Oregon Auto Equity Loans

Anyone who is applying for an auto equity loan should read the fine print of the loan agreement carefully to know what kind of charges they can expect. Almost all subprime financing products, including cash title loans, carry higher interest rates and more financing fees than conventional financing products. This is because of the inherent risk of lending to borrowers with bad credit. There may, however, be some charges that are unexpected. It pays to know what the borrower will be responsible for upfront when taking out a cash title loan so plans can be made accordingly.

Legal Disclosures Section of Auto Equity Loans in Oregon

The legal disclosures section of a lending agreement is there to protect the borrower. This section outlines all fees and charges that may be levied as well as the interest rate expressed as an annual percentage rate or APR. Fees vary greatly between lenders, but some common fees for auto equity loans include:

  • Insurance: Some lenders require a one-time fee for collision insurance.
  • Repossession fees: Some lenders charge the borrower if the car is repossessed. This fee must be paid to get the car back.
  • Collection fees: In the event of a late payment, some lenders charge borrowers when they send a notice of the late payment or send a representative to collect in person.
  • Late fee: This is often a percentage of the monthly payment.

To begin the process of getting an auto equity loan in Oregon, contact Wilshire Consumer Credit. Specializing in providing fast cash for auto equity, this lender offers low interest rates for the industry.