avoid balloon payments with proper planning.

Want to learn more about this, or any element of our title loan and signature loan services? Speak to the expert brokers at Utah Money Center.

A car title loan uses your vehicle as collateral against the amount you’re borrowing, and this naturally makes the value of your car one of the most important factors in the process. Every extra dollar of listed value you can add to your car is a dollar you can get in fast cash on a title loan.

We’ve seen every car situation possible at Utah Money Center, and we want to help put you in a situation to get the best loan possible. What are some things you can do to maximize the value of your vehicle before putting it up against a loan?

Maintenance

Nothing can lower the value of your car more quickly than a car that’s lacking on basic maintenance items. Would you want to buy a used car that needed multiple pricy repairs virtually as soon as you drove it off the used car lot? No, and these kind of undesirables lower your value in a loan as well.

If you have a trusted mechanic, or better yet a friend or loved one with a high level of car knowledge, you can ask their advice about maintenance calls you should make before you gauge your car’s value. Plus, anything you can do to get a great deal on a necessary repair could turn into extra cash in your pocket from your loan.

Keep Receipts

For any maintenance you do perform, even from years prior, keep the documentation handy. Uncertainty on your car’s upkeep over the years will cause many lenders to lower your loan amount. Keep detailed and lengthy records.

Tire Upkeep

Tires count as maintenance, but it’s so common for people to treat them as a completely separate entity that we’re doing so here as well. They’re part of the car, and because of the relative variability of tire pricing, you could come out on the bad end if you force the lender to factor a needed tire replacement into a deduction from your loan – they’ll likely default to the higher end of the pricing structure.

Appearance

Even if they’re low-cost fixes, doing everything you can to make your vehicle sparkle and appear outwardly beautiful can go a long way. Get dents or chips fixed, and try to keep the interior as fresh as possible. Smaller details than outward appearance have made a real impact on car loan value in the past, to be sure.

Want to learn more about title loans, signature loans or any of our other services? Our experts at Utah Money Center are standing by today.

The toughest part of a signature or title loan application process for many people is simply getting it off the ground. Money can be a complicated thing, and especially for those who have never been involved in the process before, it’s easy to feel like you’re totally unprepared to walk into a lender’s office and start negotiating.

At Utah Money Center, our friendly and professional agents are to try and make your cash loan experience as comfortable as possible. We want to help you with every step of the process, and remove any adversarial nature that some people assume is automatically involved.

Here are some tips for being adequately prepared to take out a car title loan or signature loan:

Understand the Loan You’re Applying For

It’s totally fine if you don’t know every single detail of a loan application by heart – that’s what Utah Money Center professionals are here for, after all. It’s definitely important that you have a good grasp of the basics of the loan you’re looking for, though.

If you’re looking for a signature loan, you should know that it’s generally for a fairly low amount of total cash, and that your interest might be pretty high given the risk the lender is taking. For a car title loan, you may get better rates and be allowed to borrow a larger amount. Knowing basic details like these will endear you to the lender plus help you navigate the waters.

Prepare Documentation

Signature loans are the sort that can often be made on the basis of employment, so bringing proof of employment is a good idea if this is the loan you’re looking for. For car title loans, various bits of car information will obviously be necessary, and in either case, it’s great to have a few personal references you can show.

Show Your Assets

Even if you don’t have much equity or many assets to fall back on, look for the best way to present what you do have. Show that work bonus you received for stellar performance last month, or the extra equity you created in your vehicle by making repairs yourself instead of paying for an expensive technician. All these kinds of things will only endear you to lenders and make you a more confident, attractive potential client.

For more information the experts at Utah Money Center are standing by to assist all your cash loan needs today.

Credit scores and reports can be complicated and confusing, but if you ever want to take out a loan for a vehicle or a house you will want to understand credit and why it is so important. Your credit history determines what loans you may qualify for.

Lenders will obtain your credit score as well as your credit report; they will combine this information to evaluate your risk as a borrower.

Credit Scores and Reports

Your credit score is a number that usually ranges from 300 – 850, it is used to determine your credit worthiness. Lenders will look at your score as a sign of your ability to pay back your debts.

Your credit report is a complete overview of your credit history. It will contain all of your credit accounts, loans, account balances, payment history, credit cards, and credit limits.

It is essential to know both your credit score and what is on that reports. Without your report you do not know what factors impacted your score. Your report is an overview of what you are doing right and what you can do to improve your credit score.

Factors of Credit

• Type of credit you have:
  • Student loans
  • Car loans
  • Mortgage
  • Credit cards
• Late payments
• Credit use
  • How much credit you are actually using
• Credit report errors

Before you go to a lender for a loan be sure your report is up to date, you wouldn’t want to be turned down for a mortgage or car loan because of an error that could have been prevented.

Why Credit Scores are Important

Your credit score influences your odds of getting approved for a loan or credit card. This is extremely important when you want to buy a home because your score will affect your mortgage eligibitly. There are a few other reasons your credit score is important:

• Your credit score can impact your insurance premium. Not all states allow insures to check your credit score, but many do still allow it. With a lower score you might end up paying more for coverage.
• You could qualify for better deals when you sign up for cable or internet. A lot of internet, TV, and phone providers check your credit; if your credit is poor you could be denied service at all.
• When you have good credit you will have access to better financial deals and opportunities.

When you need to get money fast, where should you go? Many people pack up their car with a few unused appliances and go down to the nearest pawn shop but end up getting much less money than they needed. Pawn shops might have the advantage of being close by, but they are unlikely to give you a good return on your belongings. One of the best and fastest ways of raising some cash is to take out a title loan at Utah Money Center. Title loans are fast, easy, and can give you a surprising amount of money. In fact, title loans have become a very popular service precisely because customers can get such a good return. We make getting cash simple and can accept many different types of vehicle titles.

Keep the Title to Your Car

Car and truck title loans are easy to come by but they are not always the perfect solution for every customer. You may want to keep the title to your vehicle but still need a generous loan. In that case, you can bring the title loans of other vehicles to Utah Money Center, including:

• ATVs
• Snowmobiles
• Motorcycles

We give excellent loans on these valuable vehicles. In fact, this is a great way to maximize the value of your snowmobile or all-terrain vehicle during the off season. Leveraging the value of your snowmobile is a great way to give yourself some extra cash for summer vacation or back-to-school shopping for the kids. A title loan on a motorcycle or ATV in the wintertime can provide lots of additional cash for Christmas shopping and gift giving.

Financial Freedom Is in Reach

Getting a title loan takes only a few minutes and requires minimal paperwork. In no time you can have extra cash to pay bills, take care of car repairs, or address those unexpected expenses. Once the terms of the loan have been fulfilled, you regain the title to your vehicle.