Should You Repay Your Kansas City Car Title Loan Quickly?

Kansas City car title loans are short-term secured loans. The amount you can receive is based on the equity in your vehicle and what you can afford to repay, not your credit. Despite its short-term nature, a Kansas City car title loan may have a term of anywhere from one month to years. As with any loan, you have the option of following your payment schedule — whether it is bi-weekly or monthly payments — or working to pay off your loan early.

Unfortunately, not all car title loan providers are equal.

Some car title loans penalize borrowers with a fee for making additional payments or paying more than the minimum due. Some even have balloon payments that make it almost impossible to pay off your loan fast. As you shop for a car title loan, it’s important to choose a lender like Waldo Financial that values customer service and allows you to repay your loan early without penalizing you. After all, you shouldn’t be forced to pay a fee for being financially responsible!

If you don’t get a car title loan with a prepayment penalty, there is one major advantage to repaying your loan quickly: you can save a substantial amount of money by reducing the interest you need to pay. Paying off the loan ahead of schedule also frees up more of your money each month so you can start building an emergency fund to plan for life’s surprises in the future.

There are several steps you can take to repay your loan early with additional monthly payments or paying more than the minimum due. Here are some tips:

  • Reduce your expenses. You probably have many expenses that are slowly draining money from you each month. Do you stop for a morning coffee? The average person who buys coffee regularly spends $36 a month. You may also have a gym membership you don’t use to save about $35 a month. Switching from cable to a streaming service like Netflix can also save you around $50 per month.
  • Save 10% from each paycheck. The easiest way to pay off your loan is putting aside 10% of every paycheck toward an additional monthly payment.
  • Pick up a side job. If you’re serious about paying off your loan fast or getting debt-free completely, consider a side job. You may be able to sell produce at the farmer’s market, cut grass on the weekend, or babysit kids to earn extra money.

The best way to get your Kansas City car title loan paid off quickly and save money is working with a reputable title loan provider like Waldo Financial that offers flexible terms that work best on your schedule. You may be able to change the terms of your loan as well to switch from monthly payments to bi-weekly payments. Even if the payment amount each month is the same, your loan will still be paid off early because some months have five weeks.

What To Know About Co-Signers and KC Car Title Loans

Kansas City car title loans don’t have the same strict requirements as traditional loans, which means even borrowers with poor credit can qualify for a short-term loan. Still, many borrowers worry they won’t qualify due to credit problems. One solution is asking a family member or friend to act as a co-signer on the car title loan.

A co-signer is someone who agrees to sign the financing agreement as well as guarantee the debt. With a co-signer, there are two people responsible for making sure the title loan payments are made, although the primary borrower is the one receiving the funds. If the primary borrower fails to make payments, the co-signer will then be responsible. A co-signer can help you qualify for a loan that you would not otherwise get on your own.

Co-Signers for Kansas City Car Title Loans
Before you decide to ask someone to co-sign for you, make sure you know what you are asking them to agree to and what their responsibility is for car title loans. Kansas City, like most cities, regulates car title loans and other forms of lending. While the co-signer will not receive any money from the loan, they will still be legally responsible for paying back the money if you default.

You will need to take your car title loan seriously if you ask someone to co-sign for you. The co-signer will be placing their trust in you to make your payments on time, because your actions will affect their own financial situation and their credit rating.

If you plan to ask someone to co-sign on your title loan, explain their responsibilities to them and do not abuse their trust. After all, if anything goes wrong with your loan, it will likely affect your relationship with your co-signer.

Co-Signing on Someone’s Loan
If you have been asked to co-sign on someone’s car title loan, take the time to evaluate your own financial situation as well as that of your friend or family member. Because you are legally responsible for the payments if the primary borrower defaults, their actions can easily damage your own financial situation and credit.

Do not feel obligated to co-sign for someone and their Kansas City car title loan, even if it is a close friend or family member. Co-signing on a title loan is a big responsibility and a lot to ask of someone. Make sure you’re comfortable with the consequences and trust your family member or friend to take their own responsibility seriously.

When you’re ready for a Kansas City car title loan, call Waldo Financial at (816) 333-6800. Waldo Financial provides the best car title loans in Kansas City.

Which Car To Use for Your Kansas City Car Title Loan?

A Kansas City online car title loan can help you get the cash you need quickly, even when you can’t obtain a loan from a traditional lender. Car title loans are available to Kansas City consumers with bad credit or no credit history, as well as those who are self-employed and have trouble meeting the stringent requirements of a traditional loan.

