THE BLOG

05
Sep

How to Set Up a Title Loan

How to open a title company?

You still trying to figure out how to set up a title loan company?

Still spending hours on your computer “Googling: How to Start a Title Loan Business?” Still haven’t invested in our “How to Start a Car Title Loan Business?”

Here’s some ideas we still use in our title loan and payday loan businesses:

  • First, look around. If there are zero title loan companies in your city they’re probably illegal.
  • Go get a title loan from a competitor. Nothing like getting a car title loan on your dime to see what all the fuss is about. Get copies of everything. Ask lots of questions? Don’t be shy! “Is business good?” “How many car title loans does your store average every month?”
  • Pay off YOUR title loan the following week. If you want to press it and learn about their collection process, push them to the brink of repossing your car 🙂
  • Interview employees of your competition. Setup appointments at the local Starbucks. Be upfront! Tell your title loan applicants you’re new to title loan lending and you’re planning to start a new one. If they’re really good and of value, pay them $50 or more on the spot. Maybe hire one eventually.
  • Run an ad for employees and managers on Craigslist.com like this:

XXXX Cash – Hiring for All Positions
Employment type: full-time
NOW HIRING (All Positions including Management Positions)
(Email Resume or Apply in Person)XXX Cash if you would like to apply.

PT/FT CUSTOMER ADVOCATES
HEALTH BENEFITS & 401K Available for all FT positions.
GREAT BASE PAY, BONUSES & INCENTIVE PLANS
– Bonus Compensation
– Leadership Bonus
– Performance Bonus
– Customer Service Incentive Plans

FLEXIBLE HOURS – PAID TRAINING – A high school degree is required. – XXX Cash will train you on, customer service, all the products and services offered as well as how to perform all duties and tasks.

How to Start Title Loan Biz

How to Start Title Loan Biz

We offer 2 methods to invest in our “How to Start a Car Title Loan Business:”

  • Immediate download in Adobe Acrobat: $237.00
  • We’ll print and ship it to you: $367.00


04
Sep

How to Open a Title Loan Company

Open a Title Loan Company

To open a title loan company, You Must Do This! 

You want to open a title loan company? READ THIS!  THIS IS CRUCIAL! You, or a member of your team, MUST become familiar with the appropriate title loan laws, statutes, legislation, licensing requirements and specific reporting requirements of your state or province.

How to Open Title Loan Company

How to Start Title Loan Biz

The moment our Car Title Manual was created it became obsolete.  (Note: We update both the digital version of our “How to Open a Car Title Loan Business” and our printed version 4 times each year.) It is for this reason we include links to your state regulatory authorities.

ALWAYS contact your state or provincial regulators for the latest car title loan laws, licensing requirements and fee structures.  This generally includes your Department of Corporations, Department of Finance, Department of Motor Vehicles, and/or city hall.

Additionally, do not fail to contact the car title loan software providers discussed in our Car Title Manual.  Visit their web sites.  Contact them for sample contracts and disclosures; we provide several example car title loan contracts as well.  Finally, Burrell Printing [see our Manual] offers a variety of forms, contracts and more for the auto title loan, payday loan, and check cashing industries.

Just as important is the need for you to actually apply for and receive a car title loan in your state or province.  This is a great way to evaluate your competition and get copies of ALL the appropriate forms, disclosures and contracts appropriate for your title loan company.

Always select your biggest and most successful title loan competitor to target.  Typically, they have spent the required funds and utilized the best legal counsel to review their documentation.  Model your materials after theirs.

If necessary, invest in an appropriate automobile to accomplish this.  Any vehicle having a wholesale value of $2000 to $5000, depending on your locale, will suffice. Your must accomplish this task. It cannot be overly emphasized! If this is “painful” it means you must do it. Stretch yourself!~

Always contact your state or provincial car title loan, pawnshop and payday loan trade organization.  The membership is comprised of your peers.  Their meetings and conventions are great opportunities to learn and connect.  See our chapter entitled “Resources” in our “Title Loan Company Manual.”

Finally, to successfully open a title loan company, subscribe to PawnBroker Magazine and Checklist Magazine at 212-807-0148.  Additionally, follow the Buy-Here-Pay-Here Industry. These two magazines are industry trade magazines offering insight, training, conventions, and new products and services that will help you to be more successful opening your title loan company.


We offer 2 methods to invest in our “How to Open a Car Title Loan Company:”

  • Immediate download in Adobe Acrobat: $237.00
  • We’ll print and ship it to you: $367.00


20
Aug

Oregon Car Title Loans

Title Loan Business

Title Loan Business

How to Start a Oregon Car Title Loan Business

Oregon car title loan companies are regulated by Oregon Division of Finance and Corporate Securities:
Toll-free: 866-814-9710
Email: dcbs.dfcsmail@state.or.us
Office Hours: Monday-Friday, 8:00 AM – 5:00 PM Pacific Time

Paying too much for your Oregon title loan? Internet lenders are overcharging residents of Oregon.

