There’s a lot to consider when choosing between different car title loan companies. Ideally at this point you know for a fact that you want to use your pink slip to get a 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 online companies that provide car title loans 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 do apply for a loan! The first thing you always want to do is navigate to the lender’s rates and terms page. This section should show you where their licensed to operate. Some states have lenient licensing restrictions. 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 of applying with 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. Another way this can benefit you is by telling your rep you have a better deal. Most applications for car title loans completely online can be processed in minutes. However, it can take time to underwrite the online contract. The majority of loans are going to be somewhat similar 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 be 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 on a financial contract without reading it 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 refinance and car insurance. That doesn’t mean you shouldn’t read the fine print. 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 asses a cash penalty if you pay off early. 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 the 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!