Top 5 Tips For Navigating Title Loan Lingo
Understanding the lingo associated with a title loan can be overwhelming at times, but not with help from Delaware Title Loans, Inc. You only need to learn a few basic terms before getting started with your application!
In this quick guide, you’ll discover the top 5 tips for navigating title loan lingo so you can apply with complete confidence. Read through each of these tips carefully, then jump right in and get your application started!
Title Loan Tips:
Everyone has different experience and knowledge levels when it comes to borrowing money. That’s certainly true with title loans, as well.
For example, some might know the ins and outs intimately and can explain all the. However, many others might not understand any of the lingo at all, especially first-timers.
No matter where you find yourself on that spectrum, you can get yourself up to speed pretty easily.
All you have to do is follow these top 5 tips for navigating title loan lingo:
Tip 1: Identify The Lingo
Whenever you want to master any kind of lingo, you must first identify the words you don’t yet understand. That way, you’ll know where your knowledge gaps are and can address them more effectively.
Start by writing down any title loan terms that you don’t fully understand. You’ll come across these terms on the website and any forms you use to submit your information.
Remember: even if you only understand something partially, add it to the list so you can research it later!
Tip 2: Look Up What They Mean
Once you’ve identified the lingo you don’t understand, you’ll have a much easier time learning the meaning behind each of them.
Here are some of the most common title loan terms you’ll come across and what they mean:
- Collateral: This term refers to any asset you provide to secure the loan you’re trying to get. In the case of title loans, the collateral you’re providing is the lien-free title to your car.
- Car title: This term refers to the legal document issued by your state which proves that you own the vehicle. If the title is registered in your name, that means you’re authorized to use it as collateral to secure a loan.
- Lien-free: One of the few requirements for a title loan is to have a lien-free car title. This is sometimes referred to as a ‘clear’ title, and it means one that doesn’t have any outstanding loans or judgments against it.
- Credit history: As the name suggests, your credit history is a record of how you’ve managed your credit in the past. It gives you a score based on how much credit you’ve been given before, how much you’ve used, and whether or not you’ve paid your debts on time.
While you might come across other terms you don’t fully understand, the ones described above are the most important ones you’ll find when applying for a title loan.
Tip 3: Clarify Anything You Don’t Understand
Suppose you find a term that you don’t fully understand, even after searching for information about it. In that case, you must know where to go for clarification.
Thankfully, you can refer to the loan representative who helps with your application.
They’ll be more than happy to help you understand all the title loan lingo so you can apply with complete peace of mind.
Tip 4: Don’t Overlook Anything
Here’s an especially important tip to remember: never overlook any terms you don’t understand. Taking out a loan is a serious commitment, so you’ll want to go into it without any uncertainties.
Remember, you have many resources at your disposal. You can search the website for explanations on any lingo you don’t understand, and you can turn to the loan representative for help as well.
Understanding the lingo will empower you to make the best financial decisions possible for yourself.
Tip 5: Take The First Step
Last but certainly not least, don’t forget to take the first step! Some borrowers find themselves in analysis paralysis, constantly trying to understand title loan lingo instead of gaining first-hand experience.
At some point, you’ll want to jump in by submitting the online form with your required details and getting the application process moving.
Soon after you do that, a helpful representative will call your phone and talk to you about your title loan.
As you read earlier, the representative is there to help you. So, they’ll be able to clarify anything you are not confident about.
Ready? Get Started Now!
So, remember, you don’t have to spend too much time learning the language before applying for a title loan. Using the tips listed above, get in touch with Delaware Title Loans, Inc. right away!
Before you know it, you’ll be working with a representative who will help you every step of the way until your application is finalized!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.