Title loans are secured loans that use your vehicle’s title as collateral. Also known as a pink slip loan, this type of short-term loan uses the clear title on your vehicle rather than your credit score to make your loan. You keep driving your vehicle and typically provide a second set of keys to the lender until the loan is paid in full.

Consumers who have more than one vehicle may be left with an important question:

Which vehicle should I use to get a Kansas City car title loan?

To decide which vehicle to use, it’s important to understand first how a car title loan provider decides the maximum loan amount.

The amount of money you can borrow with a Kansas City car title loan depends on the lender’s assessment of the vehicle’s market value, as the vehicle itself is collateral for the loan, much like a mortgage on a home. Generally the car with the highest value will be the best one to use to get the title loan as you can borrow a larger amount of money.

Your car’s value isn’t the only important factor, however. In most cases, you must have a clean title with no outstanding liens on the vehicle, although some lenders do make title loans on vehicles that still have a small remaining loan balance with equity. This may affect your decision.

Finally, if the amount of money you need to borrow is less than the value of either car, which car you use to secure the loan is less important. After all, you will retain possession of any car you use to get a title loan.

Consumers who have questions about car title loans can contact Waldo Financial, a Kansas City car title loan provider, to speak with a representative. Waldo Financial strives to offer the best in customer service to help borrowers make an informed decision that works best for their situation. Call (816) 333-6800 now for a Waldo Financial car title loan or apply online for your Kansas City car title loan.

Pitfalls with Unscrupulous Kansas City Car Title Loan Lenders

Unfortunately, not all Kansas City car title loan lenders are created equal. While some lenders like Waldo Financial strive for transparent lending and encourage customers to be financially responsible, some lenders are more interested in taking advantage of customers with predatory lending practices. Consumers should be aware of the costly pitfalls of working with unscrupulous lenders and always read the fine print before signing a contract.

Many borrowers who turn to Kansas City car title loans are under pressure financially and skim over the fine print, which may contain hidden costs and scary stipulations. There are some lenders that require customers provide a copy of their car keys, but the worst will even put a GPS tracking device into the car so they can locate it or even disable the vehicle for a late payment. There may even be hidden repossession fees of up to $400, which would be added to the outstanding balance.

Consumers should also be aware that some lenders are unclear about the interest rate charged on the loan. Some will quote interest rates that do not apply to the terms of the loan the customer wants. A transparent lender will be upfront and clear about the loan’s interest rate and honest about any fees that apply to the car title loan.

Another major issue consumers should watch for is penalties for paying off the title loan early. This penalty is designed to trap consumers in a cycle of debt, as the borrower is forced to either pay a hefty penalty or keep the loan longer to pay more interest. Waldo Financial encourages consumers to make early payments on their loan or make more than the minimum payment with no prepayment penalties on any loans.

Waldo Financial strives for transparent and responsible lending, only offering car title loans to borrowers who can afford to repay. Consumers should seek out responsible lenders who consider gross monthly income and affordability during underwriting rather than saddling borrowers with a loan they can’t afford. While there will always be unethical lenders in any industry, consumers should take care to protect themselves while remembering that not all lenders are created equal. Waldo Financial aims to set a new standard for car title loans in Kansas City with excellent customer service and a dedication to helping consumers get the loan they need with terms they can afford.

How to Get a Car Title Loan in Kansas City

Car title loans are a popular way for Kansas City consumers to get cash on short notice. Car title loans are typically available to consumers who own a vehicle, regardless of credit score, with one-day processing.

Borrowers must own a vehicle to obtain a car title loan. There is no background check or credit check performed. Instead, the vehicle serves as collateral for the cash loan. Borrowers can keep their vehicle and continue driving throughout the loan repayment term.

Waldo Financial allows borrowers to apply for a Kansas City car title loan online, over the phone, or at their physical location and receive an immediate approval. Customers can borrow between $500 and $5,000 with each loan, which is contingent upon the borrower’s income, the vehicle’s value, and other factors. The application will require relevant information, including information about the vehicle and the borrower’s contact information, employment information, driver’s license, and bank accounts. After the application is approved, borrowers can pick up the cash at Waldo Financial’s convenient Kansas City car title loan location.

Loan repayment terms vary from 12 months to 24 months, with no penalty for paying the car title loan off early.

Before obtaining a car title loan, Kansas City lenders are required to meet certain requirements set forth by the Missouri Department of Finance, which regulates car title loans in Kansas City and elsewhere in the state.

