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5 Common Mistakes Car Owners Make During Auto Insurance Shopping

Once you buy a new car, one of the most challenging and frustrating things to do is find auto insurance that is both affordable and comprehensive. In addition, it can be even more difficult to find good rates if you have a less-than-perfect driving record. Here are some common mistakes people make when shopping for auto insurance:

1. Not doing comparison shopping

Comparison shopping is one of the most important steps you can take when looking for a new insurance company. Not only will it help you save money, but it will also allow you to find the best coverage for your needs. There are a few things to keep in mind when comparison shopping, such as the type of coverage you need and the available discounts. Once you understand your needs, you can start shopping around for the best rates. Be sure to get quotes from at least three different companies before making a final decision. 

2. Not understanding your coverage

Another common mistake people make is not taking the time to understand their coverage. Knowing what type of coverage you have and what it covers is important. For example, if you have collision coverage, it will cover damage to your car in the event of an accident. If you have comprehensive coverage, it will cover damage to your car from things like theft, fire, or weather.

Understanding your coverage will help you know what to expect if you ever need to file a claim.  It’s also important to know what your coverage doesn’t cover. For example, most auto insurance policies won’t cover damage caused by flooding or earthquakes. If you live in an area that’s prone to these natural disasters, you may need to purchase additional coverage. 

Lastly, make sure you understand your deductibles. A deductible is the amount of money you have to pay out-of-pocket before your insurance company will start paying for damages.

mistakes people make when shopping for auto insurance
mistakes people make when shopping for auto insurance

3. Not taking advantage of discounts

Not only can driving safely improve the value of your car over time, but it can save you money on car insurance. Auto insurance companies offer a variety of discounts that can save you money. Some common discounts include safe drivers, good students, and multi-policy.

Be sure to ask your agent about available discounts when you’re shopping for a new policy. You might be surprised at how much you can save. In addition to discounts, many auto insurance companies offer programs that can help you save money. For example, some insurers offer usage-based insurance, which is a type of program that uses technology to track your driving habits.

Another way to save money is to pay your premium in full. Many insurers offer a discount for customers who pay their premium in full upfront.

4. Not reading the fine print

When you’re signing up for a new auto insurance policy, it’s important to read the entire policy. You might be surprised to find that your policy doesn’t cover some things. For example, some policies won’t cover damage caused by floods or earthquakes. If you live in an area that’s prone to these natural disasters, you may need to purchase additional coverage. 

It’s also important to understand the terms of your policy. For example, most policies have a grace period for late payments. However, if you cancel your policy before the end of the term, you may not be eligible for a refund. Ask your agent about any terms or conditions you don’t understand before signing up for a policy. 

5. Not keeping the insurance policy up-to-date

If you have any changes in your life, such as getting married or buying a new car, be sure to update your auto insurance policy. If you don’t update your policy, you may not have the coverage you need. For example, if you get married and add your spouse to your policy, you may need to increase your coverage if you have a loan on your car

You should also update your policy if you move to a new state or buy a new car. Some states have different insurance requirements than others. If you buy a new car, you may need to purchase a different type of coverage. Be sure to keep your auto insurance policy up-to-date so you always have the necessary coverage.


Auto insurance is an important purchase, but it can be difficult to understand. These six mistakes are common among car owners shopping for auto insurance. By avoiding these mistakes, you can be sure you’re getting the best coverage for your needs. Here with Car Title Loans California, we want to give you the information that you will need for your auto insurance. 


Can Inflation Affect Your Title Loan?

Inflation in the US has been steady for decades — so now that it’s increasing, consumers are feeling it deeply, and how inflation affects your title loan. The trend isn’t stopping, either. The Financial Times reports that inflation reached 8.6% in May, and it’s only predicted to increase even further.

You may be familiar with the impact of inflation on things like the price of goods and services. This might leave you with one nagging question: can inflation also affect car title loans? Car Title Loans California aims to answer this question below.

How can inflation affect title loans?

