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Are Car Title Loans Safe?

March 13, 2020

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TitleSmart Car Title Loans
Car title loans are a popular choice for Americans who find themselves in need of cash fast. Car title loans are regularly responsible for helping consumers who need to meet unexpected financial emergencies, who want extra money for a family vacation, or even who find themselves in need of buying food or paying the rent. Those who have used car title loans know how they work and are grateful for a financial service that meets their needs. Those who haven't used car title loans before may ask, are car title loans safe? The simple and straightforward answer is that car title loans are safe. That being said, let's examine some things to look for when you are shopping for a car title loan.

Car Title Scams

Like any industry, unscrupulous businesses find ways to scam consumers. It's no different for the car title loan industry. Reputable car title loans are safe and serve their intended purpose, but there are car title companies capable of scamming. It's important be aware of the car title you choose when you need a car title loan. Here are some things to look out for when you shop for a car title company.

Car Title Loan Scam
1. Companies that require you to leave your car. You should not have to leave your car behind when you get a car title loan. Car title loans require you to leave your car title with them until the loan is paid off. You need your car to get back and forth to you job in order to repay your love. At TitleSmart, we don't ask you to leave your car with us, only your title. We understand that being in a tough financial situation can be stressful enough without not having a car.

2. Companies without transparency. When you ask questions, you should get straightforward, direct answers without hesitation. Companies that avoid questions about interest rates, having your car taken away, etc. are not companies you want to deal with. When you ask the car title loan experts at TitleSmart a question about anything pertaining to your car title loan, you will get an immediate and clear-cut answer to the question. We want you to know everything about your loan before you sign anything. We will always be transparent.

3. Companies that push you to take a bigger loan than you need. At TitleSmart, we want to get you a car title loan you're comfortable with and that you can pay back without having any trouble doing so. We aren't going to push you to take out a larger loan than you need.

4. Company websites without contact information. You should always be able to contact the company you're getting a loan with. If you don't find an email, phone number, or address on the company website, be careful about doing business with that company. At TitleSmart, we provide several ways for our customers to contact us. We want to be available to you as much as possible. Our goal is to give you the best car title loan experience at all times.

5. Excessive interest rates. The interest rates at TitleSmart are competitive and reasonable for car title loans. Don't do business with car title loan companies that have huge interest rates that prevent you from ever paying the loan back.

TitleSmart is a Safe Car Title Loan Choice

At TitleSmart, we understand your concern for privacy. We won't ever share your information with third parties. We also don't ask you why you need the loan. When you get a TitleSmart car title loan, the money is yours to do with what you please. We don't even run credit checks when you get a car title loan with us. Your credit has nothing to do with the loan you get from us. You can get a car title loan from TitleSmart whether you have good credit, bad credit, or even no credit to speak of. Your car's value is the determining factor for getting a TitleSmart car title loan.

Safe Car Title Loans
We pride ourselves on offering the best customer service in the business so our customers feel comfortable working with TitleSmart. Our loan experts will work with our customers on an individual basis to ensure they get the loan they need without having to fill out a lot of paperwork and without having to wait for the money. In fact, our customers usually have a loan in as little as 30 minutes. All you need to qualify is:
  • Original vehicle title.

  • Government-issued identification matching the name on your car's title.

  • Proof of residence, such as recent utility bill, cable bill, or credit card statement.

  • Proof of vehicle insurance: We will call your insurer to confirm the details of your policy and have our company name added to the policy as the payee in case of loss. We can also help you get insurance if you don't have a policy!

  • Proof of income or ability to repay the loan, such as bank statements or paycheck stubs.

  • Personal references.

  • Detailed photographs from all sides of the vehicle.

  • Photos of the VIN plate and the odometer.
TitleSmart Title Loans
You don't need a job to get a loan with us. Any verifiable income will do. That means you can even get a car title loan with us if you are on disability or retired. All you have to do to get the process started is to fill out the form here on our website, stop by our office, or give us a call at (954) 404-7306. Our helpful car title loan experts are ready to help you get a car title loan right now.

If you found this article helpful then let us know in the comments section below. Likewise, feel free to share it using the share options below. Want us to cover another topic of your interest pertaining to auto title loans? If so, then like us and follow us on social media, and post to any of our social media profiles the topic you'd like us to discuss: Facebook TitleSmartFL, Twitter @TitleSmartFL, and Instagram @TitleSmart.

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TitleSmart INC makes use of the phrase "Auto Title Loans" for the sole purpose of advertising. We provide auto equity loans. TitleSmart INC is licensed under the "Florida Consumer Finance Act" under Florida Statute 516. For this reason, lender's loans are exempt from licensing requirements under the "Florida Title Loan Act." This lender's approval of loan is based on the consumer's ability to repay the loan and the condition of the vehicle being used to acquire the loan.

Fees: $89.00 Lien Fee, $25.00 Application Fee, and a Document Stamp Tax which changes according to the amount of the loan. The fees are built into the life of the loan. APR: Annual interest rate ranges from 18% to 30%, depending upon current market.

Repayment: Our convenient payment options are designed to fit the consumer's ability to repay a loan. Those options currently range from 6 months to 24 months.

The table below represents an example of the overall cost of a loan. If you have questions or need further information, we are always happy to be of assistance. We want you to fully understand the terms and cost of your loan before you get one.

Loan Amount$1,000$6,000
Interest Rate(APR) 30% - $214.7318% -$733.25
Lien Holder
(One Time Fee)
$89$89
Application
(One Time Fee)
$25.00$25.00
Doc Stamps
(One Time Fee)
3.8321.33
Term 12 months 14 months
Monthly Payment$109.40$489.24
Total of Payments$1,312.81$6,849.33
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