There is a lot of bad press regarding online title loans today, but what if you’ve exhausted all options and have no choice? Needing to rely on a car title loan or motorcycle title loan to get through a tough financial time is nothing to be ashamed of. For thousands of people, these loans are a tremendous help. Here for tips for finding the best online title loan lender.
Ask Questions
Your finances are important, so don’t be afraid to ask questions, even if you think the question may seem stupid. There are questions you should ask, such as:
What are your repayment terms?
What are your fees and how does that calculate out in terms of a monthly or yearly interest rate?
Where is your business registered?
Will you penalize me if I pay the loan back early?
What paperwork do you need in order to process the title loan?
If possible, get the answers in writing, either through an online chat or via email. Keep these answers on file in case of a disagreement at a later date.
Look at the State Licensing Registry
Many states require car title loan companies and motorcycle title loan lenders to register with the state. Before you sign any paperwork, contact your state or go online to look at the licensing registry to verify the company is operating legally within your area. This ensures you find a reputable title loan lender. Ask your state if there are any complaints against the title loan lender you're looking at. You can also check BBB.org for this information.
Shop Around for the Best Rate and Title Loan Terms
There is nothing stopping you from making title loan companies compete against each other. Shop around for fees/rates and title loan terms and conditions that you are happy to agree to. If you don’t agree with the offer on the table, don’t agree to it until you are. If it means finding another company, do so!
Never Settle
This is important. You do need cash in a hurry, but never settle with the first offer. Make sure you compare rates and find the best loan terms for your needs. This may mean accepting a longer loan term, but you want to do everything you can to ensure you’ll pay the loan off on the repayment date to prevent penalties.
