Car Title Loans in Atlanta Georgia
About $14 billion in car title loans were made in the U.S. last year. The majority of those loans were funded online and it seems there are more lenders opening up offices throughout Atlanta in 2021 versus 2020. The title lending industry as a whole has seen consolidation across the country because of increased regulations and lack of demand for short term loans. But we continue to see an increase in people looking for title loans in Atlanta and all throughout the state of Georgia. With these types of loans, borrowers can get cash to buy or refinance a vehicle, fund home improvements, or pay for credit cards. These loans are made by independent companies, finance companies, and in some cases, backyard flip-collars or local banks.
Car title loans have specific terms designed to make them less risky to lenders and less desirable to borrowers. strengths of a car title loan include:
- High approval rate for applicants with bad credit
- Large loan amounts (as much as $10K)
- Short repayment terms
- Online accounts are available for Atlanta residents
- Lender protects title and auto as you get to keep driving your car
What to look for when choosing a title loan company in Atlanta
The flexibility of repayment terms is incredibly valuable to the borrower since most often the borrower makes monthly payments and only repays the principal on the loan. This results in very little debt and a very low monthly payment. There are some specific ways in which car title loans work to maximize the profits of the borrower. Some of these tips are straightforward but here are a few ways to save money on title loans in Georgia.
Get your car title loan from a company that doesn’t require a credit check. This makes borrowing money easier and eliminates borrowing on your car. Most Georgia lenders offer free quotes so comparison shopping can be done.
Research your lender options and fees. The fees that you are charged may be in more than one form and are often in accordance with Georgia state lending regulations that cover car title loan companies. A few lenders in Atlanta may have no fees and very high interest rates while others will charge upfront fees. Find your best deal and make money.
Consider borrowing only what you need with title loans in Atlanta. If you are borrowing $2000 for emergency expenses, borrow only what you need for the job. Borrow only what you need to pay for unexpected payments or bills. Pay off the loan as soon as there is enough cash available to settle the full amount. It’s best to reach out to the Cobb County Assistance program or another financial help service If you need more money than what you can get with your vehicle equity.
Look for a lender that has a complete contact system instead of just an online contact portal. Ask the lender who you are receiving the loan from direct. Get on the same page with them and see if they will allow you to meet in person at a local office in Atlanta or Cobb County. If you need phone support, make sure that you do get this along with the loan.
Title Loan Requirements in Atlanta, Georgia
When you apply for the loan, a pre-approval or referral letter should be on file for you to use in case you get stuck at some point in the loan. It will allow you to verify the full title loan amount and payoff terms in the future if the lender asks for more money or has other unreasonable demands.
Create a plan to get you into a more affordable payment for the loan. You want to set up a payment schedule when your dealer picks your car. Be sure that your payments are never late based on the market value of the loan. This will help you avoid late charges.
How much money can I get with a title loan in Georgia and what’s the interest rate
Understand that the car title loan may be just your loan for one month. In some cases, you will have to pay interest if you do not pay on time. A loan could last for 90 days or even longer. Let the lenders know in advance if this is a problem. Choose a title company in Georgia that offers personal loan insurance as well as reasonable finance charges and fees. This insurance will cover you if the car is stolen or totaled out by the loan provider.
The consequences of borrowing money on a car title loan are quite forgiving. If you do not make your payments on time, it does not matter how few dollars you are short, it just creates a debt for you. Please make sure that this is not your only option and the loan is something that will not help you get a better rating and a better credit score. If you need additional financing or have good credit, contact a lender today!