1-800LOANMART Buyer Be AWARE Encino California

Just a heads up!

Before taking out a Vehicle Title Loan from this (or any other) company there a several things you must be aware of.

1) The terms of these loans are NEITHER FAIR NOR EQUITABLE! In most cases you will be paying upwards from 300% if you cary the loan out to it full term. (i.e. a $3000 Vehicle title loan for 36 months at a repayment schedule of $260 per month = a total payback amount of $9,360.)

2) The people that you deal with are only polite on the day you make the deal. After that they will threaten, they will harrass, they will hound, you and anyone you use as a reference.

3) The company itself will fee you to death. Every little thing will have a fee attached to it. If you are behind on a payment (it happens... for whatever reason) all avenues of free payment are blocked. They will not take a check, you cannot make an online direct payment (this part completely baffles me.) You MUST make a trip to the nearest Money Gram location and use their services at a whopping fee of $10 per transaction.

Here are a few things to consider before deciding to use this (or any other) vehicle title loan service.

1) How badly do you need the cash and what do you need it for?

If you are choosing a title loan to pay a debt you are trading one debt for another MUCH bigger debt and you risk losing your car.

2) Are there other avenues with which you can get the money?

If you have okay credit you might consider a personal loan or getting a decent unsecured credit card that has a decent cash advance policy. If your credit is not so good then you might consider borrowing from a friend or a family member or even taking out a pawn loan on something of value (jewelry, or computer or tools) that wouldn't leave you in a bad situation if you became unable to pay it back.

3) What can you afford to borrow?

When you take out your vehicle loan a common mistake is take the full amount you are told you are entitled to. DON'T! If you are told you can take $3000 but you only need $1200 there is no rule or law that says you have to borrow $3000. Repayment of a smaller loan is much easier and the risk of losing your vehicle greatly decreases. Keep in mind that if you are making $2500 a month at your job and your bills come to $2300 a month before groceries you cannot afford a $260 a month car payment.

Weigh ALL these considerations CAREFULLY before agreeing to ANY Vehicle Title Loan.

Good luck and God Bless.

JMT Hesperia, California
U.S.A.