Car Title Loan Provider

Everything to Consider When Choosing a Car Title Loan Provider

If you’re struggling with finances, you’re far from alone. Around 43 million Americans report struggling with their finances. To put that into perspective, that’s 17 percent of the adult population.

One option when you need money quickly to cover something is to use a car title loan provider. These loans are secured forms of finances where the money loaned to you is secured against your vehicle’s title. Before receiving a car title loan, you’ll need to own your car outright and have it valued.

There are many title loan companies out there, and not all are created equally. How can you ensure you choose the best available option? Continue reading to learn everything you should consider when choosing a car title loan provider.

Compare Interest Rates

Interest rates on these loans vary. To get the best deal, it’s important to compare interest rates. Look for companies with the lowest interest rates.

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Compare Percentages of Value Offered

The amount of money you’re eligible for when using a title loan is usually a percentage of your car’s value. No company will offer 100 percent value. But, you should consider using a lender that provides the highest percentage of car value with their loans.

Ensure You’re Working With a Full-Service Lender

There are two types of loan providers. One focuses on buying, selling, and trading loans to make a profit. These providers won’t have your best interest at heart.

The other type is a full-service lender, which actually focuses on lending money to the borrowing customers. They’re more likely to look at you as a person versus another dollar sign.

Watch Out for Hidden Fees

Before agreeing to anything, you want to read your contract in full. Beware of hidden fees, which can significantly increase the overall loan amount. Hidden fees could have you paying back considerably more than you borrowed, which could further hurt your financial health. Look for transparent lenders, like

Consider How Much Experience the Lender Has

Companies with at least a decade of experience should always be given preference. Generally, businesses that aren’t customer-oriented won’t make it to a decade. A negative reputation will ruin their company long before that.

Read Online Reviews

The experience others have with a company is an excellent indicator of what you should expect with your interactions. There are many websites dedicated to reviewing companies. Take a few moments to browse these.

If a company has primarily positive ratings and reviews, this is an excellent sign it’ll be a wonderful provider. Avoid companies with primary negative ratings or reviews.

You can also check the Better Business Bureau to see if any complaints have been lodged against the company. You can also see if complaints were ignored or settled by the business.

More Questions About Choosing a Car Title Loan Provider?

A title loan can help if you need cash quickly to cover something. Be sure to consider the factors above before making a choice of provider.

Do you have more questions about choosing a car title loan provider?

Check out our other posts. You’ll find articles of loans, finances, and closely related topics to help you learn more on the subject.