Top Tips to Find the Best Car Title Loan

Posted by Nabin Shaw on April 26th, 2019

When you get a car title loan, it is imperative for you to know how the lender will get money from you. Ask whether you pay the company directly or whether they will come for the paycheck. Ensure you enquire how long the auto loan will last. Just like other loans, you need to be aware that the more time you have the less payments you make per month. However, this could also translate into a higher interest rate. The best thing to do here is ensure you make payment as soon as possible.

Find out about the online application and approval process before applying

You probably need a loan very fast and in order for you to save time, you need to check how long the approval process will take. Some lenders allow you to complete the whole application online while all other need phone verification on top of it. Most lenders that use online to offer car title loans verify application in less than half an hour while others could take longer. Inquire whether the lender needs a visual inspection of the car, as most of them do that while you go to pick up the check.

Inquire how long it will take to get to the car

Some lenders will take a few days to give you the money while others can take just a few minutes. Check whether the online lender has a physical location where you will be able to fill out the application. This way, it's easier for you to go for the cash at the physical location. Some Miami car title loans lenders will prefer to send you the money through the bank account and you need to ensure you know how you’ll be charged for it. It is also beneficial for you to know when to hand over the pink slip because lenders are different and they might require different paperwork besides the title.

Enquire what kind of car the lender accept

You should probably do that before you fill out the application. Most lenders usually accept vehicles new than year-2000, and for some, the mileage could matter. Ask the lender what the mileage restriction is and make sure the car has enough equity so that no issues arise from the loan.

Inquire whether you can keep driving your car

Surprising as it may sound, some lenders require borrowers to impound the car until they complete the loan. Others install a tracking device on the car to know where the car is at all times. However, most lenders will allow you to keep driving it. This is a good option, as you need to keep driving your car.

Inquire how much it will cost you overall

You’d be surprised at how most people don't actually inquire the total cost of the loan or how much the financial transactions will cost. Don’t just use the lenders online as most of them charge a lot. Shop around for several options before you settle on a car loan. The interest needs to be reasonable and you need to be sure of any extra fees or charges.