Whether you have credit card bills, mortgage payments, or even loan payments to make, it is crucial that you avoid late payments if possible. Late payments on any line of credit can come back to haunt you the next time you need to apply for a loan or get money from a lender because late payments are reflected on your credit score. We'll discuss why making late payments is a bad idea and how you can avoid that by getting a title loan using your car as collateral in Arizona.

Why Late Payments Are Bad

The more frequently you make late payments, the more of a negative impact it has on your credit score. Your credit score is the number that is assigned to you to tell lenders whether you are a low or a high risk to lend money to. If you have a high credit score, you are a low risk to lenders, and they can feel comfort in knowing that you will make payments.

The very opposite is true of low credit scores. The lower your score, the higher the risk you present to lenders. In many cases, lenders will not lend money to people with low credit scores, especially if nothing is offered up as collateral. Collateral is a physical item of value – like a car’s title – that tells the lender if you do not pay them back, they can have your car instead.

The most important thing you need to remember is to avoid late payments no matter what. This is personal finance 101.

Tips For Avoiding Late Payments

Late payments are not always reported. Typically, most lenders will give you 30 days of wiggle room before reporting your payments as late. Some lenders are kind and understanding and may even give you up to 60-90 days before reporting a late payment. This is especially true if you have a good history with them.

However, once a payment is reported as late, it can stay on your credit score report for up to seven years. This means that the summer in college you were out of work you couldn’t afford to make your credit card payment may come back to haunt you when you are trying to get a mortgage on your dream home. Here are some tips for avoiding those late payments.

Make Payments A Priority

Prioritize your spending so that payments for bills, credit cards, and loans come out first. That may mean delaying a vacation or spending less on eating out and entertainment so that you can make your payments.

Strategize Your Payment Due Dates

Plan for your payment due dates to be right after you get paid each month. This way, you know you have the money you need for payments.

Set Calendar Alerts

Set a recurring calendar alert or reminder on your phone so you do not forget to make a payment. The good thing is you can easily set a calendar alert on your cell phone and physically write it down on a calendar.

Use Automatic Payments

If you are afraid you will forget, set up automatic payments. This means the money is taken directly from your bank account, leaving you one less thing to add to your to-do list. It is a good thing if you struggle to remember multiple due dates.

 

 

 

Use Auto Title Loans Near You To Handle Late Payments

If you are strapped for cash and feel like there is no way you can avoid a late payment, you should be asking yourself, “Where can I find auto title loans near me?”

This kind of loan allows you to put up your vehicle’s title as collateral for a lump sum of cash. You may be wondering, “How are auto title loans near me going to help?” which is a valid question. It will not permanently fix your finances – but it will help with your late payments.

Fast title loans in Arizona are designed for people who are in need of emergency cash quickly. Whether you need to cover credit card payments to avoid late fees, unexpected medical bills, home repairs, or you need to travel in an emergency situation, auto title loans near you could be a lifesaver in a pinch.

Vehicle title loans are available to anyone who owns a car with their name on the title, is at least 18 years old, and the title is free of outstanding liens or judgments. The good thing about title loans from Fast Auto Loans, Inc. is you can get one even if you have bad credit.

How To Get Title Loans In Arizona

If you are wondering, “Where can I find auto title loans near me?” Check out Fast Auto Loans, Inc. of Arizona locater for all of our many locations. You can then gather the required items – which are your driver’s license or state-issued ID, your vehicle’s title, and your vehicle – before you start the process.

Once you are ready, you can go to our website and fill out the online form. The form sends your basic information to the nearest location so we can then give you a call. During the call, you can give us a location to meet you if you’d rather not come into the store.

Whether you come here or we go to you, we will inspect your vehicle to determine how much you could qualify for. They will then determine if you qualify for approval. If you do, we will go over the loan terms and have you finish the paperwork. Once finished, we will deposit the money into your account either the same day or the next bank business day.

Work On Avoiding Late Payments Today

It's important to make avoiding late payments a priority. Whether you follow these tips or use title loans to help you out now, there are ways to keep your payments on time. And if you do turn to title loans, fill out our online form to get the process started.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.