At Utah Money Center, we’re supremely confident that we provide the highest quality when it comes to car and truck title loans. We’re so confident, in fact, that we put our affordable car title loans up against any other lender in the area – we’re confident we can match or beat their rates.
Down those same lines, we encourage our clients to shop around for rates, as we know we provide the best services – and your research will prove it. When you’re looking at your choices for a title loan, here are several factors that go into getting the best deal possible both in the short- and long-term.
Know Payment Options
Before you make any transactions, find out how you’ll be expected to repay the loan. This is usually through direct payment or through a specific paycheck. You also need to find out how long your repayment period is – a longer period means lower monthly payments but higher finance charges, while a shorter period means higher payments but less overall money spent.
Understand Application and Approval Process
Some lenders have a fully online application process, while others may require other forms of verification. Applications may range from 20 minutes or less up to a couple hours. Also, find out whether the lender requires visual inspection on the car before giving a title loan.
Check on Repayment Penalties
There are times where paying your loan too early won’t be allowed. Check with your lender about a repayment penalty, and what period of time it refers to.
Some lenders will only accept cars that were manufactured in the year 2000 or later, while others may have different cutoffs. Your car’s mileage may play a role here – if it’s greater than 100,000 or close to this number, ask about a mile restriction.
You Get To Keep Driving
Almost all title loan lenders will allow you to keep driving your car after a loan has been issued, including our lenders. Every now and then, though, you might meet a lender that requires the car be impounded for the life of the loan. Others might put a tracking device on your car to monitor you. In general, you should avoid these kinds of lenders.
For more on getting the best deal possible for a title loan, or to find out about all our cheap title loans, speak to the pros at Utah Money Center today.