Getting Help With Title Loan Relief Title loans are often misunderstood by their critics because of the way they work. What makes them great is they’re a secured loan that most anyone can qualify for even with lower income and not a lot of credit history to speak of. They’re also fairly easy to get […]
Getting Help With Title Loan Relief
Title loans are often misunderstood by their critics because of the way they work. What makes them great is they’re a secured loan that most anyone can qualify for even with lower income and not a lot of credit history to speak of. They’re also fairly easy to get because the background checks are minimal and most of the paperwork you bring to verify information covers things that the lender needs to know in terms of risk when it comes to the borrower. So long as you use a car title loan responsibly and know you can pay it back quickly, a title loan will take care of the things you need it for in the short term. But occasionally you may find it hard to repay the title loan if you’ve had another circumstance come up that are making it difficult, and sometimes you need just a little help with title loan debt relief.
Why do you need to do something about your title loan debt? Chances are you’ve taken out a title loan because your options for other loans are not there, and if you default on your title loan it could lead to more hits on your credit report or financial background, or result in legal actions taken against you. The good news is there are always ways to find title loan relief, some of which are right at your fingertips and can be done so long as they fall within your loan’s terms and your state’s regulations. So what can you do once you’re potentially facing title loan debt payment issues?
Refinancing For Title Loan Relief
Probably the best option to take is getting your title loan refinanced. Car title loan refinancing works basically the same way that other loan refinancing works which means that you could get a new loan that has more favorable repayment options and possibly lower interest rates. It’s something that should be done well in advance of your payment date because title loan lenders will have to perform some of the same steps during the refinancing process that they undertook during the initial title loan application.
The lender will need to appraise your vehicle again and make sure the new loan agreement can be met under more favorable circumstances. You’ll still have to meet deadlines with this new loan, but you’ll usually have a little more time to pay. Bear in mind that some states do have laws on how long title loan relief can be refinanced.
Other Ways To Find Title Loan Relief
If refinancing isn’t going to work out for you, you should consider a few other options. You might be able to find other lenders who offer debt consolidation or other personal loans that you can pay off your title loan with. It may take a little more time to get approved for this kind of loan, but it is usually more than worth it if you can pay down what you owe. If you can’t get a loan with a financial institution or peer group, you may have to do the hard thing and ask those who are close to you for a loan to help you pay off your title loan.
You might also seek out title loan forgiveness if you qualify under any local or state regulations. For example, federal law and many states’ lawmakers are working to make sure military members are not getting taken advantage of with high-interest loans. And most states have other small codes written in to prevent misleading practices by lenders. If your title loan has violated even a small letter of the law, you might be entitled to a refund.
In some cases you need to take the ultimate step to find relief which is selling your vehicle. The process can be a little trickier when you have a lien on the vehicle because you will have to have the lender there to remove the lien from the title once the buyer has paid. But if the sale covers what you owe on your loan and then some, you can keep the excess funds and possibly use them to buy or put a down payment on new transportation.
While title loans do require smart planning on your part to follow through, we offer all information that’s relevant to them. We’re connected with local lenders near you and once you’ve filled out our online title loan application, we’ll make sure you get the title loan that’s best for you. For all other issues, you can visit our FAQ page or give us a call.