You’re strapped for cash until payday, but an emergency has come up and you need a small loan fast. What do you do? Instead of fretting about how you’re going to get the money, you should realize you already have an option in your possession: your car. By using your car as collateral, you can secure a quick, convenient Phoenix title loan. The question is, how do you pick the right auto title loan company?
You don’t want to hand over your car’s title to just anyone, right? It’s important to ask a few simple, yet very important questions if you’re going to seek an auto title loan:
- What’s the company’s reputation? To make sure you’re doing business with a reputable company, do some basic research. Check out how long they’ve been in business, how long they’ve been at their current location, what past customers have said and more. You want to make sure you’re choosing a company that’s been around for a while and one that’s known for being fair and honest when it comes to doing business.
- Are they accredited? Doing business with a title loan servicer that’s not accredited leaves the door open for all sorts of problems. Working with a company that’s licensed and insured will give you the peace of mind that your title is in good hands while it’s being held as collateral. If there’s any issue whatsoever, you’ll have confidence it’ll be handled properly by a company that’s on the level.
- What are the interest rates? No loan comes to you for free, and there are always interest rates to consider. Shop around to see what the standard interest rate is and choose a company that’s competitive on this front. Factor in the interest rate with the company’s reputation to get a good idea of where you’re going to get the best rate and the peace of mind you deserve.
- Do you qualify? Different Phoenix title loan servicers have different qualifications for their customers. Knowing if you qualify to borrow money means understanding the specifications set down by each company you’re interested in. Do some basic research and speak with a representative to see if you even qualify before attempting to apply for a loan.
- Do you understand the terms? Last, but certainly not least, make sure you have a clear understanding of the terms of your auto title loan and that those terms are in writing. This is critical and will help you avoid any repayment pitfalls or other issues that may prevent you from repaying your loan or re-obtaining your title.
Getting an auto title loan doesn’t have to be a scary experience or one that you find yourself regretting after the fact. It can and should be an easy, pleasant experience that you feel in control of the entire time. Be sure to follow the above steps before applying for an auto title loan and you’ll be well on your way to making the right decision.
Categorised in: Title Loans