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Thursday, February 2nd
LoanMart is an excellent choice for getting a car title loan - if you happen to live in one of the eight states where they do business. They make it very easy to apply for a loan and get your money, 100% online if you prefer and without having to bring your title into a brick-and-mortar office. "A+" rated by the BBB and with lots of positive feedback from clients, LoanMart is one of our top picks for car title loans.
Loan Center offers car title loans in eight states. Their interest rates are competitive on loans up to $30,000, and aside from a phone call to complete your application you can get your loan 100% online. The BBB gives Loan Center's parent company an "A+" rating, making this a service to look at if you live in one of the states where they offer car title loans.
If you're considering a car title loan, chances are good that you've come across some unexpected bills. Maybe your car broke down and you need it fixed quickly to keep your job. Or your roof started to leak after a storm and you can't wait on your insurance adjuster to take months to get the claim paid. Many Americans find themselves in trouble and don't have many options for getting money fast. That's where car title loans come in.
How does this type of loan work? If you own a vehicle free and clear, you can use its title as collateral to secure a short-term loan. The good thing is, you don't have to stop using your car: continue to drive it as you usually would, until the loan is repaid in full and you get the title returned to you.
Car title loans are also attractive because they rarely require you to have a great credit history: you're guaranteeing that you'll repay the loan by borrowing against your car's value, so credit isn't really a factor. Of course, that's one of the downsides too: if you don't pay the loan back, you stand to lose your transportation, and you can't borrow more than your car is worth. That's cool if you're driving a Porsche, but if you drive a 20-year-old beater you might not get much out of a title loan.
Another thing to keep in mind is that car title loans usually have really high interest rates: in the triple digits isn't unheard of. You'd be wise to see if other, lower-interest rate personal loans are a possibility before you turn to a car title loan for your cash needs.
So, all that being said, how can you tell which car title loan provider to use? There are a lot of them out there, and some of them are less-than-reputable in the way they treat customers. Here are a couple of factors to check out before you commit to a car title loan:
TopConsumerReviews.com has evaluated and ranked the best options among providers of car title loans today. We're confident that this information will help you get the money you need with loan terms you can afford!
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