The 3 Most Costly Title Loan Mistakes to Avoid

If you need a title loan, one important thing you need to do is make sure you learn how to avoid title loan mistakes! These are mistakes that can seriously affect the process of getting this loan from Utah Title Loans, Inc., so you need to make sure you know what they are.

In fact, there are seven common title loan mistakes that you need to remember so you can get a title loan quickly. The good thing is, we have title loan tips to help you out! So if you need help avoiding these mistakes, keep reading this article!

Avoid These 7 Common Title Loan Mistakes With These Tips

1. Not Making Sure Your Circumstances Call For A Title Loan

The first of the common title loan mistakes you need to avoid is not making sure your circumstances actually call for a title loan. Before you just jump into getting a loan, you need to make sure that you actually need one.

If you think about your circumstances and come to the realization that you don’t really need a car title loan, then you shouldn’t get it. To help you out, here are a few questions you should think about:

• "Is this a short-term or long-term situation for me?": While a title loan could be a viable option for unexpected expenses and cash emergencies, it is important not to rely on them for long-term financial problems. They are a tool that could help you deal with an emergency situation and should be paid back as soon as possible to minimize their expense.
• "How much can I get with this loan?": Knowing how much you can get will allow you to know if this loan will help with your situation. If you see that your situation calls for more money than you can get with this loan, then you know this isn’t the loan for you.
• "Does the situation need to be handled right away?": Another thing you need to take into account is how fast you need to handle your situation. If your situation can wait until you have the money to handle it, you might want to wait to get a loan and add that to your payments.

2. Being Unprepared To Repay The Loan

As the event chronicle says, the next thing you need to avoid is being unprepared to repay the loan. When it comes to us at Utah Title Loans, Inc., we don’t ask you to prove your income by using your most recent pay stub or any paperwork. 

However, that doesn’t mean you shouldn’t have a good source of income because you do still have to repay the loan on time. This means you need to be prepared to have the money to handle the title loan repayment plan.

3. Using The Title Loan Cash For Frivolous Reasons

The third common title loan mistake you should avoid is using the cash for frivolous reasons. Don’t get caught up in the excitement of having a large sum of cash in your hands and just spend it on anything. You should always have a plan in place ahead of time on how you are going to use this cash and every dollar should be earmarked with a purpose.

4. Picking A Loan Lender Without Doing Research

When it comes to our title loan tips, the next one we can give you is to do your research on the loan lender you plan on using. Without doing research, you could potentially work with a company that isn’t reliable. You need to look at things like customer reviews, whether or not their website is secure, and if they are transparent on how they do things.

5. Failing To Read The Contract Carefully

When it comes to title loan mistakes, a big one is failing to read the contract carefully. Our representative will sit down with you to go over the loan terms, but you still want to make sure to read the contract.

Not doing this could potentially mean you are leaving the meeting not fully understanding everything. We use this contract to fully break down your repayment details and other important information that you need to know.

6. Using A Car Title That Has Outstanding Liens On It

Another one of the common title loan mistakes you need to avoid is not checking your title to make sure it is ready to go. What we mean by this is, we only accept lien-free titles to get this loan.

This means if you are still making car payments or your title has an outstanding lien on it, you can’t get this loan. If your title has an outstanding lien on it, you will need to go to the DMV to have it removed before you come to us.

7. Not Making Sure Your Car Is Ready For Inspection

The last mistake you should avoid if you need to get a title loan is not making sure your car is ready. In order for us to determine how much we can lend to you, we have to inspect your vehicle.

We use your car’s overall condition and resale value to determine the amount we lend you. This means you should do your part to make sure your car is in inspection-ready quality. Make sure the tires are good, dents are taken care of, and the motor is running nicely.

Benefits Of Title Loans

As you can see from the list above, it doesn’t take a lot to learn how to avoid title loan mistakes if you just make sure to do your due diligence. And if you do, you can easily get through the title loan process with us and experience the benefits we offer you. Here are the benefits you can get if you are approved for this loan:

• If you're in a tight financial bind that demands fast cash right away or if you lack access to traditional sources of credit, a title loan could be the right choice for you.
• Having bad credit could prevent you from qualifying for a large majority of loans, but not title loans. That is because we work with people regardless of their credit score.
• You keep and drive your vehicle while repaying.
• It can take as little as 30 minutes to go through the process once you arrive at the nearest store location.

Get The Quick Car Title Loan You Need Today!

When it comes to title loan mistakes, there are ways you can avoid them if you know what they are. Remember these seven tips and you can get through our process with ease. And we here at Utah Title Loans, Inc. are always here to help! Remember you could get fast cash in Utah Today!

So you don’t have to be worried about not knowing how to avoid title loan mistakes any longer. All you have to do is remember this list and go to our website so you can fill out the online form right now!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.