Sure… if you are an auto loan competitor. There are several advantages to having your auto loan approved before you start shopping. Before purchasing a vehicle, you should look at your monthly budget and decide how much you can afford to spend. Keep in mind that the cost of owning a car involves more than making the monthly payment on your auto loan. Insurance, gasoline, maintenance, taxes and registration fees all need to become part of your budget.
The terms of your auto title loans, including the interest rate and the duration of the loan, also directly impact your monthly payment. You can use a car loan calculator to see what changing these values will do to your payment. Just enter the interest rate, the length of the loan in months and the amount you are borrowing to see an estimate of the monthly payment. In general, a reduction in the interest rate or an increase in the duration of the auto loan will lower your monthly payment. Likewise, an increase in the interest rate or decrease in the length of the loan will give you a higher monthly payment. Once your budget is set and you know how much you can afford each month, you are ready to apply for an auto loan or even a collateral loan.