The Problem With Vehicle Title Loans Continues
Good news for those in the areas of Brecksville, Bainbridge, & East Cleveland –our car buyers are now available in the region. Cleveland Scrap Cars has been a functional junk car hauler in the regions of Chesterland, Seven Hills, & Northfield, and beyond. If you are within our service area, we are happy to offer you a price for a wrecked car in Cuyahoga Heights, Oakwood Village, or North Olmsted. The value of a junk car is most cases is between $100-$300 to most buyers in the areas of University Heights, Richmond Heights, or Pepper Pike.
A recent USA Today story explains that auto title loans are simply a bad idea as follows: If tight on cash and you own your car (without loan), an auto title loan might appear as a good way to get some quick funds when you need it. But these title loans are among the most costly credit products on the marker, similar to payday loans and pawn shops. All of these loans fall into the category of loosely being classified as predatory lending: They seek out consumers who are poorer and thus willing to pay very high prices to get it.
The loans use your car as collateral, used to insure the loan — in other words, it protects the lender against a potential default. If the borrower fails to reimburse the loan on time, the lender has the right to take whatever was used as collateral for compensation. Essentially, If you don’t repay your loan, the lender can repossess the car. Some auto title places may require installation of a GPS tracking unit in the car so that if they need to repossess it, they can better find the location. The average is roughly 25% a month in interest. That’s an APR of 300%, compared to credit cards that merely charge an average APR of 16%. The loans also will typically impose a host of additional fees on top of the interest.
The eco-friendly way we handle recycling helps in conserving key raw materials and protects various habitats. With the holidays rapidly approaching possessors of scrap vehicles in Glenwillow, Parma, or Beachwood should call our car buyers prior. Complimentary junk car hauler services are provided in Bedford Heights, Bratenahl, & Mantua 6 days a week. The price for a wrecked car in Moreland Hills, Chagrin Falls, or Mayfield Heights, can vary based on several factors associated with the age, condition & distance for pick up. The value of a junk car may not be much in Lake County, South Euclid, & Cleveland Heights, particularly is broken down at a Midas or NTB location.