While there are literally millions of reasons you might be looking for car title loans, none of them should be so urgent that you don’t take the time to find the right lender. Whether you need to pay overdue bills, cover the rent or are facing a cash emergency that can’t wait, you should always take your time and research the different car title loan lenders in your area.
Title loans are considered short-term loans and are meant to be repaid as soon as possible. There are no credit checks required to qualify for these loans, but you do need to provide your driver’s license or a valid state issued I.D., your vehicle for inspection and your vehicle’s lien-free title. With just these few simple items, you could qualify for an Illinois title loan that could put thousands of dollars in your pocket today.
While the requirements are generally about the same from one lender to another, there can be dramatic differences in the rates, fees, terms and customer service. That is why, regardless of your situation, it’s important to do your research and find a lender that you are comfortable with. Here are 3 tips that may help in your search for a title loan lender that’s right for you:
The first step to finding a reliable title loan lender is to look up all the nearby lenders in your area. You can easily do this with a quick web search for “car title loans.” You’ll probably find a number of options to choose from. You may also notice a few customer reviews posted to some of these sites.
It’s always a good idea to read these reviews and see what customers are saying about their own title loan experiences, but take them with a grain of salt. Some reviews may be fake, while others may be from a single disgruntled customer. Decide for yourself, and narrow your choices down to three providers.
Now it’s time to compare each of the three lenders you’ve picked and see what they offer and what their requirements are. Most lenders usually require the standard three required items listed above. Any title loan provider who asks for money up front for a processing fee should immediately be dropped from your list.
Check out their websites and their social media links, and if you feel the need, give them a call. There is no better judge of a business than the way they treat you as a potential customer. If they are not courteous, friendly and well-informed, look elsewhere for your title loan.
The final step is simple. While a company may look good on the web and have a good phone presence, there’s nothing more eye-opening than meeting them in person. This is where you can ask any questions you have about the title loan process and get an estimate of how much cash you could be approved for. After this step, you should have a pretty good idea as to which lender you want to work with.
When speaking with these potential lenders, there are certain things you should be wary of. If they are impolite, forceful or impatient with you, take your business elsewhere. There’s no reason to put your trust in a provider who doesn’t treat you like the valued customer you are. They don’t deserve your business and you don’t deserve such a low level of customer service.
Aside from good customer service, be sure a lender clearly explains the terms of their title loan agreements to you. It’s never a good idea to sign off on anything you don’t clearly understand. Take the time to ask the questions you need to ask and don’t be afraid to take your time. Any reputable lender will work to earn your business and keep you as a return customer.
That’s it! Now that you have the cliff notes on how to find the right title loan lender, it’s time to get started. Over the years the short-term lending industry has evolved from the shadows to emerge as a viable and mainstream alternative to traditional bank loans. The emergency cash you need is out there, and now you know how to find it.