Taking out personal loans for a car purchase is common. And while there are families who can make cash purchases when it comes to car buying, it is impossible for most families. In fact, vehicle registration loans in states like Arizona and Nevada offer one of the fastest and easiest ways to make sure that consumers get the cars that they need for both their everyday lives and their jobs.
When was the last time that you had to look at the financing options for purchasing a car? If you are like most families in the U.S., you may have not just one but two or three car loans at one time. With low interest rates and low to no down payments, in fact, a car loan often makes more sense than other payment options. The problem, of course, that most people face when they are looking at a car loan is that this is another payment that might be added to other debts. From credit card loans to house payments, there are a number of reasons that Americans find themselves more in debt than at any time in U.S. history. As more and more Americans continue to grow the amount of debt that they carry it might not be that surprising that a car dealers and manufacturers offer even more enticing loans for borrowers.
Unfortunately, the very same people who already carry the most debt are the same people who are often targeted for even more borrowing opportunities. Carefully monitored, vehicle registration loans can be an asset. Unmonitored, however, they can be an even bigger burden for the most desperate borrowers. Consider some of these facts and figures about the many times when car loans and other finance decisions add to the debt that many of us carry:
- Estimates from the Bureau of Labor Statistics indicate that $1,800 a year is spent by the average American on clothing.
- Average auto title loan amounts are $1,000, and are secured by a borrower’s car title.
- Statistics show that 44% of consumers rely on an auto loan to pay for a vehicle.
- Your maxed-out credit card uses 100% credit ratio, but Fair Isaac Corporation (FICO) recommends that credit utilization ratio should not be higher than 30% of the original credit limit.
- Loans for cars in America during 2017 reached $568.6 billion.
- Only 31% of Americans have more than $1,000 saved for emergencies.
- Average loan amounts for a new car in 2017 was $31,099.
- Nearly 36% of men and 33% of women have taken out a personal loan.
Personal car loans offer many people the opportunity to get the vehicles that they want. Whether you are looking at vehicle registration loans is the limited states that offer them or you are looking at a more universal loan opportunity, it is nice to know that you can get access to the transportation you need to succeed in other parts of your life.