The Best Place to Get a Car Title Loan
One of the biggest advantages of owning a car is that when you suddenly require a sizable amount of money, you can get a car title loan. It’s safer than putting up another mortgage, definitely. Of course, the first question that will come to mind is “Which lenders should I go to for my car title loan?” While there are many lenders out there, not all of them will prove to be reliable or serve your best interests. Some are more interested in approving those who have high value cars. Others will automatically shoo away applicants who are self-employed or have bad credit score. Still others will just simply approve as many as they can just so they can collect more through incurred penalties and other fees. Luckily, all you need is a straightforward guide that will help eliminate the choices for the best place to get a car title loan.
Basically, the best place to get a car title loan…
- Should not charge you for checking if you do indeed qualify for a car title loan. A reputable lender ought to find this detail out free of charge. They should also make it very convenient for their clients by providing preliminary assessment services online or over the phone.
- Ought to have tools that will make the entire process very convenient. These include mobile apps or online account access. With these things in place, you will not have to stay in line for long periods of times.
- Should offer a same day inquiry, same day approval policy. Calling early in the morning and having the necessary information on hand should warrant a loan approval and funds release later in the day, provided that everything goes smoothly. As financial emergencies sometimes come out of the blue and with really stressful deadlines, you will appreciate having a feature like this when you suddenly need it.
- Should not burden you with so many required documents. You must remember that a car title loan is not as tedious to process compared to the usual bank loan. For many people who opt for car title loans, the reason is usually because of some sort of emergency. Being that emergencies are time-sensitive, it is also important that the lender acknowledges this by making the application requirements as minimal as possible. The basic requires ought to be 1) the actual car itself, 2) proof of ownership, and 3) ability to repay the loan.
Provisions and Availability
- Must provide variance in terms of interest rates instead of a flat policy across all loan applicants. A good lender recognizes that clients will have a variety of needs and have different paying capacities, and their interest rates should reflect that. Ideally, the goal is to get them to give you the best rate while providing support so that you are able to pay for your loan in the least amount of time.
- Should provide you with assistance when securing your car’s title. Oftentimes, dealing with the DMV just so you can get a copy of your car title can be a very confusing and frustrating experience. A prospective lender should be able to assist you in that process prior to the actual loan to make things a lot easier for you. This also includes situations wherein the owner has lost his copy of the car title loan, in which case the lender will extend the necessary support in helping him retrieve the documents.
- Provide loan options for cars that are yet to be fully paid off. Even if you still have a few loan payments remaining with your car, you can still qualify for a car title loan. In addition, having a loan active with another company providing auto title loans should not deter the lender from giving you competitive rates.
- Will make loans available to most cases of unemployment. This is especially useful to people who are not traditionally employed and run their business from home – or are just plain in between jobs at the moment. You can still qualify for a car title loan, provided that you can show proof of some sort of income stream (ex. regular money coming in from collecting apartment rentals). Don’t have that? Then the option to have someone co-sign for you is also good. There is no reason that not being traditionally employed should keep you from qualifying for a car title loan if you do have the capacity to pay it back.
- Also make car title loans available to people with bad credit. A good lender should recognize that people will have periods of difficulties in their lives, and this includes having bad credit. Extending assistance for people in this boat should be made possible, with the expectation that approval should be based on the vehicle’s value as well as the loan applicant’s capacity to pay.
- Accommodate even classic cars. Suppose you have a well-maintained classic car in your garage that’s suddenly looking like a good opportunity for a loan collateral, and you have your regular car that you drive to and from work on a regular basis. You’d probably choose to apply with your classic car so your regular work schedule and routines would not be disrupted. The best lender should definitely consider vintage or classic cars provided that they have high value and are in showroom condition.
- Should not rely on credit to determine if an applicant is approved for a loan or not. Your credit ought not to be the defining criteria for a lender to determine if you are indeed approved for the loan you are applying for. Even with situations like a past bankruptcy should not put you in the black for getting a car title loan. A good lender should understand that customers will have periods in their life wherein they have good credit or bad credit. Thus, running a credit check should be the last thing or priority to consider.
Simplicity and Privacy
- Keeps your personal information private and secure. Despite the high tech connectivity for the business, a good lender should keep each and every client’s personal data secret. This means not storing them on web server computers and using Secure Sockets Layer (or SSL) encryption when transacting with you online. They should also adhere to all state and federal laws regarding privacy protection.
- Should not take more than a few minutes to evaluate the equity of your vehicle. A trained eye and an updated background in current values of vehicles across a variety of brands should mean mere minutes in assessing how much value your car has, making the entire loan application process even a lot shorter.
- Be open to vehicles that are not registered in the state where the lender is. There should be processes that can be followed in order to facilitate this instead of giving a flat-out ‘no’ to the individual making the inquiry.
- Should be open to the idea of having a co-borrower on the car title loan. The usual requirement when it comes to going with this option is that the co-borrower will also have to register with the lender as well as submit the necessary basic documents like their valid driver’s license, proof of income, proof of residence, among others.
- Makes the effort to report all the payments you have made to a credit reporting agency. As a gesture of goodwill, a good credit lender will even take time out to report the times you’ve met your payment deadlines.
Assistance Every Step of the Way
To sum it up, every item in the list above really points to the idea that a good lender will always have your best interests in mind, recognize and make adjustments for your current financial or employment situation, and strive to make things very easy for you. Being in the business of providing financial assistance through car title loans also means being in the business of providing all the necessary assistance before, during, and after the loan application process. A good lender will not want to leave you in the dark regarding documents, fees, and deadlines and will instead walk you through it with the intention of making you as enlightened as possible about the car title loan that you are securing and preparing to pay for.
Now that you know what characteristics you are looking for in a lender, the task of applying for car title loan becomes a little bit easier. In your research of the best credit lender out there, you should strive to find one that will meet many – if not most – of the items in.