Life can happen unexpectedly, and when it does, you might not be prepared. There are many reasons why you might be unable to make your loan payments. A car accident could have happened that prevents you from working, or you may have simply lost your job. When the unexpected happens, you might be asking yourself- “can someone else make payments on my title loan for me if I am unable?”

If you currently have a cosigner on your loan, that individual can continue to make payments on your behalf while you are indisposed. Until you get back on your feet, they can continue to pay down your loan. If you do not currently have a cosigner on your loan, you will be strongly encouraged by a loan agent to enlist someone to do so. This could be:

  1. A Close Friend
  2. Spouse
  3. Or Family Member

Asking someone to cosign for you is no small feat, but there are ways to protect your credit and loan in an emergency. Choosing a loan option with flexibility and resources is the most important part of the loan process! Loan options like ChoiceCash Title Loans can have your back when the unexpected happens.

What is a Cosigner and How Can They Make Payments on My Title Loan for Me if I am Unable?

A cosigner is not a requirement for a title loan. If a borrower feels as if they are unable to make their loan payment and keep their loan terms without outside financial support, a cosigner may be added to the loan. A cosigner can be any individual with a strong credit history since their name will be added to the title loan contract.

If at any point during your loan contract you are asking yourself, “what if I can’t make payments on my title loan?” then it may be time to add a cosigner! Any person with a decent credit history can usually be added as a cosigner to the loan as long as they meet the eligibility requirements for a title loan. Typically, most borrowers choose a family member or spouse to cosign with them.

What Happens If I Don’t Make Payments on My Title Loan?

Unfortunately, life happens unexpectedly. There are a lot of reasons why a borrower might be facing financial hardship and are unable to make payments on their title loan. Job loss, unexpected bills, or other factors may be contributing to financial hardship.

If you do find yourself facing a tough financial situation and you are unable to make payments, you can ask someone to cosign for you and take on the financial responsibility.

A cosigner will be responsible for making payments on your behalf if the loan should ever default. Loan default means that a borrower has failed to make a loan payment after 30 days and is past due.

When a borrower signs a loan contract, they sign an agreement that states that they are obligated to repay their debt on time. When a borrower fails to meet that obligation, the loan could enter default and it can hurt a borrower’s credit. In some cases, a title loan borrower could lose their car if they do not fulfill their debt on time.

To avoid default on your loan, you can have someone make payments on your loan while you are indisposed or facing a financial crisis!

How Can I Make Payments on My Title Loan?

If a borrower is facing financial issues and are unable to make payments, a cosigner or outside source can step in and assume the responsibility. If a close friend, spouse, or relative is making payments on the behalf of the borrower, the payment methods are simple. All they will need is the account number and account holder’s information. There are also other ways they can continue to make payments.

Some of these methods include:

  • Pay By Phone with A Credit Card (Fees May Apply)
  • Pay Online Through the Borrower’s Account
  • Pay in Person
  • Mail Payments In

If a borrower knows they will be short on money, but their main source of income is not cutting it, there are some side jobs to consider. While these may not be the most optimal ways to get cash, in a financial crisis they can secure extra funds.

  1. Drive for Uber, DoorDash, or Other Companies: With just a couple hours on a weekend, these jobs could earn substantial amount of cash. Drivers can set their own hours and work when they want to while they earn tips.
  2. Apply for WAG, Rover, or other Dog Walking Services: If you love dogs, consider this side hustle! Third-party sites can take the hard work of finding clients away.
  3. Sell Unwanted Items: If you have valuables that are just collecting dust, now is the time to cash in! Ebay and OfferUp are websites that can help connect you to collectors or consumers that are looking for gently used valuables.

When Should I Consider Refinancing My Title Loan if I am Unable to Make Payments?

When you can’t make your title loan payments, you might be asking yourself- “can someone else make payments on my title loan for me if I am unable?” While a cosigner may be able to make payments on your title loan when you are experiencing a tough financial situation, there are other options to consider.

If you are struggling to make your title loan payments, you could refinance your current title loan with ChoiceCash Title Loans.1 Refinancing your loan could mean more optimal loan terms, which often includes a more affordable monthly payment.

To refinance your loan, you are essentially replacing your old debt with a new one to obtain more agreeable loan terms. These loan terms can include:

  1. Interest Rates
  2. Loan Term Length
  3. Loan Amortization

High interest rates and the length of the loan are why most borrowers refinance their current title loan! With a new loan, your interest rates could be more competitive, and the length of time to repay your loan could be extended. These new loan terms coupled together could make your loan payment more affordable for your new financial situation.

If you are struggling to make your loan payments each month, refinancing your loan is one of the solutions to consider! As long as you have a source of income and your current loan is not in default, refinancing your title loan can be easy.1

What is the Refinancing Process like for Title Loans?

When you apply to refinance your title loan, it is similar to applying for one. With loan options like ChoiceCash Title Loans, the approval process for title loan refinancing is simple, and takes just a few steps!

Here’s what you can expect the refinancing process to look like:

Submit a Loan Inquiry Through the Website, or Over the Phone with a Representative

For this prequalifying step, you will need to answer a few questions about your current loan, vehicle, and income. This can take just a few minutes to do online, or over the phone with a ChoiceCash Title Loan representative! When you call 855-422-7402, a loan agent can walk you through the refinancing process and answer any questions you might have in the meantime.

Send in a Few Documents

Applicants will need to have a couple of documents handy for a loan representative to verify that they qualify for a title loan refinance. While these documents can change from state to state, you can expect to need:

  1. Proof of Income
  2. Proof of Residence
  3. A Government-Issued Photo ID
  4. Recent Photos of the Vehicle
  5. A Car Title in Your Name

For your convenience, these documents can be submitted online!

Get Qualified and Enjoy Your New Loan Terms

If your information is evaluated and you qualify for title loan refinancing, the next step is to sign your loan contract. If you choose to take on a co-signer, then they would go through the same process and sign the contract with you. In these three short steps, you could refinance your loan and receive the financial relief you’ve been looking for!1

Where Can I Get a Title Loan Online?

Ready to get started on a title loan? Whether you are looking to sign up a cosigner or refinance your title loan, ChoiceCash Title Loans can help.1 Get in touch by heading over the website or call a loan agent at 855-422-7402. You’ll be able to find out what your loan options are, and hopefully, get the financial support you need to handle those unexpected moments.