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Looking for the best auto title loans online or instant title loans? Not sure what you should think about when comparing different loan providers? We’re here to help. Here are a few simple tips you can use while looking for the best auto title loans online.
1. Check Application & Credit Requirements
First, you’ll want to make sure that you understand the application and credit requirements for each title lender. In most cases, you will need to meet the following qualifications:
- Have a “free and clear” car title in your name, meaning you own your vehicle outright and are not making payments
- Prove your identity, age and legal US residence with a driver’s license, Social Security number, or other such documentation
- Prove your residency with a piece of mail or a bill including your name and current address
- Have an open and active checking account, if the lender uses direct deposit to send your cash
- Be employed and have proof of income (not required by all lenders)
In addition, some lenders may also require you to get a credit and/or background check, but this is often not required.
Learn how to get a title loan without bringing in your car.
2. Look for a Direct Lender, Not a Broker
When looking for the best auto title loans online, you need to work with a direct lender, not a broker. Direct lenders issue title loans themselves.
In contrast, brokers work as “middlemen.” They accept applications, then shop them around to lenders. This means the process takes longer, and is more likely to expose your personal information, since it’s shared with more companies.
3. Get as Much Information as You Can About Interest, Fees & Costs
Before you choose a provider for installment title loans online, make sure you get a full understanding of the interest, fees, and other costs associated with your loan. This will help you plan your finances and choose the right lender.
4. Shop Around at Multiple Lenders
Depending on your vehicle, your income and other personal circumstances, different title loan companies may give you very different offers for your title loan. It’s usually worth shopping around to compare lenders, as this will let you get a better rate.
5. Determine the Length of the Loan You Need
Some companies offering installment title loans online only offer terms of between 1-3 months. However, the best installment title loans online are available with loan terms of up to 6, 9, or even 12 months. A longer loan term gives you more flexibility while you repay.
Follow These Helpful Tips – and Find the Best Auto Title Loans Online!
Hopefully, this guide has been helpful as you search for auto title loans online. Follow these tips, and you’re sure to make the right choice when it’s time to choose a loan provider – which can save you quite a bit of time and money.