Inflation generally occurs when the value of a currency — like the US dollar — decreases in value. This lowers our purchasing power by causing the prices of goods and services to increase. In doing so, it can also affect car title loans. This is mainly because of inflation’s relationship with interest rates. AskMoney explains that inflation and interest rates trend in opposite directions: as inflation increases, interest rates go down. Instead of making it easier for you to pay back your title loan, inflation raises the prices of basic goods and services. You end up spending more on necessities and have little left over to pay for your title loan.

Conversely, inflation goes down when interest rates increase. This is precisely why the Federal Reserve usually decides to raise interest rates in times of high inflation. In fact, CBS reports that it recently raised rates by 0.75% in June — the highest increase in almost 30 years. Ultimately, this means you’ll have to pay more interest over time.

The way inflation affects interest rates can thus make your title loan more difficult to repay. This effect can be exacerbated if inflation continues to rise. With the same CBC report finding that the Fed may continue to raise interest rates to combat inflation throughout 2022, this may continue to be the case.

What can I do to avoid these effects?

Borrow what you need

First, you must make sure you can pay back your loan despite ongoing inflation. Making a budget can help. Take the current basic goods and services prices and subtract them from your monthly income after taxes. Put some money aside for emergencies. What’s left is the amount you can use for loans. Only take out car title loans with monthly installments that you can afford.

Automate payments

Missing out on monthly payments is a slippery slope that can cause a default, so avoid this as much as possible. In “How To Pay Off Title Loans” we wrote about the benefits of setting up automatic electronic payments. These can be deducted from your checking account every month. Doing so will help you avoid missing payment dates. It will also save you the stress of having to login into your account every month just to transfer funds.

Refinance your title loan

You may have already taken out a title loan — or you may find inflation affecting your title loan in the future. The Balance explains that refinancing can help you regain control. Head to your lender with your original loan certificate, your car’s title and vehicle identification number, and any proof of inspections or repairs that have taken place after the loan was taken out. From here, you can inquire about the amount you still owe and pick a loan repayment plan.

Rising inflation can affect your chances of getting the car title loan you need — so it’s best to take steps to soften its impact. Hopefully, this article helps you pay off your loans while keeping your car safe.

The 6 Best Auto Repair Shop Loans & Financing Options

As per the latest estimates, the global automotive repair and maintenance market is expected to grow at a compounded annual rate of 11.4% between 2021 and 2022, here are some auto repair shop loan options. 

One of the biggest growth drivers for the auto repair industry is the number of car sales per year. As these numbers continue to climb, so does the need for auto repair shops. 

This is exactly why many people want to set up their own auto repair shop. However, one of the biggest challenges in setting up an auto repair shop is access to capital. 

Initiating an auto repair business requires a hefty cost outlay; depending on the scale of the business. But the good news? 

Auto repair shop owners can realize their dream of a successful and profitable auto repair shop through different financing options. Today, we explore 6 of the best auto repair shop loans and financing facilities that you can benefit from!


What Are Auto Repair Shop Loans?

But wait…first we need to get acquainted with the basics! Understanding what auto repair business loans are and how they function, is the first step on the road to success. 

Auto repair shop loans are lines of credit extended to auto repair shop owners to fulfill their expenses and expand the business. With the right loans and financing options, you can solve your financial challenges to run your auto repair business. 


So whether you’re a new player in the automotive industry or an established business looking to expand, a business loan can meet your objectives. 

Usually, a traditional and long-term bank loan is the most desired financing option. Unfortunately, the approval rates of large banks for small businesses are quite low. But small banks are more flexible in offering small business loans. 

There are many reasons why auto repair shop financing is required including the following: 

The Cost of Purchasing Equipment


When we are talking about setting up an auto repair business, you will need to purchase a lot of equipment and tools. From engine hoists, and vehicle lifts to air compressors, the list is a long one!


And the worst part? Suppliers don’t care if you are a small business – you’ll still pay the market rates which definitely are not easy on the pocket. 


Plus, if you plan on staying ahead of the competition you will have to do more than just purchase essential equipment for your auto repair business. 


Investing in smart technology has now become a necessity for auto repair shops, to remain competitive and profitable.

The Cost of Purchasing Auto Repair Shop Insurance


Setting up auto repair shops can expose you to many different risks. To insulate your auto repair shop from damage and losses, it’s important to purchase the necessary auto repair shop insurance. 


