How Long Before a Title Loan Repossession?
June 06, 2018
Unfortunately, unexpected financial obligations can come up and put your budget on a strain if you can't find a way to handle them. The good news is, there are options. If you've got bills you didn't expect, household repairs, medical expenses, or if you just want a little extra money to spend without putting your family in a bind, and if you have a free and clear title to your car, there are car title loans available to allow you to get the money you need when you need it. Car title loans
are convenient and open to anyone who has a vehicle that is paid off.
How Does a Car Title Loan Work?
A title loan is an ideal loan for emergency situations because almost anyone can get a title loan and because title loans don't take a lot of time to acquire. Unlike loans from banks and other lenders, a title loan requires very little in the way of paperwork, car title loans don't require that the borrower have a spotless credit record, and car title loans only require a lien-free tile as collateral for the loan you receive. This is great news for someone who has no real resources and who is in need of money fast. Even if your credit is less than perfect, you can still get a car title loan. Also, since car title loans go by the value of your vehicle and not your credit, there are typically no credit checks, which can affect your credit score.
To get a car title loan, you visit a car title loan company, bring in the title to your car, fill out the necessary paperwork, and the representatives of the title loan company let you know how much your loan amount will be based on the value of your car. You will not be required to leave the car you're putting up for collateral. You will still be able to use it for your day to day errands, getting back and forth to work, and anything else that requires the use of a vehicle, so there is no interference with your life.
How Long Before a Title Loan Repossession?
No one goes to get a title loan intending to default on the loan and have their car taken by the title company. Title loan companies don't want that to happen either. They are in the business of making loans, not taking cars away from people. If a title loan company has to take a vehicle because a client defaults on a loan, this results in more work for the title loan company. It's something they would rather avoid, but they aren't in the business of losing money either. Remember, car title loans are risky for the lender, so yes, they have the right to take possession of a vehicle if the borrower chooses not to repay a loan, or for some reason cannot repay a loan.
In the event there is a problem repaying a title loan, the question becomes, how long before a title loan repossession? How long before the title loan company can legally take a car to cure the loan? The simple answer is immediately. If you miss a payment, you are in default of the loan and the collateral (the vehicle) can be taken. That's the bad news, but there is good news too. As mentioned earlier, title loan companies don't want to take a car away from someone. They would rather have the loan paid off. This means there are usually options available to the customer that can save a vehicle from being taken to pay off the loan.
First, customers can always read the contract they sign when taking out a title loan. The contract they sign will specify up front everything the consumer needs to know about the loan they're getting, including what will happen, and in what time frame, if they don't repay the loan. Car title loan companies are up front about the service they provide and what it entails.
Next, if customers find themselves in a situation where they may have trouble repaying a loan, or where they might be late on a loan payment, or even if they think they will miss a payment, they should approach the title loan company and be honest about the situation. Avoiding phone calls and trying to hide from the loan company is not a good thing and can complicate matters. Not all title loan companies operate on the same model, but many of them are willing to work with customers to get a loan paid off. Avoiding any type of loan company only leaves the lender with one conclusion to draw, so be honest and ask if there is a grace period or some other arrangement that can be worked out. Many title loan companies are willing to work with customers to get the loan satisfied without resorting to taking a vehicle. While there is no guarantee you can work out an arrangement, in many cases, a simple phone call or visit to the car title loan company is all it takes to find an alternative to taking possession of a customer's vehicle. Finding a solution is really a win/win situation for all parties involved.
If you're in a financial bind and need a quick car title loan in Florida, Quick Cash Auto Loans is the best option for car title loans in Florida. We're always here to ensure you get the money you need for whatever reason you need it. Whether you have unexpected medical expenses, monthly bills, or home repairs that need to be taken care of immediately, we can get you a loan that will help take care of those problems and alleviate the stress from your life. As long as you have a clear car title, bring it in and let us help you get your financial situation back on the right track.
Quick Cash Auto Loans is a consumer finance company licensed in Florida under statute 516. Our goal is to get our customers the loan they need without hassle and without the stress often associated with trying to get a loan through a traditional lender. At Quick Cash Auto Loans, we understand that life can throw you a curveball. We value your business and care about every customer and their individual needs. We keep the process of getting a loan simple. All you have to do is fill out the form on our website and we'll contact you immediately to set an appointment in our office that is convenient for you. We will assess your vehicle for you and let you know the amount of the loan you qualify for, and in most cases, issue a loan for you right there.
There's no need for a lot of paperwork, personal questions about why you need the loan, or digging into your credit history. The amount of the loan we can offer is based on the equity in your vehicle. There really is no easier or better way to get a quick loan than with Quick Cash Auto Loans. Our number one priority is always to help you get the trouble-free loan you need to put the stress of a financial emergency behind you. We won't even keep the car you use to secure your loan. You will be able to continue to use it as you normally do, which means your life won't be disrupted as you go about the business of taking care of your day to day life. The make or model of your vehicle doesn't matter. At Quick Cash Auto Loans, as long as you have a clear title, we can issue a loan based on the equity in the vehicle.
Car title loans are easy to secure through Quick Cash Auto Loans, so get started today by giving us a call at (786) 600-3411
or by filling out the form. We look forward to helping you get the best possible loan today.
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