8 Factors to Consider When Choosing a Title Loan Provider
Are you looking for answers to your questions before you take out your first title loan? Your questions are likely similar to the ones asked by other first-timers.
At the top of your list is probably the question of how to choose the best title loan company for your needs. To make that task easier for you, we’ve selected eight factors to consider when choosing a title loan provider.
Look For The Best Interest Rate
As with any loan, you want to find the lowest available interest rate. There’s no sense in taking out a loan if the interest rate is so high that it could prevent you from fulfilling your other financial responsibilities. You certainly don’t want to find yourself in a position where you would have to secure yet another loan to pay off the title loan.
Watch For Hidden Fees
Some unscrupulous lenders will burden customers with one fee after another. Often these fees are spelled out in the contract but hidden in the fine print.
For example, there could be fees for paying off the loan ahead of schedule. There could also be a fee for paying the loan in-person rather than online or by telephone. If the lender uses a third-party company to collect the fees paid by phone, there could also be a fee for using that service.
Try to find a loan company that offers the greatest number of free options for making regular loan payments. After all, you’re already facing financially difficult times. You don’t need a title loan company adding to your problems by penalizing you for how you repay your loan. Otherwise, the costs of your loans will be far more than you anticipated.
Read the Lender’s References and Reviews
Try to find fair and unbiased reviews of title loan providers. This will help you along with the information the lender provides on its website. There are usually sites where customers can freely express their opinions about the lenders that they have used.
But keep in mind, you’re never going to find a lender that doesn’t have at least a few disgruntled customers; that’s completely normal. However, you should probably consider companies whose vast majority of testimonials are positive.
Look for Expertise
It’s better to get a title loan from a company that specializes in title loans. If title loans are the company’s primary business, that company will process your application faster than a firm that rarely grants title loans.
It’s sort of like seeking a medical specialist. Would you rather trust your open-heart surgery to a heart surgeon who performs open-heart procedures every day or a general surgeon who operates on heart patients only two or three times a year?
How Will the Loan Company Return Your Title?
After you’ve made your last payment, you’re still not finished with the title loan company. You still need to take repossession of your car’s title.
Before signing any loan documents, make sure that you have in writing the amount of time it will take for the company to return your car’s title. You also want to be clear about how the lender will return it. Will the company send it through the mail? Will you have to return to the office to pick it up in-person?
How the lender returns the title can be very important. For example, receiving it by mail wouldn’t work if you’re trying to keep knowledge of the loan from others living at your address. On the other hand, if the lender is far from your home or office, you may not like the idea of having to make a special trip to pick up the title.
How Will Your Personal Information Be Used?
Find out how much personal information the loan company requires. The less inf, the better. You don’t want more personal information floating around than is absolutely necessary.
Naturally, you will have to submit some amount of personal information. However, you should compare the amount of information each of your prospective lenders requires. You’ll begin to notice a pattern, and you’ll recognize which information appears to be standard and which seems to be excessive.
You also want to know how the lender will use your information. For example, if the company asks for the names of relatives and close friends, you want some assurance that these people will not receive calls from the company regarding your loan except under dire circumstances.
How Long Does It Take to Get Approved?
Try to research how long it typically takes to get your money. If you urgently need the money have to make a utility payment or rent payment, you don’t want to lose your utilities or your apartment simply because the title loan company is slow.
You should be able to find the information you need on the company’s website. If not, look for online reviews that talk about how fast the company pays.
As a general rule, a reputable title loan company should be able to place money in your hands the same day you complete the loan application. Online title loan providers make it convenient to begin your application process in the comfort of your home.
Will You Keep Possession of the Vehicle?
Are you seeking a title loan for a vehicle that you drive every day or for one that sits idle in the garage? If you need your vehicle for daily transportation, be sure that you use a title loan company that allows you to keep possession of your car.
Some old-school companies require you to turn over the vehicle. Choose a title loan company that has moved along with the times.
Getting Started With a Title Loan Provider
After reviewing our eight factors to consider, you’re now ready to choose your title loan provider. On your list should be Georgia Title Loans.
We don’t ask you to surrender your means of transportation. All we need is the title, which we’ll promptly return to you as soon as your loan is repaid.
Georgia Title Loans offers loans for as little as $200 or as much as $50,000. Approval is quick and easy and doesn’t require a credit check. Are you in a hurry? We can approve you in 30 minutes or less.
You can even apply online. Get started today with Georgia Title Loans and get the money you need fast!