Questions To Ask About Auto Title Loans
Watch this video or read more below:
Car Title Loan Questions You Should Ask
If you’re considering getting an auto title loan this article will be a great resource to you and help you ask appropriate auto title loan questions.
What APR will I be paying?
Keep in mind that car title loans usually charge a high rate of interest–because the companies who issue car title loans can give you a loan even if you have a poor credit history with past financial problems. Bankruptcies, mortgage foreclosures, car repossessions are all things that can happen in life and many times an auto title loan lender will overlook these things if you have a minimum credit score and a vehicle that has equity in it.
What happens if I am late on my payment?
If you know you’re not going to make your loan payment in time it’s best to contact your lender and see if you can make arrangements. It depends on the agency you work with, but in the long run if you aren’t making your payments, your vehicle will be taken and sold to recover the funds you borrowed.
How much of a grace period do I have if I am late on my payment?
While you probably have no intention of being late on a payment, it helps to know what kind of grace period you’re looking at should you end up making a late payment or two.
What are the late fees if I am late on a payment?
Some lenders will charge a certain fee if you’re late and allow you more time to catch up, while others are stern and strict in allowing no exceptions for late payments.
Will a tracking device be installed on my car?
This is something to ask since some lenders do add a tracking device to the vehicle during the duration of the loan; others do not.
Can I see a copy of the auto title loan contract?
You shouldn’t have an issue obtaining a copy of the contract you sign and if the lender isn’t willing to provide this, look elsewhere.
Are there other fees associated with getting a pink slip loan?
Find out if they charge any other costs for anything associated with your loan; early repayment, late fees, etc.
What will my monthly payment be?
You’ll want to make sure you get a pink slip loan you can afford. Understand what your monthly payments would be before accepting the loan to make sure they’re within your budget.
How much total interest will I be paying?
You might see a certain rate posted online or on an advertisement, but it’s important to ask and find out just how much interest you’re going to be paying before taking the loan.
How much of my payment will go towards interest vs. principal?
Don’t get stuck in an agreement that isn’t right for your needs. Learn how much money goes where when you make payments to help you better understand how long it will take you to repay and just how much you’ll be paying in total when it’s all said and done.
Are there prepayment penalties if I pay off my loan early?
This is an important question not everyone thinks to ask before getting an auto title loan. Find out if you’ll be penalized for paying your loan back early.
Can I re-finance my existing title loan?
If you already have a title loan with a different lender but aren’t happy with their services, you can look for another lender that will refinance your loan and offer a new monthly payment; hopefully with better services too.
How do I make my monthly payments?
Most of us look for convenience when paying our bills and the same goes for making your monthly payments on your title loan. Find out if you can pay online, by phone, instant transfer or if you need to pay in person.
Can my title loan be sold to another company?
Unfortunately there are instances where this has happened but the lender is likely not going to offer this information freely. Just ask when you call to apply or before signing a contract or agreement of any kind.
Choose The Net Lender For Superior Title Loans
At The Net Lender we will connect you with an auto title loan company that should be able to answer these questions. Call today toll free at 888-663-7074 to see how much your vehicle can qualify for.
The call only takes minutes and there is no cost or obligation to call. The call is free and you can find out in as little as a few minutes on how much your vehicle can qualify for. When asking these auto title loan questions you should have a pen and paper handy so you can write them down and take notes.
Considering calling us at TNL San Diego, TNL Sacramento or TNL Los Angeles today to learn more. To learn more about auto title loans you can visit Consumer.Gov.
