As with almost everything else these days, choosing a good loan company is easier if you start online. After all, most reputable companies have well-maintained websites that give you a lot of the information you’re looking for.
When you are interested in a title loan, this is especially important because there are some companies that are out to defraud or scam you.
Good title loans, however, don’t have to be difficult to find as long as you know what to do first. Below are some tips to keep in mind when you’re researching this type of loan.
1. Read Real-Life Reviews
Most websites provide reviews from real customers for you to learn from and these reviews go a long way in offering an objective opinion of the loan company.
Don’t trust reviews included on a company’s website? Don’t worry because all you have to do is perform an Internet search and you should be able to find these reviews on other websites.
It is easier than you think to find out what real customers think of this company!
2. Is It Legitimate and Licensed?
Several national organizations can give you honest information on whether or not the loan company is licensed and legitimate.
It only takes a few minutes to find these organizations but they can save you a lot of headache and heartbreak in the future.
Even companies that offer title loans are regulated and you can find out from various government websites if the company you’d like to do business with is indeed legitimate.
3. Compare At Least 2 or 3 Different Companies
Before deciding on the right title loan company, you need to make sure that you investigate at least two or three different companies, if not more.
Read the “fine print” in the contract, ask about their interest rates and payment terms, and make sure that you understand exactly what you’re getting into before signing anything.
Only by comparing different companies will you be able to determine which one is right for you.
4. Ask About Any Hidden Fees
Naturally, any company offering title loans is going to have fees associated with the process because this is how they make their money.
However, you have to make sure that the fees associated with the service are what you think they are. Never hesitate to ask about any hidden fees they may have.
A good, honest title loan company will be more than happy to provide this information to you.
5. The More Questions You Ask, The Better
If you’re unsure or concerned about anything the loan company representative tells you, don’t hesitate to ask more questions.
Ask them questions such as: Where is their main office located? How long do you have to pay back the loan? What happens if you are unable to pay the loan back on time?
Any and all questions are important and if you feel uncomfortable with anything they tell you, it’s best not to do business with them.