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American Auto Title Loan Review

Saturday, October 16th

2021 Car Title Loan Provider Reviews

American Auto Title Loan Review 2 Star Rating

American Auto Title Loan

2 Star Rating
  • Loans Amounts: Undisclosed
  • Fees and interest rates: Undisclosed
  • Two options for loans: instant quote or 100% online
  • Not available to residents of Arkansas, New York, North Carolina, Vermont, West Virginia, Washington or Pennsylvania

American Auto Title Loan starts out strong, with an easy-to-understand website and a company history that dates back to 2010. While there's no BBB listing for the lender, we were excited to see that there were more than 400 customer reviews elsewhere with an impressive 4.9 out of 5-star average.

Instant quote or just apply

On their main page, American Auto Title Loan advertises two ways to get a loan: instant quote or 100% online application. Our experience with the instant quote was, well, less than instant. We filled in the information about our car's year, make and model, and then we got a message saying we had been preapproved. Great! We're not entirely sure how that could be, given that the form didn't even ask where we live. Unfortunately, it also said we had to wait to get a call from a loan officer to get a loan.

Extremely detailed information required

If you want a faster response, try the 100% online approach. You'll fill in your personal information in much more detail, like your name and address, whether you rent or own, your birthdate, SSN and driver's license number, and so forth. The second page asks for the specifics of the car, and you'll need to have the VIN, title number, license plate number and expiration date, and how much you'd like to borrow. The final page asks for uploaded photos of documents, including the front and back of your car title.

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Lots of glitches

But, the process didn't get any better with the online application. We weren't given the ability to choose a vehicle model year after 2019. Thinking that was a glitch of some kind, we called the toll-free number to ask. That took us to some music (without even telling us what company we had reached), and then asked us to leave a message. We're not sure who'd be receiving that message!

Anybody home? Try somewhere else first

We give American Title Loans a 2-star rating mostly because they don't seem to be a scam or actively trying to take your money. But can you actually get a car title loan here? The jury's still out.

Where Can You Find the Best 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.

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Car Title Loan Provider FAQ

A car title loan uses your vehicle as collateral for short-term borrowing. The amount of money you qualify to receive depends on the value of your car: you won't get Porsche-level dollars for a Pontiac! You turn in your car title to the lender and get it back when the loan is paid in full.
These loans are usually for consumers who don't qualify for more traditional forms of lending, due to a poor credit history or other circumstances. Also, most loans don't require collateral like a vehicle title to secure the funding.
Completing an online loan application can typically be done in just a few minutes. The rest depends on how close you are to an in-person location where the lender will collect your vehicle title and finish the application process. Some services can have your funds deposited within a few hours of turning in your car title.
These loans are considered to be short-term, so it's common for you to only have 15 to 30 days to pay it back. You definitely want to be careful to only use a car title loan if you anticipate having the money to pay off the loan in the near future!
A LOT, in all sincerity. APRs for car title loans can reach as high as 300%! Again, these loans are often a last resort when people have maxed out their credit cards, have no money in savings, and don't qualify for a more traditional form of lending.
Yes! That's one of the benefits of a car title loan: you can still use the vehicle to go to work, school, or anywhere else you need.
Plain and simple, you lose your car. The lender has the right to repossess it if you don't pay back the loan on time. However, some lenders might offer to extend your loan terms - for a fee, of course.
Yes, but there are lenders that are reputable and ones that are anything but. Plus, these loans should only be used under the most dire of circumstances, because they come with extremely high interest rates and severe consequences if you don't pay them back in a relatively short period of time.
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Continued from above...

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:

  • Reputation. First and foremost, what do people have to say about their experience with a particular lender? Was the borrowing process totally transparent - in other words, they knew what they were getting from start to finish? A positive rating from the Better Business Bureau is another good indicator that you can trust a given car title loan service.
  • Interest Rates. How much will your loan cost in the end?
  • Repayment Terms. How long will you have to pay your loan back in full? Will it be enough time to make every payment on or before the due date?
  • Convenience. How easy is it to apply for a car title loan? How quickly will your loan funds be deposited or paid via check? Do you have to bring your title to an in-person location, and if so, is there one near you?

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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