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Do I Give Up My Car With a Car Title Loan?

By Jenny Williee | February 19 2020
220

Do I Give Up My Car With a Car Title Loan? Today it is getting tougher and tougher to get a loan form a traditional bank like Bank of America or Wells Fargo. People are now looking to find alternative ways of getting a loan to solve their cash problems and be able to get a quick cash loan by using their equity that they have in their car.

Do I Give Up My Car With a Car Title Loan?

If you require getting fast cash or an emergency loan, then getting a car title loan is a good option for you. The beauty of getting a car title loan with us is that you do not have to give up your car. You still get to keep and drive your car. All you have to do is make your monthly payments.

You can continue to use the car as you were before, except now we will be the lienholder of the title or the pink slip. All you have to do is to continue to make your monthly payments and keep your title loan in good standing. That is what makes car title loans so good, is that you still get to keep your car. Now you know the answer to the question Do I Give Up My Car With a Car Title Loan?

Unlike auto title pawn where you lose the possession of your car to the pawnshop as they will hold on to the car as collateral. The only collateral we have is the pink slip. This is good for the pawnshop but it is not good for you. You will still need your car to get to work, to be able to pay for the loan.

When you get a car title loan from Car Title Loans California, we will only take possession of the title and add our names to the title as the lien holder. We will do the DMV paperwork to add our name to the pink slip or title.car title loan

With you being able to keep and drive your car, it makes it a lot easier to continue you to go to work. If you cannot get to work, how are you going to pay for your loan? Also, the pawnshops usually charge a higher interest rate than us. So not only do you not get to keep your car with the pawnshop, but you also have to pay them more interest.

We believe in helping you get the money that you need by using your pink slip but still let you use your car and just make us the monthly payments. We can usually give you more money than the pawn shops and we will give you a lower monthly payment. Let’s learn more about Do I Give Up My Car With a Car Title Loan?

By making your collateral loan easy to get and easy on you, we believe that you will be able to take care of your financial problems and just make the monthly payments to us.

Does defaulting on your car title loan affect your credit?

The short answer is yes. When you default on any loan it will hurt your credit.

We do report to the credit agencies, so by making your payments to us, you can start to rebuild your credit. Of course, defaulting on your car title loan, it will harm your credit score.

Trying to build up your credit score, takes time. You want to make sure that you pay your biggest and most important bills first. Paying your bills on time makes a huge difference to your credit score.

Your car note and your rent or mortgage payments are the most important to pay., but please do not neglect any of your outstanding creditors.

When you get an auto title loan you need to make sure that you do make your payments on time and that you can start on the road of rebuilding your credit.

We will remind you when your payments are due, but if you are serious about reestablishing your credit, then paying on time is a must. Now you know a bit about Do I Give Up My Car With a Car Title Loan?

 

How to get out of a title loan without losing your car?

If you are in a title loan contract and you are falling behind on your payments, you need to work out a plan to either refinance your title loan with another title loan company or you need to sell or trade your car. Do I Give Up My Car With a Car Title Loan?

You will not go to jail if you do not pay your title loan but you need to do everything as to not damage your credit. If your credit is bad, you still need to look into not making it worse.

If you do not pay your title loan back then the company can take you to court and make you pay for all of the outstanding fees and expenses.

You will get a charge off on your credit and that will make it very difficult to improve your credit in the future and qualify for lower rates. Avoid charging off with any lender. You will always need to talk to your lender and see if there are any possibilities for you.

We always work with our clients, even if they are behind on their payments. We will always try to help you get back on track.

Car Title Loans

When you qualify for a car title loan and you come in and sign your contract, you will also sign and give us your car title or your pink slip.

Your car title or pink slip is a document that shows who is the owner of the vehicle and who is the lienholder or bank on it.

You will remain as the registered owner but will add our names to the title at the DMV and become the lien holder.

Being able to get a pink slip title loan, is a lifesaver for some people. It allows them to get fast cash. With us, you can get our minimum loan of $ 2,500, the same day that you apply to us.

 

How to pay off a title loan fast? And a few tips.

If you know you have a lump sum of money coming in then it is obvious how you are going to pay off your title loan. For example, you have a settlement coming in or your tax refund check, these are obvious ways to pay us off in a lump sum.

You can also pay down your title loan in larger payments, not just be paying your monthly payment. Do I Give Up My Car With a Car Title Loan?

If you do not have a lump sum and you are just going to make the monthly payments every month, then we have a couple of tips for you to help you pay off your title loan faster and pay less interest.

For example, if your payment is due on the 12th of every month. Then make the payment on the first of the month. By paying your monthly payments early you will automatically reduce the amount of interest you are paying.

If you can try to pay all of your loans or the loans that have the highest interest rate on the first of each month it will speed up the payoff process.

pay off of my car title loanBy paying early, more of your monthly payment will go to your principal and less to the interest.

Another good tip is to pay ahead one month and then you can pay half of your payment on the first and half on the 15th. If you do this, you will end up paying one more extra month per year and again this will greatly reduce your principle.

If you need to sell the vehicle, that is not a problem. You can always trade-in the car at a local dealership or go to CarMax and see how much they will give to you.

You can sell the car your sell on Auto Trader or any other publications like Craigslist.

You will need to know how much your payoff is with us first. You will need to tell the new buyer, that you have a lien holder and if he wants the title, then we will send him the title with written authorization from you.

SO if you cannot or do not want to pay for your car collateral loan anymore, there are a few ways for you to get out of your title loan.

We will remain as the lien holder on the title as long as there is still an outstanding balance left on the title loan.

We will keep the title as long as you still are paying on your title loan. Our loans range from 24 months to 36 months.

You will still be able to keep and drive your car.

As long as you are up to date or in communication with our account services team, you will be fine.

The last thing we want to do is to repossess anyone’s car. It would be far better for us if all of you just make your monthly payments online or trade the car in or sell it.

What happens if I do not pay for my title loan?

First of all, we will repo your car for the non-payments. Then we will see if you qualify for reinstatement.

If you do qualify to reinstate your auto title loan, you will be required to pay the full repo fee. This is usually about $500 plus your past due to interest payments.

If the car has to go to the auction, then is there is a shortage of the sale of the car, meaning we have to sell it at a loss, then you will have to pay for the remaining balance. We will notify you of your balance. If you do not pay the outstanding balance, we can start legal proceedings against you.

If you do not pay the remaining balance then we will have to take you to court, the judge will make you pay the balance.

As we do report to the credit bureaus on your title loan, we will call you to remind you and to find out when you are going to make your monthly payment. Paying the monthly payments when they are due, it the best thing to do.

You will pay less interest if you pay on time and if you pay early, more money will go to the principal balance.

Remember you can always sell your car and get us paid off.

With us being on as lien holder, it will prevent any other lender from trying to get on the title or it will also stop and sale going through because no one can get a clear title until we have been paid in full.

With our name being the lien holder, we have security on the title and the car.

So by tapping into the equity of your car, you can get the cash that you need. It is a fast and easy way for you to resolve your financial pressures.

Call us today and let’s see if we can do a collateral title loan for you and get the cash faster to you than the other lenders. Or if you want to, you can apply online; we will still provide you with our fast approval program. Call us at 844 242 7467. Now you know all there is to know about Do I Give Up My Car With a Car Title Loan?