A few years ago the main criteria for finding a title loan for most borrowers was making sure the location was near them. Many borrowers simply searched for ‘title loans near me’, found the closest lender, and visited them to complete the loan.
While finding a title loan place near your location is not a bad idea, finding the best deal on the loan is much more important. We’ll examine why in this post, and discuss some of the online options available today that may have not been a few years ago.
Online Title Loan Options
Today there a more online options for getting title loans than there were even a few years ago. There are even completely online title loans with no inspection and no store visit. These loans do not require leaving your home.
This means the actual location of the lender does not need to be near you to complete the transaction. The fact is this opens up many more possibilities for finding the best title loan with favorable terms that you can afford.
Find the Best Title Loan
As mentioned, focus should be on finding the best title loan for your situation. Ultimately, to make sense, the loan should solve a short term financial problem and improve your situation.
In too many cases title loans can turn into longer term problems that make borrowers situations worse; this is the last thing anyone wants. So, how do we avoid this?
Avoiding a Problem
The best way to ensure the title loan is a solution and not a problem is to properly prepare. Preparation includes a number of critical steps including determining the loan amount needed to solve the problem, coming up with a payment and term that results in a loan you can easily repay, and ensuring your vehicle supports the loan amount.
Another important part of preparation is making sure you are a good candidate for a title loan. Not everyone is. This is important, if you are not a good candidate, then look into alternatives.
Finally, perform a cost benefit analysis to make sure the cost of the loan is not greater than the benefit provided. If it is, then the loan is not worth it.
By taking these important preparation steps, and making the tough decisions, you can help ensure you don’t end up in a high interest loan that you regret. It is important to find a lender with a title loan location near you, but equally important to find a loan with favorable terms. To summarize, a title loan should:
- Solve a short term problem
- Result in a benefit that outweighs the cost
- Have a payment you can easily afford
- Be short enough to pay off in a reasonable timeframe
Risks With a Lender not Near your Location
In some cases the best title loan with the most favorable terms and lowest payment may be an online title loan with a lender that does not have a physical location near you. This does come with some risks when compared to a local lender.
- You don’t have a place to make payments in person
- Mistakes or miscommunications can’t be fixed in person
- When getting the loan the appraisal will be ‘virtual’ with no inspection
As long as you choose a lender that you are comfortable with that has a good reputations these risks can be mitigated. Just make sure the cost savings by choosing the best title loan outweighs the risks associated with not having a local location to visit should it be necessary to do so.
Do I need a Title Loan Near Me?
There are two real options when getting a title loan:
- Visiting a title lender and getting an in-person title loan
- Getting an online title loan
There is nothing wrong with an in-person title loan, as long as you are able to negotiate favorable terms. The question is, do you have a lender who offers favorable terms near you? If yes, this may be a good option.
For a completely online title loan, as long as the lender serves your location then to title loan is near you. In fact you don’t need to leave your home to complete the loan. With a direct deposit online title loan the funds are deposit directly into your checking account.
The answer to the question of whether or not you need a title loan near you depends on what type if online title loans are available to residents of your state and whether or not you can find a lender that offers favorable rates and terms.
The one thing that is clear is that finding a title loan location near your home is much less important today with the additional online title loan options.