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1 800 Car Title vs Loan Auto Title

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1 800 CAR TITLE

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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LOAN AUTO TITLE

Loan Auto Title, at first glance, looks like a good choice to begin the process of applying for an car title loan. The site is simple to use, attractive, and gives easy-to-understand information on how car title loans work.

Unfortunately, that's where the helpful information stops. On the Rates & Fees page, the sum total of the disclosure consists of "it depends", in essence. Without disclosing your personal information, including your phone number and email address, you will have no way of knowing even a range of possible interest rates charged by Loan Auto Title. Most competitor lenders at least tell you a minimum and maximum range to expect.

Digging further into the fine print, we also found that Loan Auto Title is a referral service only, with loans sent to an LLC under the name of Nesmetaju. According to the site, this LLC is based in California. However, as we researched it more deeply, it appears to be a business located in St. Kitts and Nevis, not in the United States. Nesmetaju LLC is affiliated with several other lending sites, many of which have an "F" rating with the Better Business Bureau.

We like that Loan Auto Title claims to offer late fee forgiveness, provided that consumers communicate openly with the lender to ask for a limited waiver of fees under certain circumstances. But, given the other issues we found, we were left wondering if that perk would actually be offered to customers who went through and got an car title loan with Loan Auto Title.

With so little information available - and such discouraging information about the background of Loan Auto Title - this company earns low marks. We recommend looking at one of our higher rated companies for your car title loan needs.

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Car Title Loans

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

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.

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!



Car Title Loans In The News

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CFPB proposals to revise payday loan rule and delay compliance date published in Federal Register

The CFPB's proposal to revise its final payday/auto title/high-rate installment loan rule to rescind the rule's ability-to-repay (ATR) provisions in their entirety and its proposal to delay the compli...

Published:  Thu, 14 Feb 2019 06:46:00 GMT



Consumer protection bureau to revise requirements for payday, single-payment vehicle title loans

WASHINGTON, D.C. - The Consumer Financial Protection Bureau has announced a proposal to take away sections of its "Payday, Vehicle Title and Certain High-Cost Installment Loans" rule that ...

Published:  Mon, 11 Feb 2019 11:46:00 GMT



All-time high for Americans late on car payments is a warning sign for the economy

The Trump administration's Consumer Financial Protection Bureau recently announced it wants to scale back an Obama-era regulation on vehicle title and payday loans that holds the lender ...

Published:  Wed, 13 Feb 2019 07:47:00 GMT



OCC Issues Statement In Support Of Proposed Revisions To CFPB Payday Loan Rule

Comptroller of the Currency Joseph Otting issued a statement today in support of the CFPB's proposal that would rescind in their entirety the ability-to-repay (ATR) provisions in its final payday/auto ...

Published:  Tue, 12 Feb 2019 18:30:00 GMT




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