The process of getting a car title loan can add up to be a lot of work. Especially when you consider all the places you have to choose from, with both physical locations and online vendors. It is important that you do your research before deciding which company you want to borrow money from because here is a lot to consider before making this important decision. Some states do not even allow this type of loan and the ones that do vary greatly on the laws and regulations governing loan agents. Take that into consideration as you read our 5 tips to get the best car title loan that won’t break the bank.
Consider what the Company is Asking For
Many companies are more than willing to withhold information from you in order to persuade you into getting a loan from them. There are hidden fees associated with car title loans so be sure to ask exactly what they need and want from you before settling for any loans. You don’t want anything to do with a company who offers you any type of “pay now, get paid more later” promises. Some vendors require a large up-front fee while others charge for applications fees. Why would you want to pay for an application fee when it is not guaranteed your application will be accepted? The reality is that it is just another way for them to weasel money out of you.
Choose a Reputable Company
Finding a reputable company may be an overwhelming task due to the large number of options that are available. This popular for of non-traditional lending can be make less overwhelming if you stop to consider how reputable the company is. Put together a list of companies you are interested in getting a loan from. Do some research online and read about each company on your list. Take the time to do a thorough internet search and read customer reviews. You will want to go through a company who has years of car title loan experience and flexible lending. These are all factors that should be taken into consideration before making your final decision.
Ask What Kinds of Cars they Accept
In order to get a title loan your car is going to have to be in good condition. Different types of cars will need different kinds of maintenance. Take convertible care for example. You have to take excellent care of their roofs in order for them to stay in good condition. You will also want to know exactly what kind of cars the loan provider accepts before you begin filling out any applications or forms. Most lenders will accept cars that are newer than 2000. Car mileage can also be an issue so make sure you ask about restrictions.
Make Sure you can continue Driving your Car
Some lenders force you to have your car impounded while others install tracking devices on your vehicle which means they can track where you are driving to with your car. This issue is not as coon now that car title loans are becoming more popular but it still happens on occasion. Make sure that you can drive your car freely while you pay off your loan.
Consider Repayment Options
Is there a loan office near your home or place of work so that you can make your payments or are you able to make them online? If you can’t make payments on line does your loan providers office hours match your schedule? If you are not able to make payments on time it is likely that you will be paying late fees. Make sure you know what your repayments options are and how you will make payments before you make a deal with a cat title loan provider.