How to Choose the Best Lender
Which Car Title Loan Lender is Right for You?
The increased number of lenders with an online presence has created a beneficial landscape for borrowers. More visible competition in the industry equates to more affordable lending for qualified borrowers, added options for the length of repayment, and more alternatives to traditional bank loans. The benefits of securing a loan based on your car’s equity, including the ease of application, the quick turnaround time for funding, and repayment that aligns with cash flow, gives you the upper hand as a borrower. However, it’s important to know that you’re working with a reputable lender in the first place. Here are a few tips for how to choose the best car title lender to meet your borrowing needs.
They Have a Strong Online Presence
Just about any business, reputable or not, can throw together an online landing page that seems legitimate. Unfortunately, simply having a website with some text and a few graphics is not a solid indicator that a car title lender is working in your best interest. To know for sure you’re borrowing from a trusted source, do some digging on their site first. Your car title lender should have information about where the company is located, its lender’s license clearly listed (if applicable), and what products and services they offer. The most reputable car title lenders will also provide customer reviews, details about the process, and answers to frequently asked questions.
They Explain Your Options
In addition to having detailed information about the company online and easily accessible, how to find the best lender for a car title loan comes down to understanding your options. Your car title lender should talk you through various options for loan amounts, ultimately dependent on how much equity you have in your vehicle. Also, the best car title lenders explain how repayment works once you are approved, and what documentation or other details are necessary to get your loan funded. If any of this information is unclear or you aren’t getting straightforward answers, you’re better off finding a different car title lender.
They Discuss the Process
Reputable car title lenders will also take the time to discuss the process of applying for and repaying a new loan with you fully. In some instances, you can submit an application online before visiting a location, or you can contact the car title lender via phone to discuss your options. Regardless of the method selected, your car title lender should explain the entire process from start to finish. This includes the application requirements, the paperwork to secure your loan, how it may affect your credit, and what takes place once your loan is funded. The best car title lenders also discuss what takes place if you can’t make payments on your loan per your agreement and options you may have at that time.
Your Responsibility is Clear
You’ll know that a car title lender is right for you when they clearly spell out your responsibility in the process. While you don’t need a high credit score or flawless history to apply for and secure a car title loan, you are putting your vehicle on the line when you take out a car title loan. To ensure you do not face the risk of losing your vehicle, your car title lender should explain that you are responsible for making payments on your loan. The best car title lenders help you determine what you can afford based on the equity in your vehicle and your budget before helping you secure a new loan.
Several car title lenders offer access to quick cash to borrowers who have an immediate financial need, but not all lenders are created equal. To ensure you’re working with the best car title lender, research the company and its online presence, make sure they explain your options and the process and take the time to understand your obligations under the new loan. Following these steps will help you make the best decision for your car title loan.
Get a Title Loan at TNL Car Title Loans
If you’d like to see how much you could get with a title loan through TNL just give our loan specialists a call or use our short online application. An agent near your location will call you to inform you if you’re approved, how much you could receive and how our title loan process works. You are not obligated to take a loan with us.