For most people, debt is something they want to avoid as much as possible. If you don’t have to take out a loan, you’re better off not doing it. However, there are some circumstances in which unexpected expenses can result in your having to take out a short-term loan, as your only other option could be to empty your savings.
When this happens, car title loans in Phoenix, AZ may be your best bet. Assuming you meet all the criteria to take out a car title loan, here are some of the factors you’ll want to take into consideration when selecting the company you’ll work with to get it:
- Reviews: Be sure to read through testimonials and reviews prior to choosing any title loan company you’ll work with. This will give you a sense of the kinds of experiences borrowers have had with the company, and also point out any red flags you might need to be aware of. Word-of-mouth advertising is generally the most effective and reliable source of customer feedback, so if you’re able to get opinions from real people, that’s a great way to make a more informed decision yourself.
- Interest rates: Any time you’re looking at taking out a loan, it’s important to know what sort of interest rates you can expect to have to pay. Shop around and compare the interest rates you can get, as well as the terms of the loan, from the various lenders in your area. The higher the interest rate, the more you’ll have to pay over time. Obviously, then, you’re going to want to get the lowest rate possible, especially if it’s going to take you some time to pay back the loan.
- Hidden fees: You should always be on guard for hidden fees whenever you’re preparing to take out a loan. With a vehicle title loan, the application process should be rather straightforward. After filling out the application, all you need to do is present your title to the lender along with proof of your identity and residency. At that point, the lender will make sure the vehicle matches the title, and then assess its value. There should be no fees other than your principal payments and interest rate with a car title loan. If the payment schedule appears to contain additional fees, that is a big red flag and you should avoid working with that lender.
- Experience: It’s beneficial to work with a lender that has experience in car title loans and has an excellent reputation for high-quality service. If a company has been in business for a while and has built up a lot of positive reviews, you can generally expect that they’re going to be reliable and a good option to work with.
For more information about the process of taking out car title loans in Phoenix, AZ and what you should look for in a lender, we encourage you to contact the team at Cash-N-Go Auto Title Loans of Phoenix today with your questions.
Categorised in: Title Loans