In order to get the auto title loan that you want, you need to be able to negotiate with a lender. It also helps to have a set of other tools as well, like knowing when you are being scammed and if an interest rate is way above the industry standard. At the end of the day, taking out a loan against your vehicle’s title can be a big deal. Moreover, if you are looking for an auto title loan online, you may visit this site and that site, but never actually find the loan you are looking for. Here are five tips for negotiating with car title loan companies.
- Get an actual valuation of your vehicle’s worth. You may have a rough blue book estimate of how much your car is worth, but it may actually be worth much more. Why is this important? This is important, because you want a lender to give you the amount that you want and need. When it comes down to it, having the actual valuation of your vehicle is a big bargaining chip that many people underestimate.
- Make sure that you negotiate on the interest rate of your loan. Your interest rates are really what will get you in the end and many auto title lenders will try to jack up the interest rates as much as possible. So, try your hardest to work the interest rates down – use tactics, like telling the lender that they can shrink the length of the payback term, or they can increase the monthly payment structure. You want to do anything you can to decrease the interest rate.
- Be nice. The nicer you are, the more a lender will be willing to budge. Use flattery if you have to – it goes a long way. While you don’t want to put yourself in the position of seeming vulnerable – sometimes a lender will confuse nice with vulnerability – you do want to be confident at the same time. Also, you never want to be short tempered – you want to come off as patient and you want to listen very carefully. The more patient and calm you are, the further out of the way a lender will go for you.
- Do your research. If you really want the ball to be in your court, you want to do your research and your due diligence. At the end of the day, you want the lender to not have much room to budge. Oftentimes, people don’t do their research before hand, and they find themselves in a situation where the lender has the winning hand. If you want to take that winning hand, make sure to read, learn and do your homework.
- Have a plan. When it comes down to it, you want to have a plan of action when you visit a lender. If you don’t have a plan of action, a lender may see your efforts as disjointed. So, make sure that you know exactly how much you need – to the penny. Also, make sure that you know exactly when you are going to pay back the loan. Lining all these ducks up will increase your chances of securing the auto title loan that you need and want.