A title loan may have helped you quickly take care of an impending due date, but what if you can’t pay your title loan anymore because payments have become too high? What do you do?
What Not to Do When You Can’t Pay Your Title Loan
If you are struggling financially and you can’t pay your title loan, you should not avoid your title loan agent or stop making payments! Even if you think you can make this month’s payment on time or in full, talk to your agent anyway if your circumstances have changed and your payments are now simply too high. There is a chance your lender may be able to help you renegotiate terms or even refinance altogether.
If you avoid talking to your title loan agent and you keep missing payments, you could fall into default. Default is when a borrower fails to meet their loan obligations. Default can negatively impact your credit and finances.
With ChoiceCash Title Loans, you can rest assured knowing title loan agents are compassionate and considerate. They will attempt to contact you and help resolve any issues you may experience so you can keep making your payments. But if you don’t establish contact and stop making payments, then your car could be repossessed!
What to Do When You Can’t Pay Your Title Loan and Your Car is Repossessed?
When you can’t pay your title loan, you could fall into default. If you are in default but still fail to initiate contact with your title loan agent and cease making your monthly payments, your car could unfortunately be repossessed!
Your car will be towed away and taken to a secure lot. At this point, a car title loan agent will still attempt to contact you and establish a payment plan. Even if you are concerned about your financial situation, you can work out a plan of action with ChoiceCash Title Loans. The worst thing you can do is nothing.
If you do not make any attempt to regain your car, the car will be sold at auction in an effort to regain the remaining title loan amount. But if the sold amount is not enough to cover the title loan balance, then you will still be responsible for the difference.
ChoiceCash Title Loans work with borrowers struggling to make payments. Life is turbulent and circumstances can change. Call (855) 914-2945 to speak with your title loan agent.
Refinancing When You Can’t Pay Your Title Loan
One of the best options if you can’t pay your title loan is to refinance! Refinancing is when you replace a current loan agreement with another.
Title loan borrowers choose to refinance for a variety of reasons, such as:
- Lower Monthly Payments: Can’t pay your title loan because yourmonthly payments have gotten too high for your income? Refinancing could help you get more affordable terms!
- More Emergency Funding: If your current title loan amount is not enough to cover a bill or expense, you may be able to get more funding by refinancing in certain situations.
- Lower Rates: If your current interest rates are too high, refinancing a car title loan could provide you with lower rates that make the repayment process easier.
- Better Customer Service: Are your current title loan agents hard to reach and unhelpful? Refinancing could help you get better customer service.
A title loan borrower does not need to refinance with their current loan provider. For example, if you do not like your current customer service experience, you can choose to look around for a different title loan experience.
ChoiceCash Title Loans provide an amazing array of benefits for qualified borrowers. One advantageous perk is the quick approval process, which may allow you to get your money in as little as 24 hours!1
Take a look at the straightforward 3-step inquiry process below:
Step 1: Starting the Title Loan Inquiry
If you can’t pay your title loan and are interested in refinancing with a ChoiceCash Title Loan, all you have to do is call or click online!
By using the online title loan calculator, you could get a free estimate for emergency funding!1 All you have to do is provide a few details about your car, such as the make, model, style, year, and current mileage. If your car has sufficient value, you could receive a pre-approval decision in minutes!1
If you prefer to speak with a title loan agent directly about your specific situation, just call the toll-free number (855) 914-2945.
Step 2: Turning in Your Documents
To move forward with the approval process, you can start submitting your required documents. A lot of these documents may have been used when you obtained your current title loan.
With ChoiceCash Title Loans, you receive the convenience of being able to upload all of your documents online. Just scan them onto a computer and email the files or take pictures using a mobile device.
These are the general documents you may be asked to provide:
- Car Title: The car title is used to secure the title loan, so it is required for approval. If you can’t pay your title loan and are seeking a refinanced loan, then you will need to provide the title loan agreement for your current loan so arrangements can be made to transfer the car title.
- Proof of Income: To refinance a loan you can’t pay, you need to show proof of income. With ChoiceCash Title Loans, you can use alternative documents if you are not traditionally employed.You can provide paycheck stubs, government award letters, bank statements, Social Security benefit statements, and more!
- Proof of Residence: To prove you currently live where you say you do, you can showrecent utility bills, credit card statements, a voter registration card, a rental lease, etc.
- Proof of Identity: As proof of income, you can provide a government-issued photo ID, such as a driver’s license, state ID card, or passport.
- References: You may be asked to provide references, but you could choose between personal references, professional references, or a mix of both.
- Photos of the Car: You may have completed an in-person car inspection for your current title loan. But with ChoiceCash Title Loans, you can just take photos of your car using a mobile phone!
Step 3: Getting a Refinanced Title Loan
Once you have uploaded all of the necessary documents, a title loan agent will verify your information and make a final approval decision. If approved for a refinanced loan with ChoiceCash Title Loans, you could get better terms that allow you to pay your title loan without struggle!
Get your money easily and conveniently through a check in the mail, direct deposit, or at any participating money transfer location near you.
Easily Pay Your Title Loan
Thinking of obtaining a title loan but are worried you can’t pay the monthly payments? ChoiceCash Title Loans offer a lot of financial benefits for qualified borrowers. If you’re thinking of refinancing your loan know that you could get terms that allow you to pay less over time!
By continuously paying your title loan on time, you could get lower and lower payments over time.2 Both your interest rate and your monthly payment amount could keep decreasing!2
With ChoiceCash Title Loans, there is no need to worry about not being able to pay your title loan!
Working a Side Job When You Can’t Pay Your Title Loan
With ChoiceCash Title Loans, you can pay off your title loan at any time! There are no prepayment penalty fees. So if you want to save on interest and regain your financial independence, one of the best ways to do this is to increase your income!
Take a look at some side job options for paying your title loan quicker:
- Sell Your Unused Items: To get some supplemental cash to pay off your title loan, you could sell used or gently used items online! You could sell anything from designer clothes, collectibles, electronics, and even furniture. By using a website such as eBay or Poshmark, you could get some quick cash if you can’t pay your title loan or you simply want to pay it off sooner.
- Complete Online Surveys: Completing online surveys is a great way to earn some quick cash if you can’t pay your title loan! There are plenty of legitimate online survey jobs that require minimal work!
- Deliver Groceries or Food: By delivering groceries or takeout on the weekend, you could get some extra cash to pay your title loan! There are plenty of online options to choose from. You could sign up for Shipt Shopper, Instacart Shopper, DoorDash, Uber Eats, and more. Best of all, there is always the potential to earn tip money!
- Rideshare: By signing up for a rideshare app you could get the money you need to repay your title loan sooner! Some options include Lyft and Uber! You can choose when you want to work and which trips you want to make. There is even the potential to earn extra in tips.