Here is the most you should pay for a Oregon payday loan or car title title loan.

Loan Amount

Origination Fee + Interest

Total Loan Cost

$100

$13.06

$113.06

$200

$26.12

$226.12

$300

$39.17

$339.17


If your Oregon car title loan cost is higher, your lender is probably unlicensed in Oregon.

In Oregon the legal limits on what can be charged are:

  • A one-time 10 percent loan origination fee, up to a maximum $30, for a new loan.
  • 36 percent interest.*
  • Only two renewals, or “roll overs,” on an existing loan. After two renewals, you must pay the loan amount and interest in full.
  • The payday or title loan must be for at least 31 days and not longer than 60 days.

Payday or title loan lenders must give you a written loan agreement clearly explaining the fees, percentage rate, payment due dates, and what happens if you’re late with your payments or you default.

All payday loan or car title lenders, including those online, must be licensed by the State of Oregon.

*The annual percentage rate (APR) – the total of all interest and fees calculated on an annual basis – will be 153.77 percent if the lender charges the maximum interest rate (36 percent) and the maximum origination fees allowed.

10
Aug

Start a Title Loan Business?

Want to start start a car title loan business?

This simple approach works! You want to learn how to start a title loan business? We offer all the information you need in our “How to Start a Car Title Loan Business Manual.”

Start Car Title Loan Business

Start a Title Loan Biz

One easy method we discuss? Place an ad on Craigslist for an employee. Get applications and then meet the candidates at Starbucks. It’s common for this tactic to result in a 60 minute meeting with an experienced car title loan employee who will “spill their guts” and reveal every strategy your future car title loan competitor is using to profit lending $$ on car titles.

You may even hire one of these candidates for your own new car title loan business! Or, find an experienced partner! It’s happened to us many times over the 15+ years we’ve been in the car title loan and payday loan industry.

Now, I’m not suggesting you take advantage of these applicants. Narrow down the candidates to those with real car title loan experience. Tell them you’re researching the title loan space and have not yet decided to start.

At the end of the meeting, offer to pay them for their time. If you learned a lot about the car title loan space, it’s fair to give them a check for $50 – $100 for their time and information. This is your call! It’s about integrity!! I am HAPPY to pay for good information. I think of it as an investment. And paying a great car title loan resource $100 for 60 minutes of their time makes a GREAT deal of sense to me! And again, if you “pull the trigger” and start a car title loan business, this applicant could play a key role in your success!

Here’s a very basic sample script for a “Title Loan Employee Wanted:”

  • Title Loan Rep 

    compensation: will discuss
    employment type: full-time

    Qualifications:Bilingual must peak English/ Spanish
    Have a High School Diploma or GED
    At least 1 year experience in Title Loan Industry
    Reliable transportation
    Detail oriented and have the ability to multi-task
    Employment stability
    Please email your resume!!!

Meanwhile, here’s a chapter-by-chapter description of our 300+ page Manual on “How to Start or Improve a Car Title Loan Business” and make money by lending money on titles to automobiles.

08
Aug

Title Loan Marketing Ideas

Car Title Loan Marketing Ideas for your Title Loan Business

One of the most frequent questions I receive is, “How do I get more customers for my car title loan business.”

There are a million ways! Let’s begin with a free, simple method: CraigsList.org. Pull up CraigsList.org on your computer and post your car title loan service. It’s not rocket science. Assign this task to a specific employee to be done weekly. In no time this individual will become proficient at this task. Rinse and repeat REGULARLY! There is no reason why you can’t pickup at least a few new car title loan customers; no matter how small your town. And don’t forget to check their work.

CraigsList-300X249-car-title-loan

Car Title Loan Marketing Ideas

Here’s a nice, real world example of a Posting on Craigslist: This is a real listing!
Title Loans — Instant Cash, Keep your car!!
No Credit Check Necessary!
Get Up To $20,000 Same Day

Need a loan? Have bad credit?… NO PROBLEM!!

We specialize in Automotive Financing and collateral CASH loans. We can give you up to $20,000 instantly, no application fee’s, no pre-payment penalties, and guaranteed lowest interest rates on title loans. You don’t have to sell your car, in fact, you can keep your car and drive it while making payments.

Short Term or Long Term loans up to 36 months financing.

Services we offer. . .
– DMV Registration
– Short and Long Term Loans
– Late Payment Forgiveness
– Your personal online account to view and maintain your loan
– Many payment options to choose from
– No Application Fee’s
– No Pre-Payment Penalties
– Guaranteed lowest rates in the industry
– Up to $20,000
– Same day approval & same day funding
– We credit your account for new referrals

The process is simple and takes only minutes to complete, all you need is the title to your car and you can take home your money the same day. If you have a paid off vehicle and need cash, we can give you a loan based on the value of your car.