However, considering the different types of liability and coverage that you will need to purchase, the total cost will be high. And skipping insurance is certainly not an option!


That means that you might need to get a business loan or some other form of auto repair shop financing. It will cover the cost of your insurance and eventually, help you from overcharging your customers to recover the money paid in insurance.


The Cost of Renting A Garage or Space


What’s the first thing you need for starting a mechanic business? A space! And if you want to initiate your business or repair shop at a premium location, you will certainly need a business loan or some other type of financing.


Getting a prime location with a lot of hustle and bustle and footfall is not going to come cheap. But in the long run, it’s going to prove to be an important factor in determining the profitability of your business. 


Additionally, you might also want to choose a shop or garage that has ample space for your office, a repair area, and parking space for your customers. And you already know what more space means….high rent!


At the end of the day, starting or expanding a business will involve a lot of expenses and your eventual bill is going to be a long one. Getting auto repair business loans or some form of financing becomes quite important!


The 6 Types of Auto Repair Shop Loans and Financing Options 

The best part about financing and auto repair shop business loans is that you have 6 different options to choose from! Each type of business loan or financing type caters to different business scales and needs.


Here are the 6 main types of auto repair business loans and financing options that you can benefit from: 


Merchant Cash Advance


If you are looking for a bit of working capital to expand the scale of your shop but don’t want to take a business loan, getting a merchant cash advance can be ideal. 


A merchant cash advance is a type of business financing that allows you to repay the amount through a percentage of your daily sales. This type of business line financing is most suitable for companies that have a huge amount of credit card sales. 


It can be set up as daily or weekly financing, depending upon the requirements of auto repair businesses. 


It is also a helpful tactic to improve the cash flow of small auto repair businesses which don’t qualify for other types of financing. It’s quick but also one of the most expensive types of financing options out there. 

Equipment Financing 


We already talked about how one chunk of your investment is straight away going to be spent on purchasing equipment. Equipment financing allows you to purchase specialized equipment for any of your business lines. 


Using equipment financing, you can secure a loan using your purchase. This also allows you to benefit from better interest rates. You can use this option to finance any kind of equipment; from getting point of sale equipment to getting a new hoist!


Business financing for equipment also comes in handy when you plan on expanding or just updating your machinery. 


Often, you can get equipment financing directly from the manufacturer or the supplier. However, it’s also plausible that you are able to secure a better deal through a bank or alternative lender.


You might have to conduct in-depth research to find lenders that offer the best rates. 

Invoice Factoring 


If you are looking for a transparent option, then invoice factoring is a good choice for you. How does this work, you ask? 


It’s actually quite simple. Under this financing option, you simply sell your open discounted invoices and when your customers make the payment, the amount goes to the lender. 


So if you are looking for some extra cash to upgrade your auto repair business and gave open invoices, you can use invoice factoring.


This is again a great way to source working capital for your business, especially if you are operating on a small scale and struggling with small business loans. But there are three different invoice factoring types and you need to be mindful of what you choose.

The types of invoice factoring include:

Whole Turnover 

In this, you can sell your invoices to a factoring company over a period of time. 

Selective Invoice Factoring 

As the name suggests, you can select and choose the invoices you want to sell over a period of time. 

Spot Factoring 

Do you want to sell individual invoices in a one-off agreement? Spot factoring is the way to go!

With a little bit of research and digging, you can compare providers of small business loans that offer invoice factoring. Choose the one that best meets your requirements!

SBA Loans

The Small Business Administration has mandated guidelines for banks to follow when offering loans. Banks follow these guidelines while giving out guaranteed loans. 

In SBA loans, guarantees from the federal government also help in easing out some of the qualification standards. Usually, SBA loans are deemed to be more beneficial for you if you plan on purchasing real estate for your business. 

However, an SBA loan program might assess and qualify a small business owner who is unable to meet the rigid criteria of the loan. One of the metrics that they will look up if you have been running your auto repair shop for a few years is your personal credit score. 

Ideally, your personal credit score should be above 680 for you to secure this financing option.

Business Line of Credit

When it comes to business loan options, a line of credit is also worth exploring. This line of credit is similar to a credit card and offers a revolving line of credit.

