When you’re between a rock and a hard place financially, it helps to know your options. You don’t need to start selling off your possessions. Nor do you need to compromise your relationship with friends and family members by asking to borrow money.
Have you considered taking out a loan to help make ends meet until you’re back on your feet? This is an excellent option for most people. But what if you don’t have very good credit?
If you find yourself in this position, it’s time to start looking at title loan companies. The only question is, how do you find the best one? Keep reading for the top five factors of consideration.
1. Reviews From Other Borrowers
First, use Google to search for the top title loan companies. It can be in your area or nationwide. Most title loan companies let people apply online.
Then, find customer references and reviews for each company. You can find these on their websites or by conducting an additional Google search. You need to know what other borrowers have to say about their experience working with the title loan company.
2. Interest Rates and Extra Fees
Now, let’s talk about comparing loan costs. Licensed title loan companies charge a wide variety of fees and interest rates. Some are more affordable than others.
Get a quote from each of the title loan companies you’re considering using. Then compare and contrast their finance fees, interest rates, and any other charges you can expect.
3.Types of Applicable Titles
Did you know that your car title isn’t the only applicable title you can use to get a title loan? While some title loan companies are more particular than others, you might also be able to use:
- A motorcycle
- An RV
- A boat
- An ATV
- And more
If you owe too much money on your car or it isn’t valuable enough to qualify for the loan, one of these other types of vehicles could get you the cash you need. It all depends on the company’s title loan experience and what they’re willing to accept. Follow this link to find a title loan company that offers motorcycle title loans.
4. Loan Terms
Different title loan companies have different loan terms and conditions. We already talked about interest rates and fees. However, title loan terms can vary greatly based on the length of the loan.
In general, most title loans are only for 15 to 30 days. However, there are companies out there willing to provide title loans for several months to several years.
5. Maximum Funding Amount
Finally, when searching for title loan companies, you need to ask about the maximum payout amount based on the title you’re using as collateral. How much is the lender willing to give you? Will it be enough to cover whatever financial emergency you’re going through?
If not, shop around with other lenders until you find the payout amount you’re looking for. However, if your car doesn’t meet the minimum standards to get the amount of money you want, you might have to accept less money.
Looking for More Information About Title Loan Companies?
If you need money now, title loan companies can be a saving grace. Just make sure you know what you’re getting into. Do your homework and look into all the loan terms and conditions.
And if you want more consumer or money advice, stick around for a while and check out some of our other articles. Our blog was created to provide a wide variety of information for readers like you.