The following guidelines apply to Kansas City car title loans:

* Customers must be provided with clear, concise disclosures that are easy to understand.

* Loan renewals and terms must have limits in place to protect customers.

* Lenders must keep car title loans within a set rate for finance charges.

These state regulations will apply to the ongoing relationship between the lender and the customer once the contract is signed. Borrowers who become delinquent on a loan will always be notified before repossession. Waldo Financial makes every effort possible to help borrowers avoid a default.

Waldo Financial takes pride in its transparency, meeting and exceeding state regulatory requirements to provide borrowers with all of the information they need before signing a contract.

Do you need a car title loan in Kansas City? If so, call us today at (816) 333-6800. Or apply online now for a kansas city car title loan to get your car title loan cash.

Read Before Getting a Kansas City Car Title Loan

Are you thinking of getting a Kansas City car title loan?

Kansas City car title loans can often be obtained, even by those with poor credit, or who have been turned down by the usual bank lenders. This can happen because the borrower uses their car title lenders as collateral to secure the quick cash loan. If the borrower is unable to pay back the car title loan, they may lose their car. No one wants that to happen. That’s why it is essential to ask yourself the following questions before securing a car title loan:

1. How much do I really need to borrow?

Kansas City Car Title Loan

Get a Kansas City Car Title Loan Today at Waldo Financial

The chance to borrow money can often cause borrowers to reach for the moon, borrowing much more money than is needed.

When securing a Kansas City car title loan, it is important to evaluate the reason for the loan, and determine what is actually needed. The value of that car will play an important role in determining how much money can actually be borrowed. The total amount of the car title loan can only be equal to or less than the car’s value.

Your monthly income will be used to establish how much you qualify for. Though you qualify for a certain amount, it doesn’t mean that you must borrow that much. Remember that interest will be charged on the loan, and the more money that is borrowed, the more interest will need to be paid on the loan.

Limiting the loan to only what is needed will make the repay of the loan much easier.

2. When can I repay my car title loan back in full?

Check to be sure that the lender does not charge pre-payment fees. Paying back the loan as soon as possible is the best thing to do. Remember, interest continues to be charged throughout the life of the car title loan, so paying it back early can save a great deal of money.

3. How will I make my car title loan payments?

Be sure that you can make the loan payments. An honest look at your monthly income and outgoing finances will help you determine the amount of loan that you can reasonably afford. Budgeting carefully is essential, and may even require some cutbacks of non-essentials to make sure that loan payments are made on time or even early.

A car title loan in Kansas City may sometimes be the answer for quick cash when conventional lenders like banks won’t lend the money. It is important, however, to ask these questions before securing a Kansas City car title loan. Understanding how much money to borrow, and planning on how to pay the loan back can avoid problems in the future.

Advantages of a Kansas City Car Title Loan

Do you need a Kansas City car title loan? Waldo Financial provides car title loans without all of the hassles of traditional banking.

Here are a few of the differences between getting a Kansas City car title loan versus going through a traditional bank for quick cash.

First, a car title loan is much quicker to obtain compared to a traditional bank loan. For the most part, big banks go over virtually your entire financial history before determining your creditworthiness. Even if you are going for a secured loan, you will still have to face this scrutiny at some level.

Waldo Financial car title loans give you the opportunity to go through the cash loan process quickly without overwhelming scrutiny.

Second, the Kansas City car title loan application process is much faster outside of the major banking industry. Big banks have to know everything about you because they do not expect to treat you like a real human being. All of your information will be processed under an account number. When you call the bank, you may or may not even talk to the person who is reviewing your loan application. You may end up repeating your story many times and go through the runaround being re-directed to the “appropriate department.”

This doesn’t happen when you get a car title loan at Waldo Financial.

As a state of Missouri approved lender, Waldo Financial is a locally owned and trusted in the Kansas City community. Waldo Financial provides you personal one-to-one service when seeking your car title loan. Waldo Financial develops a relationship with you when they lend to you.

Third, banks do business with multi-billion dollar corporations and apply those rules to you when seeking a loan. Fortunately for you, Waldo Financial is quick to respond – usually the same day – and flexible in their car title loans.

In short, Waldo Financial treats you like a real person, not an account number.

When you need quick cash in the Kansas City area, get a Waldo Financial car title loan.

KEYWORDS: Kansas City car title loan, Waldo Financial car title loan