Find the Best Title Loan Company Online

If you are considering a title loan and therefore searching for the best title loan for your needs, you’ll want to make sure you are working with a company that offers a good product, easy process, and great customer service. But how can you find a lender that is transparent, has happy customers, offers fast funding, and has stellar customer service?

Large Car Title Loan Companies vs Small Car Title Loan Companies

When looking for a title loan, one of the criteria you may consider is the size of the company. There are some pros and cons that come with getting title loans from large car title loan companies and small car title loan companies.

But before we can get into those details, let’s look at what makes large car title loan companies different from small car title loan companies, and vice versa.

Now that you have a good idea of what large car title loan companies are and what small car title loan companies can be like, you might want to start to know what advantages they can offer you, as well as any disadvantages that they could possibly have.

Large Car Title Loan Companies and Small Car Title Loan Companies: Pros and Cons

Deciding if a large or a small title loan company works best for your needs can vary depending on the type of financial situation you are in, how you prefer to conduct business, and what options are available in your specific location. Here are some potential advantages and disadvantages of working with large car title loan companies and small car title loan companies:

Large Car Title Loan Companies – Advantages

Bigger can sometimes be better! Large title loan companies may offer convenience simply because they can provide multiple options when it comes to communicating with them. Expect them to be able to run a smoother operation, especially if they have multiple locations, have a recognizable brand, and have their own website and customer portal.

Like any expanding business, large car title loan companies that are growing should expect to hire more employees. The more representatives, the better, especially if you are not a fan of waiting on hold for several hours when any issues pop up.

Aside from the better customer service and communication options, most large car title loan companies may have that reputation based on their rates. Although big companies don’t always mean better rates, it’s never too late to apply for a title loan with a larger company to see if you can get a better rate.

Large Car Title Loan Companies – Disadvantages

There are a few possible downsides to working with a larger company. In the competitive world of car title loans, bigger companies may not always be better for your specific needs. This could especially be the case if you prefer only working with one loan officer on your loan application, or one customer representative while paying back your loan. If you value a personal connection over features such as mobile apps or online payments, then you may not prefer a large company.

Small Car Title Loan Companies – Advantages

One advantage small car title loan companies could have over large ones is that they may be able to offer a more personal, customized experience. When you use a small car title loan company for your financial needs, you might be entering a place with very few employees. The employees may recognize you if you are a repeat customer or when you contact them to make a payment. Another potential advantage with small car title loan companies is that they may be able to customize your loan offer if the employees are allowed to personally underwrite loans.

Small Car Title Loan Companies – Disadvantages

While smaller businesses can be just as competitive as large ones, that doesn’t mean they offer the best option for you. Customer service quality can vary, and smaller companies may suffer from having less resources and representatives that will make getting title loans from them harder than it already is.

Small car title loan companies also may lack offer some of the benefits of online communication and electronic payments. In fact, many small car title loan companies may have just a single location and require that you make your payment at the store. That could be inconvenient if at some point you’re out of town or your schedule is not open during their hours of operation.

Another disadvantage that small car title loan companies could suffer from is being old-fashioned. Although applying for a car title loan should be easy and fast, using a smaller company may not be as streamlined as possible, and may require more paperwork, or even an in-person vehicle inspection.

Borrowing with Your Car as Collateral

You might find that you need a loan unexpectedly. In many states, residents can apply and be approved for a loan against their vehicle, based on the amount of equity in their car and their ability to repay the loan.¹

Working with a good car title loan company means you should get to keep your vehicle while you pay back your loan. A good car title loan company should not deny you access to your vehicle while you’re making loan payments, and should also not ask for spare keys. In addition, the best title loan options should not require any modifications to your vehicle, such as the installation of a GPS tracker or similar devices.

Are Title Loan Companies Safe?

When it comes to borrowing money, there are many crucial state and federal laws that regulate the process. It’s important to understand the laws governing such loans before applying.

At LoanMart, we ensure that all applicable state and federal laws governing title loans serviced by LoanMart are followed. This includes to make sure that a borrower’s ability to repay the loan is considered as part of the loan application¹, and following industry best-practices to safeguard your personal information.

What Makes a Title Loan Company Honest?

