Making a decision to get a loan should not be made without a careful consideration. When you get a loan, you are already into a financial transaction that would impact your future for many years to come. Even car title loans, that are shorter in length compared to most other loan types, would tie you up for a year or more depending on the repayment schedule. Anytime you intend get involved with a single company for that long, it is important that you learn all you can before signing a legally binding contract with them.
There are somany lenders providing online car title loans out there, and each one has different packages designed to attract as many customers as possible. For instance, some promise not to run credit checks, a few offer quick loan approval, and others give the lowest interest rates around. But it would be a mistake to base your decision on some gimmicks like these. Instead, choose companies that offer the following.
The website of the lender should provide answer to all of your questions about how the online car title loans work. It should ideally contain information about the minimum qualification requirements for borrowers, and also details about the application process, current interest rates, obtainable repayment schedules, and any extra fees that might be involved. The website should also have a page listing frequently asked questions and answersfrom past customers or a contact form for submitting a new question.
Identity theft is a common problem these days, therefore you need to be extra careful about giving your personal data while applying for car title loans. Do not fill out any online forms unless you are very sure certain that the page you are is very secure. Some lenders go out of their way to make it really clear that their sites are protected, this helps ensure that your confidential information remains private.
Affordable repayment plans
Some of the more unfair lenders out there hope to trap borrowers in an endless cycle of borrowing by committing them to repayment plans that are very impossible to adhere to. To prevent this from happening, you must read all the fine print and carefully review the payment schedules the lender is offering you. Can you really stick to weekly payments? If not, ensure you get a lender that accepts biweekly or monthly payments. Also, find out if the lender charges prepayment penalties. Paying off car title loans early as scheduled can save you a lot of money in interest, which is of course to your advantage.
Excellent customer service
Companies that render online car title loans can be located virtually anywhere. When you have a problem at some point down the road, you might not be able to simply get in your car and visit the office to seek a solution, making it all the more important for you to be able to reach the customer service department via other means. Companies that don’t respond to your phone or e-mail inquiries in timely are not worth the headaches and stress they will inevitably cause you.