With so many auto title lenders online and physically, it might be difficult to tell the right company to go for. Most of these companies have devised some marketing gimmicks around approval and Turn-around- time. They very well know that the two aspects are the concern of the majority of borrowers. They take advantage of those customers who are in desperate need of money and are ready to spend a fortune to obtain some financing whichever way.
Don’t fall prey to such lenders, follow the tips below.
Avoid shifty auto title loan companies
Some of the fishy lenders would play around the word “approval” to take advantage of drivers who are desperate for money. They’ll tell you how easy it is to get the money even if you have a bad credit report. Thus, their charges are extremely exorbitant. Stay away from these companies and look for genuine lenders who have no special interests in your current financial status.
Get detailed quotes
As you look for a car title online lenders, get as much information as possible from a variety of these companies. Watch out for vague promises of approval from fraudsters. A genuine auto title lender will have their details well laid out. Their quotations are always realistic and not very different from the market standard. When a lender promises an interest rate that is half-way the market, it could be a sure way of conmanship.
Utilize all available resources
Whenever you have decided to get a car title loan, you have several sources that you need to explore. Check out for online lenders and visit their offices to verify if they truly operate. Don’t be in a rush to commit yourself immediately, walk to as many lenders as possible. When you have a list of the lenders, try calling their customers from their feedback page and hear their experience. Again, you can ask friends and relatives; explore all the avenues so that you’re sure of the service provider you choose.
Pay keen attention to interest rates
The principal must be paid back. In addition, the interest rate is part of your monthly repayment and thus you need to scrutinize how much a lender charges. There are those who charge on a fixed rate and others on reducing balance. The latter is cheaper and if you happen to get a lump sum and pay the loan midway, you’ll have saved a good amount.
Avoid low monthly payment
Most of the dangerous car title loan lenders would use the trick of low repayment rates to trick you only to realize that you paid to the tune of 100% interest. The worst thing here is that they have some terms written in fine print so that no one in their senses would bother reading- and later you realize you were duped. Let the Title Loans Hollywood Company explain how they reach at their monthly repayment and the cumulative amount you’re supposed to pay by the time you pay in full.
Getting a good title lender is not as easy as many people may think. Yes, you could be pushed by circumstances but don’t fall prey to frauds which would leave you more desperate and injured.