While nobody wants to consider defaulting on their title loan, not making a payment is a genuine possibility. Potentially, it could result in the repossession of your vehicle. In these still troubling times, there are several reasons people may fall behind on their payments. Understanding title loans and repossession laws are critical to weighing your options and settling on a solution. Rapid Auto Loans is here to explain everything you need to know to avoid title loan repossession.
Title loans are a good option for people finding themselves in need of money quickly. Often, people who take out title loans cannot secure a personal loan from a bank or other financial institution. For many, title loans work well when they find themselves short on money but expect to receive funds in a timely manner. When applying for a title loan, you place your vehicle as collateral, allowing you to borrow up to its total value. No matter the reason you need a title loan, it's critical never to borrow more than you can pay back. Defaulting on the loan may result in the repossession of your vehicle.
Not making your title loan payment on time violates the legal terms of your agreement with the lender. Not only does defaulting mean possibly losing your vehicle, but it will also negatively affect your credit. In the case you find yourself facing repossession, you should:
It may seem obvious but making your payments on time is the best way to avoid repossession. Financial challenges happen, but you should make sure that you have the funds available. One effective way to do this is to set up automatic payments with your bank. Avoiding frivolous spending during your loan term is also valuable. Prioritizing paying back the lender is critical to keeping your vehicle.
Often, your creditor will be willing to work with you on your payment. One way to help avoid repayment is to offer them what you can afford at that time. Lenders want their money, which allows them to get something if you are unable to make further payments. Your creditor may also offer you options for lowering your interest rate or even lower payments.
While not an ideal option, refinancing your title loan may save your vehicle from repossession. Your lender will often extend the terms of your loan. Another possibility is to find an additional creditor to extend your credit. On the upside, you will be able to make your initial payment. The major downside is that you will now be responsible for additional charges and payments.
If you find yourself completely unable to make your title loan payment, you may want to consider filing for bankruptcy. While not ideal, this will at least temporarily prevent repossession. Bankruptcy also stops collection actions on the balance due, debt lawsuits, and wage garnishments. Whether you file for Chapter 7 or Chapter 13 bankruptcy, there will be provisions for payment on your title loan.
At Rapid Auto Loans, we understand that hardships happen. Since 2009, we have been helping clients throughout Florida secure auto title loans in as little as 30 minutes! The last measure we want to take for those who cannot make a payment is repossessing their vehicle! Rapid Auto Loans offers our clients a 10-day grace period if they cannot make their payment on time. If you cannot make the payment after that, we want to collaborate with you to find a solution that works! If you have any questions about title loan repossessions or would like to apply for a car title loan, call us at (954)-678-5781 or apply online today!
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