Banks for sure is not the best place to go when you want to apply for loans and have it approved very quickly. It is not the character of banks to be reckless and have the loan applications approved in a matter of hours or even minutes. They have stockholders and shares of stocks to protect. With title loan companies, you are in the right place if you want quick approval of your loan application, however, you should still know how to find the best title loan company. Here are things you should look into when searching for the best title loan company:
- It offers low interest rates and is competitive at that. It simply means that while they maintain fixed interest rates on their loans, it doesn’t mean that you cannot negotiate or there is none out there that can offer competitively low interests. With so many loan companies right now in the market, it would be futile for their business if the company remains to be offering very high interest rates and not competing with other companies offering something lower.
- It can offer flexibility in terms of repayment schedules. Yes, the loan is short term but when you have good credit score, you can use this strength to negotiate for longer repayment schedule and with competitive interest payment at that. Loan companies must be flexible nowadays to stay in the business and to attract more borrowers so they can earn more money from loans.
- The loan company is a trusted one in the business. You should do your homework and check through the Internet and other reliable sources about the integrity of the loan company that you are dealing with. You should only deal with those whose reputation is well recognized in the lending and the whole financial industry as a whole. You should avoid those with history of lawsuits and have perceptions that they have negative lending practices.
- The loan company should be transparent. They do not resort to devious schemes in order to dupe borrowers out of their money by telling something different on their websites and listing down something else on the actual loan application form. Their customer service department should be able to give you truthful answers on your queries like you will lose your car if you fail to pay the loan after it is rollover eight times or there are other penalties to be levied if the borrower is late in payment even if it is just a matter of days.
- The loan company should be able to give a fair assessment of your vehicle. While the standard operating procedure is to peg the loanable amount with the resale value of your car, it would be a big help if the loan company will also factor the capacity of the borrower to pay if and when the borrowers needs a bigger amount of money.
With this checklist, it is hope that borrowers will no longer find it difficult to search for the best title loan company in their own area.
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