Similar to how a credit card works, this allows you to make purchases against an approved amount. You can also use a business line of credit to improve your cash flow as you make purchases for your auto repair business. 

Sometimes, you can also benefit from promotions under this financing option. If you are looking to make a hefty purchase on a promotion, you might just save yourself from paying interest!

Usually, businesses use this to improve their cash flow or to pay for expenses such as: 

  • Hiring new employees
  • Purchasing new inventory and parts ordering 
  • To fund expansion or an ongoing construction project
  • Cover any cash flow gaps as you wait for clients to clear their invoices
  • To fund employee salaries and wages during an off-season
  • Paying for unexpected expenses or losses


When it comes to lines of credit, you will also get to choose from a secured or unsecured line of credit. The difference between the two? 

The secured line requires collateral while the latter does not. However, an unsecured line might still require small business owners to submit personal guarantees. 

General Purpose Business Loans

If you are a small business owner looking for the best business loan options that don’t restrict you in terms of use, you should look up general-purpose business loans. 

You can secure general-purpose business loans from both online and in-store providers. These types of loans for auto repair expenses afford you freedom in terms of how you choose to spend it. 

These loans, however, come with a fixed repayment term of up to ten years. 

How to Compare Different Financing Alternatives For Auto Repair Shops

Even if you are operating in the same industry, your needs will greatly vary in terms of loans for auto repair businesses.

Here are a few things you need to think about as you evaluate the different financing alternatives at your disposal to choose the one that really works for you: 

The Amount You Need

This one is really obvious. First, you need to calculate your expenses and finalize the amount of loan that you require. Not all alternatives will be able to meet your needs in terms of the amount you require. 

Borrowing more than you need might have you paying unnecessary interest rates, so you should only borrow the amount that you need. 

Loan Repayment Term

It’s important for you to budget your financials and arrive at the estimated time period for repaying your loan. Usually, short-term loans have a lower interest rate but are not suitable for businesses that have restricted cash flow in the short term.

When calculating the approximate time for loan repayment, you should also keep a buffer for unexpected circumstances. This will help you from exceeding your repayment deadline. 

The Interest Rates

This is usually the first thing business owners think about when they apply for loans. Interest rates, represent the cost of the capital that you are going to borrow for your business. 

You should always aim for a lower interest rate, to have a lower cost overall. However, you should always keep an eye out for APR – which are the hidden costs of acquiring a loan. Also, make sure you thoroughly go through other payment terms.

Wrapping it Up

Luckily, there are many different financing alternatives that are available to business owners nowadays. In this post, we have discussed the six different types of financing alternatives that auto repair business owners can benefit from, depending upon their requirements.

Choosing the right auto repair loan options is important, here at Car Title Loans California, we will help you to use the equity that you have in your vehicle.


Buying a car with a salvage car can be a risk because of the cost of repairs and maintenance but they are usually cheap and can be a great option to save money on transportation, you can also get a title loan on a salvage title.

What is a Salvage Title?

A car is issued a salvage title if it has been involved in an accident such that it is seriously damaged. The insurance company considers a car as a total loss if the cost of repairing the car will take a large percentage of the worth of the car. This type of car is given a salvage title.

The degree of damage varies for different salvage cars. You can get a salvage car with little damage and the car still runs well. So, what happens if the cosmetic damage is severe and you need money for the repairs?

The DMV will salvage the title, with the information that they get from the auto insurance company.

Is it Possible to Secure a Title Loan with a Salvage Title?

Yes!!! It is very possible to get a car title loan with a salvage car. However, you need to understand how it works and how to go about it. If you have the salvage title in your name, you can qualify for a car title loan.

If you own the car outright with the title in your name and you can make prompt monthly payments, then you are more than qualified to secure a car title loan with your salvage car.

How Much Title Loan Can I Get with a Salvage Title?

The amount of money you can borrow when you apply for a salvage title depends on the value or worth of the car. Most cars with salvage titles are usually worth less than cars with normal car titles, but this is not always the case in some situations.  

A classic car or a car that is in demand with a salvage title can still be worth more than a car with an ordinary car title. You can check the worth of your car by using an online title loan calculator, you would need to submit certain information about your car to get how much it is worth.

