Buying an Engagement Ring? Consider a Car Title Loan

April 20, 2013

If you’ve decided that she is the one, you are probably going to buy her an engagement ring. Of course, such rings are not cheap and you may need outside financing to get one.

Going to a bank to get a loan is one option, but it won’t do you much good if you have credit problems. Also, doing so can be time consuming and burdensome, making you really test your love at an early stage!

Instead, you can go to a car title lender and get a car title loan. This is a loan that is based on the value of your vehicle. Essentially, if you own a vehicle and can provide a few related items such as a drivers license and proof of insurance, you’ll be well on your way to getting a car title loan.

With the average cost of an engagement ring being $3,500 to $4,000, you can probably get a loan to cover the entire cost of the ring if you own a newer model.  At Car Cash Loans, you can get a loan of up to 50 percent of your vehicle’s value, meaning that a vehicle that is worth $7,000 to $8,000 should do just fine. Of course, if you require a lower amount, you may be able to get a smaller loan, too. Just contact Car Cash Loans with your loan needs and see what you can get.

Is it Tough to Get a Car Title Loan?

With the hassles of buying a ring and proposing, you probably don’t want to deal with an inconvenient loan process. Luckily, you can often get a car title loan on the same day that you apply for it. In fact, you’ll typically be in and out in around an hour at Car Cash Loans.

The process involves having the lender assess your vehicle’s value and possibly offering a loan based on that value. Other than that, the requirements are minimal. Car Cash Loans won’t even run a credit check!

How Long Will I Have to Pay it Back?

If you are planning a wedding sometime soon, you probably want flexible payment terms. Payment terms vary from lender to lender. For example, at Car Cash Loans, you’ll have up to 5 years to pay your loan back, giving you a significant time period to pay for your wedding and your loan.

How Much Interest Will I Have to Pay?

The typical interest rate on a car title loan is 25 percent over 30 days. Car Cash Loans offers rates at less than half that amount.

Will I Get to Keep My Vehicle?

At Car Cash Loans, you will get to keep your vehicle on a car title loan. You’ll only have to hand over the title and you’ll get that back after you pay your loan off.

How Much Should I Borrow?

Only borrow enough to pay for the engagement ring. Also, make sure that you can pay your loan back before signing up for it. Be sure to make every effort to pay your loan back ahead of schedule and that you can definitely pay it back on time. Doing so will minimize interest expenses while giving you the money you need to buy an engagement ring.