Understand the Factors that Affect Interest Rates
At LoanMart, we are committed to educating consumers on borrowing options that provide relief when money gets tight. With our simple application process and friendly customer service, our customers can have a Car Title Loan in a relatively short period of time. The money from a Car Title Loan can be used in any way, with no restrictions from us, and borrowers maintain access to the car as they pay the loan back. We are here to help you bail out of a bad situation.
Many consumers borrow money without a basic understanding of interest rates and how they work. Most borrowed money comes with some type of interest, and the specifics may be listed in the fine print of the documents that must be signed to complete the loan.
Factors Influencing Interest Rates
While every situation is different and your rate may depend largely on the type of loan you are obtaining, there are a few personal and financial factors that can influence the interest rate.
- Credit Score
The likelihood of you repaying the loan may change your interest rate. Here at LoanMart, we take pride in working with those with poor credit history that may be denied a loan from a bank or other lending institution. Risks are determined by your previous history obtained from your credit score.
- Loan Length
The term of the loan is usually directly related to the interest rate. You can calculate your total interest and payment amounts with 800LoanMart before you receive your loan with our online payment slider.
Knowledge is Power
At LoanMart, our goal is to give you the information you need to make the best choices for your financial future. We can help you understand the benefits of Auto Title Loans and provide you with viable options to meet your financial obligations while we walk you through our simple application process.
Give us a call today at 1-800-LoanMart to discuss how we can help you turn a valuable investment into the funds you need to get by.