You would need to provide the model, make, year, mileage, and style of the car to know how much it is worth. If your car has enough equity, you can get pre-approved for a car title loan even with a salvage title.

What documents do I need to provide for Title Loans on Salvage Title?

You need the following documents to apply for title loans on salvage titles from Car Title loans California;

  • Photo Identification or Proof of identity. You need to provide a valid photo ID here, this can be your state-issued ID, passport, or driver’s license.
  • Car title in your name.
  • Proof of Address such as utility bill, cellphone bill, credit card statement, voter registration card, or house deed.
  • Proof of income to show your ability to repay the loan. In this case, you can provide your bank statement, social security benefits statements, paycheck stubs, annuity, or pension benefits.
  • References. You can submit either professional or personal references.



If you want to know how to pay off a title loan that is becoming boring for you, do not look any further, we will provide you with the tips you need to get yourself off that hook of a title loan that is now tiring., here at Car Title Loans California, we will help you.

How to Pay Off Title Loans

First, you need to discuss with your lender to know what options are available to you. Find out how much balance you have on the loan including all charges that may be involved. Once you are able to find out this from your lender, then you can proceed to pay off the loan via any of the options listed below;

  • Pay by Phone: you can pay off the loan by phone using a debit or credit card to make monthly payments. This is why you should ensure that your lender has a secure payment system before taking out a title loan from them.
  • Set up Automatic Payments: You can use your checking account to set up automatic electronic payments from your account every month. This will save you the stress of having to log in every month to make monthly payments. It will also prevent you from missing payment dates.
  • Pay online with my Account: If you have your reservations about automatic payments, you can still log in every month to make payments while using your checking account as your preferred payment method.
  • Pay with Loan App: If your lender has an app, download the app. This can help you to keep track of your payment history, it will help you to easily access how much you still owe, and view your statement to know how well you are progressing with paying off the loan.
  • In-person Visitation: You can also walk in to make an in-person transaction towards paying off the loan. You can walk into a local loan store in your area or visit a local MoneyGram to make your payment.


How to Pay Off a Title Loan by Budgeting and Side Hustles

Budgeting is a great way of managing your finances, it helps you to be organized financially. When you have a good budgeting strategy, you can easily track your spending to avoid impulse buying.

Budgeting to Pay off Title Loans

You need to break your plans into three categories; Bills that do not change, The things you are paying off, and bills that vary.

  • Constant Bills: This includes your rent, utility bills, or other bills that include child support. Some of the bills in this category are those that you can’t do without. However, if you have memberships that you can put on hold or do without, then you may have to consider getting rid of some of the memberships to save more.
  • Bills to Pay Off: The bills in this category may include house payments or vehicle payments, and credit cards. Try to pay off the minimum balance on your smaller loans and credit cards and try as much as possible to avoid using the credit cards except if it is an emergency.
  • Miscellaneous Spending: This category includes groceries, food, gas, and home shopping. Try to manage this category well and ensure you buy only items that are essential.

Side Hustles or Jobs

You can also engage in side hustles or engage in other jobs that can fetch you more income. Some of the extra jobs you can engage in include;

  • House cleaning
  • Babysitting
  • Personal assistant
  • Dog walker
  • Uber/Lyft
  • Tutoring
  • Sell unwanted accessories or clothing
  • Consultant businesses

Trading Financial Credit, LLC may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. Trading Financial Credit, LLC does not offer or service student loans. California loans are made or arranged pursuant to a California Financing Law License : 603-8192. Arizona: Loans made pursuant to Arizona Department of Financial Institutions.

New Mexico: Loans made pursuant to New Mexico Regulation and Licensing Department Financial Institutions Division Small Loan Company License. Small Loan License 02069

*Credit approval is subject to Trading Financial Credit, LLC credit criteria standards. Actual loan amount, term, and Annual Percentage Rate of the loan that a consumer qualifies for may vary by applicant. Minimum loan amounts vary by state. Consumers need to demonstrate ability to repay the loan.

*Application processes could take five (5) minutes to complete. Upon completion, a conditional approval may be given pending review of documentation. Funding time is based on the time from final approval following receipt and review of all required documents and signing, prior to 5PM PST on a business day.

*Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.

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