Registration loans are a popular emergency loan option because they offer fast cash to all kinds of people–even those with bad credit. If you obtained a registration loan but are now dealing with default, don’t despair.
There are options available to you when you are dealing with burdensome circumstances, such as inquiring for a refinanced loan with ChoiceCash Title Loans!1
How Does a Registration Loan Borrower Default on the Loan?
Default occurs when a borrower cannot keep making payments due to financial difficulty and they end up missing numerous monthly payments. The exact number of missed payments that lead to registration loan default depends on the specific registration loan company you work with and the state you reside in.
Dealing with default can not only be overwhelming for you, but it could harm your finances and future loan options in the long run. Your payment history makes up about 35% of your credit calculation! Paying on time is the most important factor when it comes to your credit history.
Once a registration loan borrower is in default, they are typically contacted by their loan agent. But dealing with default can be incredibly stressful, which is why some borrowers avoid talking to their agent. But if a borrower is missing payments and avoiding their agent, then it is possible that their car could end up getting repossessed!
What Happens when a Registration Loan Borrower in Default Gets their Car Repossessed?
If a registration loan borrower is dealing with default and makes no attempt to get in contact with their loan agent, then their car could get repossessed.
Some registration loan lenders keep the car in their possession during the repayment process. If a borrower is dealing with default and doesn’t make an effort to reestablish payments, then the borrower could lose ownership of their car and that car could then be sold at auction to recoup the remaining registration loan amount.
But if a borrower has the car in their possession, the registration loan company has the legal right to send someone to retrieve the car. This could also mean having someone come onto your property and repossess your car during the day.
When dealing with default on a registration loan, it is best that you talk to your loan agent–no matter how terrifying that may be. Explain why you have been missing payments and what you plan to do. The registration loan lender may suggest some options, such as an extension or refinancing. Depending on your situation, refinancing your loan may be the best course of action.
Can a Registration Loan Borrower in Default Refinance their Loan?
Refinancing is an option available to borrowers that are experiencing financial difficulty or simply want better terms. If you are dealing with default on a registration loan, your agent may suggest refinancing as an option.
Generally, a borrower will refinance their loan for the following reasons:
- To get lower monthly payments
- To get lower interest rates
- To get longer repayment terms
- To get better customer service
- To get additional emergency funding
The refinancing process is similar to inquiring for a new loan. If you have a registration loan, you are not limited to that singular loan type. You could choose to refinance with a different loan company and obtain a different type of loan.
Once you decide you want to refinance your registration loan, you could start the inquiry process by contacting a loan agent. If you want another secure loan and to continue using your car as collateral, you will be asked to provide contact information for your current loan provider.
Refinancing could potentially help you reclaim financial stability and avoid getting your car repossessed! And if you refinance your registration loan with ChoiceCash Title Loans, you could get exclusive benefits that make repayment easier and far less stressful!1
Do I Qualify to Refinance My Registration Loan if I’m in Default?
If you are dealing with default on a registration loan, know that you could possibly refinance with a ChoiceCash Title Loan!1 If you qualify, you could get a new loan agreement with different terms!
You could find out if you qualify in as little as 5 minutes!1 Call 855-422-7402 to speak with a title loan agent or use the online title loan calculator. You will be asked about your car details, such as the make, model, style, year, mileage, and current condition. Inform the title loan agent that you are inquiring about a refinanced loan.
You may be asked why you are interested in refinancing, so be honest about your current situation and explain that you are in default and are seeking financial assistance. By providing all of the details up front, you could speed up the inquiry process and get an accurate pre-approved decision.
If you are deemed eligible for a refinanced title loan, you could start the approval process and possibly get your money in just 24 hours!1
What Documents Do I Need to Refinance My Registration Loan if I’m in Default?
Dealing with default on a registration loan doesn’t have to lead to repossession! Refinancing your registration loan could help you keep your car and possibly get lower payments.
If you are pre-approved for a ChoiceCash Title Loan, you could start gathering your documents for approval! The documents required may be similar to the ones you used to get your current registration loan.
This is a general list of required paperwork for a refinanced ChoiceCash Title Loan:
- Registration Loan Agreement: If you dealing with default and you want to refinance a registration loan with another loan option, you will need to provide your current loan agreement and the contact information of your current loan company.
- Car Title: Your car title is necessary in order to qualify for a title loan. If you have a registration loan, you may have had to use your car registration and not your car title. But if your registration loan company currently has your car title, then ChoiceCash Title Loans may be able to help.
- Proof of Identity: To prove your identity for a refinanced loan, you must have a valid government-issued photo ID. Potential borrowers can choose to show a state ID, driver’s license, or passport.
- Proof of Address: An eligible borrower can show proof of their current address through utility bills, a rental lease, credit card statements, and more.
- Proof of Income: As proof of your ability to repay a loan on time each month, you can choose to show paycheck stubs, bank statements, government award letters, and more.
- References: You may be asked for professional references, personal references, or a mix of both.
- Photos of the Car: To use the car’s title as collateral for funding, you need to complete a car inspection. With ChoiceCash Title Loans, you could just submit photos of the car instead of getting an in-person inspection. If your car is currently in the hands of a registration loan lender, then speak to a ChoiceCash Title Loan agent.
ChoiceCash Title Loans offers qualified borrowers a convenient online inquiry process that saves time! Instead of having to turn in your required documents in person or by mail, you could just upload them online! Use a printer scanner to scan your documents and email the files to an agent or use your smartphone to take photos and then email or text them.
How to Get Approval for a Refinanced Loan if Dealing with Default on a Registration Loan?
In order to get fully approved for a ChoiceCash Title Loan if you are dealing with default on a registration loan, you will need to upload all of your documents for verification!
Once the title loan agent receives your documents, they will verify your information and contact your current registration loan agent to start the transfer process. ChoiceCash Title Loans may potentially be able to help take care of your remaining registration loan balance.
Once everything is good to go, you could get fully approved for a ChoiceCash Title Loan!1 Your title loan agent will draw up a new agreement for you with new terms. You will go through the document in detail with the agent, so make sure to take all of the information in. Don’t sign the title loan agreement until you explicitly know what is expected of you.
Once you are confident with the information presented to you, go ahead and sign on the dotted line. You will be given a copy of all of your documentation so keep it in a safe place. You can then choose how you would like to receive your title loan money!
There are three main options for title loan money retrieval:
- Receiving a check overnight in the mail
- Getting direct deposit
- Get your money in person at a participating money transfer location
If you are dealing with default on a registration loan, know that you don’t have to keep struggling! Inquire for a ChoiceCash Title Loan today by calling 855-422-7402!