How to start a successful car title loan company
Easy steps for starting a car title loans business
How to start your own car title loan company
This article is a complete guide to starting and operating an efficient and profitable car title loan business. It covers the basics of the industry to marketing strategies.
It’s your responsibility to find creative ways to stand out from your competitors to be successful. This article will provide you with some insights on how you can accomplish this.
What Criteria Do I Need To Meet To Open A Car Title Loan Company?
Opening a car title loan company is not as easy as it may seem. There are several criteria you need to meet before you can open your own car title loan company.
- The main ones are:
- You must be at least 18 years old.
- You must have a valid driver’s license.
- You must get licensed in your state.
- You need capital [$25K minimum is recommended]
- You don’t need a physical location
How much does it cost?
Car title loans are a type of collateralized loan. They are used to provide short-term loans for people who need money to purchase cars, pay for car repairs, or to cover other expenses.
The cost of starting up a car title loan company depends on your location and the type of business you want to start. You will need to consider the costs of getting a license, getting the necessary insurance, and setting up your office space.
1st Step? Get a car title loan from a competitor in your area.
- Invest in a 3-ring binder to organize your car title loan project
- Visit a car title loan location
- Your first visit should be on a busy day
- Watch, look, and listen
- Take photos of licensing info and fee structures on the store walls
- Take a photo of the State licensing authority for your state. [Hint: It;s mounted in public view!]
- Learn all you can on this first exploratory visit. Listen to the Customer Service Representatives
2nd Step?
- Call the State licensing authority you took the photo of. Ask about licensing a car title loan business.
- What do you need?
- Can you download the application?
- Do you need a bond?
- Must you have a store? Can you operate online instead?
3rd Step?
- Time to get a car title loan
- Grab your title to your car/truck/RV/boat/motorcycle…
- Don’t have your title? Get a shill. A family member. A friend.
- Experience the car title loan process
- Get copies of EVERYTHING
- Record the process on your phone. [Surreptitiously]
- Borrow the minimum $$$ possible.
- Leave the store
- Return to your 3-ring binder and write down everything you can about your experience
To be continued.
Eventual Conclusion? The Benefits of Starting Your Own Car Title Loan Company
Start your own car title loan company, and you will have the opportunity to make a lot of money. You will be able to provide financial assistance to people who need it while making a hefty profit.
Car title loan lenders typically charge from $10 per $100 loaned each month to $35 per $100 loaned. For example, in Texas, the average is $20 to $35 per $100. In Florida, it’s $10 per $100 loaned PLUS add-on fees like insurance, inspections, DMV fees… This will depend on your state laws. [Even if your car title loan operation is an online model.]
It is not that hard to start your own car title loan company. All you need is a few thousand dollars and some patience.
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Upcoming topics we’ll discuss?
How to Create an Effective Marketing Strategy for a Start-Up Car Title Loan Company
The ABCs of Successfully Running a Successful Car Title Loan Business
What are the Benefits of Owning Your Own Car Title Loans Company?
6 Tips on the Best Ways to Make Money in Your Automobile Titles Loan Business
How to Start a Car Title Loan Business: Handy Tips for Success
Introduction: What is a Car Title Loan?
Why You Should Consider Starting a Car Title Loan Business
How to Get Started with Your Car Title Loan Business
Marketing Your Car Title Loans Company & Building Goodwill in the Community
More coming in our next installment…