Orlando, FL (PRWEB) March 28, 2013
NBC recently reported that those who take out auto equity loans end up paying, on average, three times the loan amount by the time they pay off the loan entirely. They state that the average person spends $2,140 to borrow an initial amount of $950 by taking ten months to pay off the loan. Orlando Auto Equity Loans wants consumers to know that this information is false, and that many people are able to take out a secure, low-interest loan through their company and then pay it off within 30 days, avoiding high interest fees.
Responsible borrowing is key; Orlando Auto Equity Loans encourages borrowers not to take out more than they can afford to pay back in a reasonable time frame, even if they’re offered more. Loan amounts are based on the value of the borrower’s car, and lenders offer anywhere from 30 to 50 percent of the cars value to borrowers. Many people do not need the full amount offered, and by only taking out what’s needed to cover immediate expenses, borrowers can avoid paying more in interest.
Auto equity loans are designed to be paid off in a short period of time. Most borrowers do not need ten months to pay off their loan; Orlando Auto Equity Loans encourages borrowers to pay off the loan within 30 days if possible. This keeps the amount owed in interest low. If borrowers are able to pay off their loan early, there are no additional fees for doing so. Additionally, if borrowers make their monthly payments on time, their credit score can actually increase, allowing them to qualify for better housing options or lower interest rates on their vehicles.
Auto equity loans are designed to provide financial assistance to those who do not qualify for traditional loans. They understand that sometimes circumstances can leave people strapped for cash, and they just need a little help to get by. Borrowers who take out loans responsibly have no problem paying off the loan in the allotted time, and often take out a second loan because the process was so easy and beneficial. Those considering an auto equity loan should research their options and speak with representatives to discuss any concerns. Orlando Auto Equity Loans representatives are available by phone 24/7 to assist borrowers with the loan process.