As a consumer you always want to shop around for the best deal before you buy, right? When you need some work done on your house, do you get one quote from a handyman and hire him on the spot without getting multiple offers? No. A good rule of thumb is that when you’re making a financial decision, you should probably get three different quotes before you decide to make a purchase. Also keep in mind that you may not want to take the cheapest version.
As a kid I can remember my dad ran a construction company. He often would hire sub-contractors to help complete a project. When he would contact a sub-contractor to hire, he would contact a minimum of three companies before he would make a decision on who he should hire. And not necessarily would he hire the lowest quote.
So when you’re getting a quote from multiple car title loan lenders, you should not only consider the quote, but also consider the terms of the loan. One of the best ways to get multiple quotes is by reaching out to a number of online title loan companies, or get multiple quotes by using a referral company. A referral company is good because they don’t charge any extra fees for their service, but they can quote you multiple quotes from multiple lenders.
When you’re shopping around for auto title loan quotes another good rule of thumb is to educate yourself about the pros and cons of these types of loans. The FTC has created a simple information guide to help you decide if these loans are right for you. In addition, we hope that some of our articles will help educate you in regards to auto title loans as well. So to reiterate, you should first educate yourself and then move forward and get multiple quotes from multiple lenders. Whether that’s via a referral company or reaching out to individual lenders.
At the end of the day you’re going to want to compare APR prices and the additional terms of the loan quotes. When you have all this information you can always go back to the companies and share with them the lowest quotes you’ve been quoted and have them compete for your business. Some companies may not budge and say that their quote is their quote, but there will be auto lenders that will negotiate with you to get your business. So that is one of the best advantages of working with multiple lenders.
When you’re looking at your own situation and you find that you need/want an auto title loan quickly, the best approach is probably contacting a referral company. That way you’ll get multiple quotes quickly and depending on the lender you could have funds transferred to your bank account the same day. So when you’re deciding what direction you want to go, please understand that not all situations are created equally. Sometimes your situation will override the terms or APR of the auto title loan. The good news is that you have options.
Consider getting a auto title loan as an important financial decision. Consider it as important as buying a car, purchasing a mortgage or taking a student loan. These are crucial financial decisions. Any of these types of situations will impact your future, so I can’t stress enough how important it is to make an informed decision.