We guarantee we will beat any one else’s rates on title loans in the industry.
We can even renew your registration at the time of signing.

Qualifications:
– Car must be 2004 or newer
– Car must be paid off
– Maximum Mileage of 150,000
– You must have the title in your possession

Our company is Licensed and Bonded by the state of California, and we have direct access to the DMV, so we can process your loan immediately.
Do NOT contact me with unsolicited services or offers.
*****************************************************

Are you in the car title loan industry? Or, do you want to get started? Get our “How to Start or Improve Your Car Title Loan Business” now. We have 15+ years of experience in the title loan industry. Let us show you how to make money by lending money. Get our “Bible.”

31
Jul

Car Title Loan Business License & Profits

Car Title Loan Business, License & Profits.

Consumers today are in need of quick access to cash without having to jump through hoops. Demand for car title loans continues to increase while “big brother” attempts to put a stop to it. To entrepreneurs on the “outside,” it’s becoming more difficult to start a car title loan business much less operate one without running afoul of the law.

This is an error in perception. Car title loan businesses can be highly profitable. Witness TMX Finance as but one example. Even in a state such as Florida, where the car title loan laws can be a challenge, the creative Team at TMX Finance manage to offer car title loan products. From its Georgia headquarters, TMX Finance operates more than 1,470 stores in 18 states with plans to grow by more than 20 percent each year through 2017.

How to start a title loan business

TMX Finance Car Title

Of course, there are those who question the TMX Finance car title loan product. They rant and rave about the 100%+ APR. But their car title loan customers don’t complain. More and more consumers caught in a financial challenge seek out TMX Finance and the rest of us to solve their emergency.

Yes, there are always a few knucklehead consumers who abuse the product. Be it a loan, a drug, alcohol, sex, chocolate, Coca Cola… someone somewhere is going to misuse our services.

And, of course, there are product and service providers who take advantage of consumers as well. Witness the front page of the Wall Street Journal every day. Banks, hedge funds, car makers, drug companies, and yes LENDERS do stupid things.

Malcolm Gladwell refers to them as “Outliers.”

But does this mean all these loan product offerings should be outlawed? Certainly not. New entries into the lending industry are appearing almost daily. Technology combined with “big data” underwriting are enabling entrepreneurs to offer financial products to consumers at rates that make sense given the circumstance. At the other end of the scale, your local title loan lender/payday loan providers – now called installment loan lenders – still remain. Why? Because they’re needed. Because of DEMAND! Because the solo-store lender can still make a good profit AND serve her neighbors in need.

Typically, a car title loan is 30 days in duration. Borrowers give the title to their cars, RV’s, boats, motorcycles… for a loan ranging from $100 to several thousand dollars. On the due date, the borrower can pay the interest/fee and renew the loan for the amount of the principal. If the borrower defaults on the loan, the lender can repossess and eventually auction the car to get their loan principal back.

What the anti-title loan contingent doesn’t realize is that we don’t want the car. We would rather “work” with our customer and get them back on track. If this means waiving a late fee or helping our title loan customer avoid a series of NSF’s we’re more than willing.

Fees paid by title loan borrowers are generally in the 8% to 20% per month range. Borrow $1000 for 30 days and it will cost you $80 to $200 per month. These fees are clearly and plainly discussed with each car title loan borrower. No one puts a gun to the head of a borrower. And, despite the claims of our adversaries, we don’t hide the fees or use a 6pt font to disclose the fees.

In Florida, the max interest rate on a title loan is 30%. TMX changed the format of its loans, charging borrowers the maximum interest rate, and then typically adding fees for two types of insurance.  One of the policies reimburses InstaLoan if the car (collateral) is damaged. Borrowers who can’t repay their loans must pay fees for a new round of insurance each month to keep their cars.

This Florida lending strategy can achieve an effective annual APR rate of 100+ percent. It enables TMX Finance to continue to serve customers in need. The insurance sold through InstaLoan is provided by Lyndon Southern Insurance Co., a subsidiary of the publicly traded Fortegra Financial Corp.

Do your homework to apply for a car title loan business! Florida title lender applicants seek a license from the Florida Office of Financial Regulation. The lender registers under a statute for for consumer finance companies that offer longer-term installment loans. The title lender law bans the inclusion of insurance with loans. The consumer finance law doesn’t. Our “Car Title Bible” covers each state. If they already exist in your State, you know they’re legal.

How to Start Title Loan Biz

How to Start Title Loan Biz

Bottom line? Car title loan products are in demand. Title loan lenders can make a profit and serve their neighbors without abusing them. Lacking your local car title lender, where does a borrower of a few hundred to a few thousand dollars go? Hopefully, their first stop will not be a gun shop! To learn how to start your own car title loan business in any state, check out our “How to Start a Car Title Loan Bible.”

 

 

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