An honest, reputable title loan company should have the following qualities:

Be Honest About Privacy Rights

A privacy policy notice is designed to inform potential customers on the non-public personal information that a title loan company may maintain or collect throughout the auto title loan process. A privacy policy should also explain safeguards that a title loan company has in place to protect that personal information.

Current and former customers should be mentioned in a title loan company’s policy to ensure that every person involved is accounted for with complete discretion.

Be Honest About Collecting Personal Information

A title loan company should be transparent in why they collect certain personal information from borrowers. This means being honest in their intentions.

Be Honest About Sharing Personal Information

Sharing personal information is often necessary during the underwriting or servicing of a loan. A title loan company should be honest about the ways it may share that information, which includes disclosing the organizations that it may share information with such as:

• Financial service providers (banks, mortgage bankers, credit card issuers and insurance companies)
• Non-affiliated, non-financial companies (mail vendors, loan servicing providers)
• Affiliated or non-affiliated companies that may use information for marketing purposes
• Credit reporting agencies

Be Honest About the Title Loan

Honestly disclosing all key aspects and terms of the loan should be standard. In addition to the fine print in the loan contract, loan officers should advise borrowers about the key aspects of the title loan, before a customer signs the loan agreement. This means clearly disclosing any applicable fees, the interest rate and Annual Percentage Rate, and repayment terms.

Which Vehicle Qualifies for a Car Title Loan?

With title loans serviced by LoanMart, all kind of personal vehicles that are in good conditions may qualify for a loan.¹ Whether you own a newer vehicle or older car, our staff is ready to evaluate the qualification of all vehicles presented as potential collateral for a loan. Processing of a car title loan with a free and clear title can be faster and more convenient than other traditional banking services.¹

How Much Money Can I Get with a Car Title Loan?

The total amount of money you may be able to borrow when you get a car title loan depends on a few different factors¹:

• Equity in your car
• Your verifiable income
• Terms of the loan

Of the three, the equity in your car and your verifiable income are the most important. Ultimately, these will determine how much money you may be able to borrow¹. If the loan amount is the deciding factor for you to determine which title loan is best for you, then shopping around for multiple loan offers is likely in your best interest.

What Are Some Benefits that Title Loan Companies with Great Service Offer?

There are several factors that can have a big impact on your loan experience. With so many options to choose from, make sure you are working with a reputable lender and loan servicer that works with you to set you up for financial success.

When searching for title loan companies with great service, here are some things you want to look out for:

• Great Customer Service – A good car title company believes in honest communication with their customers and has courteous employees.
• Fast and Efficient Funding – Car title loans are known for their quickness and efficiency. In fact, many people who are approved for car title loans receive their money as soon as the next business day^{1 3}!

• Transparency – When working with any kind of financial institution, it is essential to make sure that institution has your best interests in mind. Some financial companies sneak hidden terms and fees into the fine print of their contracts, which can leave the borrower strapped with an unmanageable loan they are forced to deal with. Instead, look for a title loan lender that is honest and transparent. When a title loan lender is straightforward with their intentions and business tactics, it can be easy to do businesses with them and get fixed up with a great deal on a title loan.

• Satisfied Customers – One of the best ways to tell if a company is worthwhile is seeing what other people have to say about it. When a company has happy customers, there is a good chance you will have a happy experience with them as well.

What Do I Need for a Car Title Loan with Great Service?

To get a title loan serviced by LoanMart, you will need to provide a few documents to us, so we can verify them for approval¹.

There are only a few different things you’ll need to apply for a car title loan:

• Qualifying title for the car (in your name)
• Photos of the front, sides, and back of the car
• Government-issued photo I.D. (driver’s license, etc.)
• Proof of Residence (certain types of mail)
• Proof of income

After receiving the necessary documents, a representative will review them as quickly as possible to finalize your loan.¹

How Do I Get a Car Title Loan with Great Service?

We hope the information provided above will help make your search for the best title loan company for your needs an easy one! Knowing the differences between small and large companies and knowing what characteristics a reputable loan company displays should help you identify the top auto title loan options in your area.

If you’d like to see if a car title loan serviced by LoanMart is right for you, simply apply online or give us a call at 855-422-7412