How a Pro Handles a Title Loan
August 13, 2020 | Daniel Dewitt
Like everything in life, taking out a title loan can either be blundered through like a novice or handled with the deftness of a pro. And while it usually takes time to learn answers like, ‘where are title loans near me?’ or ‘how much money can I get from a title loan?’ we have a shortcut to the total pro-dom: this guide.
Our article today is the definitive guide on all the tips and tricks it takes to be a pro at title loans. For those who are old hands at the title loan process this article may not be necessary, but you still might pick up some valuable nuggets of information. Here’s what you need to know.
Know the Closest Stores to You
While a newbie to title loans may google, ‘where are title loans near me?’ a pro already knows where are all the nearest title loan stores are to them. One way to be in the know is to check our list of locations to find out which are in your area. Another way of finding out is to fill out our online request form and ask one of our representatives when they give you a prompt call. Either way, you won’t be caught flat footed and asking yourself, ‘where are title loans near me?’
Drive Without Fear
There’s a common misconception that when you take out a title loan you lose access to your car. This is simply not true. For the duration of your title loan you’ll be able to drive your car as you normally would. This is one of the key and defining aspects of a title loan, since cars are the primary form of transportation in America and being without one could endanger your ability to keep a job and continue to earn an income.
Know How Much Your Car is Worth
While in the state of Delaware the upward limit of a title loan is $15,000, the chances of your car fetching that pretty a penny aren’t likely. Still, it should be able to get you the money you need. Unfortunately, there’s no way aside from experience to know exactly how high a title loan your car can get you ahead of time. When you arrive at a title loan store your car will have a quick inspection performed on it to determine its worth, and only then will your loan amount be decided.
What to Bring
In contrast to most traditional loans, a title loan requires only a few key items. They are: a state issued I.D. like a driver’s license to determine you are who you say you are, the lien-free title to your vehicle to make sure that you are the sole owner of the car, and your car itself so it can be inspected by a professional store representative. Forgetting to bring any of the above means having to make a second trip to retrieve them, which is the opposite of a pro move.
Pay on Time
Like any loan, the key to a successful and positive experience is to make whatever payments stipulated in your contract in a timely and proactive manner. Doing this will keep everything ship-shape, running smoothly, and smiles firmly in place. If you feel like you are going to have trouble paying back the loan at the assigned date though, it’s important to contact the store you got the loan from as early as possible. Often they’re willing to work with you so long as you’re honest and proactive.
Know Specifically Where the Money Is Going
It can be difficult in even the most stable of times to know exactly what and how much every financial challenge you face will take to fix, and it can be triply so when you’re facing a time sensitive emergency. Unfortunately, this often means that after people take out a title loan they spend it in a haphazard way, and sometimes even waste it dealing with a thousand small fires instead of the one raging one they should be dealing with first.
Part of a pro is thus the ability to focus and understand the concrete steps that need to be taken after obtaining a title loan and how to prioritize where it should go to do the most good. Just a little discipline and foresight can go a long way towards achieving your goal of financial stability.