When you are looking for quick funding like title loans, one thing to keep in mind are the possible hidden car title loan fees that may add up along with the actual payments you make for the loan. These could be relatively simple to spot, but it is important to talk to your car title loan lender about all the fees and charges for your loan so there are no surprises.
Hidden car title loan fees are not to be played around with, but before you go on to see if you can spot them from lenders you are comparing, maybe it’s best to know what type of hidden fees you might be dealing with.
What Kinds of Hidden Car Title Loan Fees Are There?
When it comes to hidden car title loan fees, be sure to be aware of the following types of possible fees:
- Insurance fees
- Late penalties
- Balloon payments
- Prepayment fees
- Transaction fees
- Credit report fees
- Appraisal fees
- Cost of your interest rate structure
- Origination fee
Starting with insurance fees, these tend to be attached to title loans as add ons that are either necessary or not necessary. Depending on the situation, you can choose to not use loan insurance to avoid the fees involved.
Working our way into late penalties, some lending companies provide title loans that charge fees if you miss a payment deadline. Be sure to check if your lender is doing this, and the amount they are charging.
Balloon payments are when the final repayment of your car title loan doubles your earlier repayments, thus ballooning itself into a cost may not be able to pay. Always ask about these types of hidden car title loan fees with any lender.
Prepayment fees are when lenders penalize you for paying your title loans early.
Transaction fees, also known as convenience fees, are hidden fees in which a lender may charge for using online payment systems for their title loans, or other features that are added to the rest of your title loan repayments.
Credit report fees are when some lenders charge you for running a check on your credit during the title loan application processing stages, which is why lenders should be definitive in letting you know whether they perform credit report checks.
Appraisal Fees are likely to be added in as hidden fees if the lender inspects your car for its value.
For interest rate structure, this tends one of the more complicated of hidden car title loan fees because there are many interest rate structures. Some might be cheaper, while other might be more expensive. Be sure to understand precomputed interest and compound interest before you tackle these types of hidden fees.
Origination fees are some most common hidden car title loan fees that lenders tend to charge. This charge comes from the work put for doing things like calculating your loan terms, customer service, and even underwriting the paperwork.
Now that you have a solid idea of what constitutes as hidden car title loan fees, what can you do to find out if you have them or not? The answer is three letters: APR, also known as Annual Percentage Rate. It is the annual rate charged to anyone that borrows money. This percentage includes any hidden fees that are included in each transaction over the span of a year!
Using the APR, you can find these fees that lenders could place on your title loans. It is also by law that the APR must be explained by lenders and credit card companies before signing any documents to borrow money.
With all this information about title loans, types of hidden car title loan fees, and APR, you might think it’s time to go shopping for title loans. That’s where Max Cash Title Loans comes in!
Are There Hidden Car Title Loan Fees at Max Cash Title Loans?
At Max Cash Title Loans, we are a financial referral service for title loans with connections to many lenders. We try our best to get you some best choices that might be fitting for your financial situation5. The best part? We don’t try to do any hidden car title loan fees of our own. We don’t even charge you fees for our customer service.
That’s right, any services, like calling our representatives and asking questions will not accrue hidden car title loan fees. We don’t mess around at Max Cash Title Loans, and here’s why.
With years of experience in title loans, we at Max Cash Title Loans are there to help you when you need help in understanding hidden car title loan fees and how to avoid them. We would also be sure that your choices are from lenders that may not have these types of hidden fees on their title loans in the first place1.
Contact us today and see how we could get you the title loans that don’t have hidden fees while also providing options that may fit in line with your financial situation today5! If you feel that we at Max Cash Title Loans have done enough to convince you in letting us help you find title loans for you, then don’t fret! Go to our processing page now and see how you can get fast funding without hidden fees1!