Car Title Loans ? Choosing the Right Company

Car Title Loans ? Choosing the Right Company

Car title loans are increasing in popularity as more consumers become familiar with the concept.  Whether you call them car title loans, pink sheet loans or auto equity loans, these loans are based on the equity you have in your vehicle.  The vast majority of car title loan companies require you to own your car free and clear of all other loans or liens.   When you are considering car title loans you want to consider the company you are applying for a loan from.  Review their website and make sure it answers all of your basic questions.  Make sure they are licensed to do business in your State and that they provide you with both a business address (and addresses) and a phone number to reach them at.   Stay away from companies that fail to provide you with adequate contact information.  Typically if the company fails to provide sufficient means of communication they will be very difficult to deal with.   It is also a good idea to make sure the company is licensed with the Better Business Bureau.  You should look for their logo on the website and you should check with the BBB to determine if there are any problems with that company.   Another important consideration in choosing the best company for car title loans is their repayment plan.  Make sure it is easy for you to make payments.  Some companies will require payments on a weekly basis, others on a bi-weekly basis and a small number on a monthly basis.  For many consumers a monthly payment is the most convenient.   You should also consider how easy it is to make the payments.  Is it something that will be convenient for you or do you have to drive a great distance within a narrow window of time that the company is open.  The more you know upfront the easier it will be for you to repay the loan.   The best advice may be to call the company.  Ask questions.  See how you are treated by the staff and you will see which companies offer the level of customer service you require and which fall short.  Picking up the phone or filling out online forms may be the best way to get the ball rolling if you are interested in car title loans.