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      November 19, 2019

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Auto Cash USA vs 1 800 Car Title

Best Car Title Loan Providers

To help you find the Best Car Title Loans, TopConsumerReviews.com provides you with an in-depth comparison of Auto Cash USA and 1 800 Car Title.

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Car title loans help millions of people to quickly access cash in times of need. In today's economy, not everyone is fortunate enough to have money in savings or a generous friend or relative from whom to borrow. When unexpected bills arise, such as an expensive car repair or visit to the emergency room, it can be challenging to find the funds to pay them. Car title loans use your vehicle's title as collateral for a short-term loan, while still allowing you full use of the car for all of your everyday needs. When you repay the loan, the title is returned to you, hassle-free.

Why do some people choose car title loans over other ways to borrow money? First, most car title loans are available to customers who don't have high credit scores. Also, the amount of an car title loan is based on the value of the vehicle, so some car owners can get more money than with other types of loans, if they have a car that's worth more.

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Best Reviews

2019

Car Title Loan Reviews

3 stars
Auto Cash USA

AUTO CASH USA Visit Site

Fees:

Interest rates from 36% to 360% APR

Fees depend on individual licensed vendors

Auto Cash USA uses a nationwide network of licensed vendors to provide title loans. Their application process is fast, with approvals possible in less than 30 minutes. The maximum loan provided by Auto Cash USA's vendors is $15,000.

To begin the process, you can fill out the online title loan inquiry form and get a call back from one of Auto Cash USA's licensed vendors in your area. You will then need to visit a location in person, to present your vehicle for inspection, your clean car title, your driver's license or other state ID card, and proof of your income.

Auto Cash USA does disclose that their interest rates range from 36% to an astounding 360% APR. For more specific information, customers must get in contact with a licensed vendor, either by completing the online inquiry form or by contacting a vendor directly from the list of locations provided by Auto Cash USA. We would have liked to see more detailed information, even if just a ballpark estimate, regarding application fees and any others that borrowers should expect during the loan process.

One positive for Auto Cash USA is an A+ rating with the Better Business Bureau. Many car title loan companies do not have a good track record with the BBB, so it was a pleasant surprise to find one that does.

In general, Auto Cash USA is worth considering for your title loan, especially with such a broad network of lenders throughout the country. However we would like to see them add more specific information on their fees and other costs.

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2 stars
1 800 Car Title

1 800 CAR TITLE Visit Site

Fees:

Interest rates from 35.50% to 199.99% APR (may vary for residents of SC, MO and UT)

Application fee of at least $75

Based in California, 1-800-Car-Title has been lending money since 2001. Their website is easy to use: on the main page, you can enter basic details about your vehicle, the desired amount of your loan, and your contact information to get a preliminary quote for your car title loan. You'll need a car in good working condition, proof of income, and a clear title (with no other liens against it). Once your application has been approved, you can submit your documents via fax or email, or visit an in-person location if one is nearby.

The minimum loan amount varies by state, but the average minimum is $2,000. The maximum amount obviously depends on the value of your vehicle; you will not be allowed to borrow more than your car is worth.

Interest rates also vary greatly, both by state and according to your own credit history. 1-800-Car-Title discloses that their lowest interest rate is 35.99%, and their maximum is a whopping 199.99%.

1-800-Car-Title has an interesting cashback program, however you need to specifically request it prior to submitting your application. With this program, if you make your payments on time every month for six months, you'll get 3% cashback for every half-year period of time. Of course, with such high interest rates, we strongly suggest you try to pay back your loan as far in advance as possible, which may limit the number of cashback rewards you receive.

This lender does not make it easy to determine what their fees are. Even on their page that is dedicated to fee disclosures, it only specifies the amounts for certain states. As far as we could tell, you should expect application fees of at least $75, along with a 5% penalty on any late payments. We would like to see their fee schedule much more easily accessed, so that customers can make a truly informed decision prior to applying.

We were also disappointed to see that 1-800-Car-Title had a rating of C- with the Better Business Bureau at the time of review. Even more concerning was the alert on the BBB site that indicated that the parent company of 1-800-Car-Title, Wilshire Consumer Credit, had been fined more than $44 million dollars in 2015 due to illegal debt collection tactics. The Consumer Financial Protection Bureau (CFPB) found that customers were subjected to false threats of prosecution or investigation, and that customer information was illegally disclosed to the borrowers' friends, family, and employers. These are not tactics that should be used by any car title lender.

In light of this, we're forced to give 1-800-Car-Title lower marks. We hope to increase that rating in the future with demonstrated improvements in their practices towards their borrowers.

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Continued from above

However, car title loans have some disadvantages that you should consider. The main caveat is that if you do not repay the loan, you will lose your car as the lender will effectively be the new owner. This can jeopardize your ability to get to work, school, or other important destinations. Equally disadvantageous are the high interest rates charged by most car title lenders. Obviously, car title loans are a last-resort way to borrow money, given the high fees and the risk of losing your vehicle.

Still, being able to get the cash you need to pay overdue bills or for other pressing needs is important. When evaluating different car title loans, make sure to keep in mind the following:

  • Loan Amount. How much money do you need? A variety of loan amounts are offered by different lenders, and most have a minimum amount that you'll need to borrow.
  • Service Fees and Interest Rates. Will you be charged anything for processing the loan? What are the interest rates typically charged by the lender?
  • Convenience. Is the application process 100% online, or will you need to fax in any required documents? How quickly will the funds be transferred to your account?

TopConsumerReviews.com has reviewed and ranked the best Car Title loans available today. We hope these reviews help you find the right title loan for your short-term financial needs!

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