There’s a lot to consider when finding the best car title loan companies. Ideally, at this point, you know for a fact that you want to use your pink slip to get a title loan. There are many financial options available to you and most of these have more favorable terms than a typical vehicle equity loan. Of course, most people go this route because they have bad credit or can’t get the loan they need with a typical payday loan or installment loan. Let’s assume you know this is the best course of action for your financial plan. We’ve picked out 3 things you must consider when looking for an online title loan. It doesn’t matter if the company provides cash online or in person at a local location. We hope to make it easier for you with these tips!
This seems simple enough and is rather straightforward. But people still contact us after applying with a company that couldn’t provide financing in the first place! Most companies that provide title loans online want you to fill out their application first. If they can’t help you they may try to broker or sell your app to another company. There are much easier ways to apply for a loan! The first thing you always want to do is navigate to the lender’s rates and terms section. This section should show you where they are licensed to operate. Some states have lenient licensing restrictions that make it easy to find the best loan provider. Others, like California, will require lenders to be vetted and licensed by the State. You can check on the status of any lender in CA by navigating to the California Deferred Deposit Transaction Page. You should be able to look up a companies’ information in no time. Besides doing all this legwork you can ask your representative if they’re licensed to provide car title loans in your state. That should save you a lot of time and frustration applying with top companies who can’t help you!
You would do this when applying for a car loan or health insurance. Why not try this when you want to use your pink slip as collateral for an online title loan. After all, the goal is to find the best company that offers fast funding! You will see benefits even if you’re successful. It’s possible to bring your rate down a few points, so you can save a lot of money. Most applicants who qualify for completely online title loans with no store visit will have no trouble getting their money within 24 hours. However, it can take time to underwrite the online contract and qualify for the best interest rate. The majority of loans are going to be somewhat similar to finance charges and cash payments. Some companies will offer to reduce your finance terms by a few percentage points here and there. There are great resources online that will let you compare interest rates for each lender. Another thing you can do is look up reviews for all the big auto title companies. No firm is going to want negative feedback on their site. By checking feedback on social media you can get a better understanding of what to expect when you fund.
Most of us will sign off with any of the best title loan companies without reading the loan contract in full. Many of these documents are long and can be very difficult to understand. This applies to all types of things like a payday advance, mortgage refinances, and car insurance. That doesn’t mean you shouldn’t read the fine print for title loans online. There are many ways for a lender to try to take advantage of you. For example, you may expect an early payoff without a prepayment penalty is possible. But some lenders will assess a cash penalty if you pay off the loan early, especially for older vehicle title loans.
Most states have protections in place that don’t allow this, but you can’t always expect a lender to have your best interests at stake. When reviewing the contract you need to look out for third-party costs and extra fees. Make sure there’s no penalty for paying off your title loan early. Get a firm understanding of what fees you will owe before you sign off on an online title loan. Ask your lender questions if you don’t understand what something means. It’s better to review the terms upfront than have to deal with issues down the road!