Online Title Loans – How To Find The Best Lender

So you're thinking about loaning out your car title for some quick cash. The good news is that it is a growing trend that is becoming a more accessible option for people to take advantage, and there are many reputable agents that can be found online. Below is some tips to help you choose the right one.

Finding The Right Online Car Title Lender

If you have access to a computer, then all you need is an internet connection. In your search engine of choice search for car title lenders, and away you go. Its important that when you research for reputable car title loaners, that you research their history and reputation. For any questions, don't hesitate to call the agent.

Another important factor to consider when researching for a car title lender that's right for you, are the interest rates that accompany the loan. Loaning your car title can come with some rather high interest rates, some of which can go as high as 36% APR to a staggering 360%. Do your due diligence and shop around for an APR rate that is best for you and one that you can comfortably pay. Just as critical as choosing the appropriate interest rate, is choosing an agent that fully discloses all the important details pertaining to the loan. There is a federal law that mandates that loan agents disclose all the details pertaining to the loan, before you sign anything.

After completing your online loan request and getting in touch with the prospective agent, don't be afraid to ask for referrals from other clients in the past. Also, be sure that your agent is also in full compliance with your state's statute for lending practices. Different states may have some additional requirements or slightly different handling, but generally speaking your agent must be fully licensed, and you must be at least 18 years old to be eligible for any type of car loan. You must also have a valid driver's license that provides proof of your current residency, along with a valid driver's registration. The cleaner your driving record, the better your chances for getting the loan.

When you bring your vehicle in for inspection, ask your agent how he or she arrived to the appraised value of the car. If need be, have your car appraised by other agents to be sure you're getting fair value for vehicle. Above all, understand the full terms and payment schedule for your loan. For once you sign, you are on the hook for keeping up with the payments. Failure to pay will result in your vehicle being repossessed.