How To

How To Get a Title Loan And Not Lose Your Car – Checklist

A simple and quick approach to receiving the money you need is through a car title loan. In most cases, borrowers have less than one month to repay the principal plus interest on their loans. If not, the loan balance and additional APR remain attached to them. Your car can even end up being repossessed by the lender. Vehicles typically contain a respectable amount of equity which is why they are frequently used as collateral for loans. This enables lenders to provide a short-term, high-interest cash loan. If you don’t return it on time, you risk having your property taken. That is how some of those businesses continue to operate, which is why many people are interested in learning how to fast pay off a title loan.

How to get a title loan without losing your car?

There aren’t many methods to get out of car title loans completely online without first paying it off because of the car’s involvement with the loan, especially if you don’t want to lose your car. Here are a few options you can take into consideration:

  1. Paying down the debt will be one of the easiest strategies to get out of your title loan. Some lenders may not charge early repayment penalties. So, if you have the money, inquire with your lender to determine if this is the right course of action for you. If you make enough payments, your lender can let you keep your automobile even if you’ve missed multiple payments and it’s about to be sold. Even with the penalties, you might choose to go with early repayment if it means getting out of the loan early and you have only a few installments left.
  2. Agree on a different repayment plan with your car title loan provider. Speaking with your present provider of vehicle title loans is another choice you should think about. This could help you keep your automobile even if it could not help you avoid a car title loan. A reputable lender would typically make an effort to cooperate with their borrowers to get payments on schedule. A more reasonable repayment option may allow you to pay off your loan while retaining your car.
  3. Another alternative is to apply for one more Title Loan with no store visit. Additionally, you have the option of refinancing your current auto title loan with new conditions and a different lender. In this situation, a lender for a title loan might be willing to offer enough money to pay off the previous loan. The new lender will then replace the former lender as the one listed on the title. A new lender may provide more reasonable conditions and cheaper interest rates, allowing you to repay your debt more quickly. To avoid dealing with dishonest title loan companies, conduct your research before selecting a lender.
  4. In desperate situations, borrowers may think about declaring bankruptcy. It should only be used as a last resort because this is not the best choice. You may file for Chapter 7 or Chapter 13 bankruptcy, respectively. The method of debt repayment is where these two Chapters differ most from one another. All of your non-exempt property must be given up under Chapter 7 in order to pay off your debt. With Chapter 13, you design a few-year repayment plan that is required by the court to pay back your debt. Your title loan debt will be erased under either of these circumstances. However, the fees of bankruptcy can pile up and in some situations, they may exceed the amount you owe, so it’s vital to speak with a lawyer before you decide to take that step.
  5. Borrow money from a friend or a family member. Asking for help might be awkward, but if your loved ones are aware of the problem, they are likely to give you a hand. Even though they might not have the resources to assist you, it doesn’t harm to ask. If they agree to allow you to borrow money, make careful establish strict rules for return and extend interest as a favor. Your relationship is more significant than any amount of money.

How to qualify for a car title loan?

A borrower should be the outright owner of the vehicle in order to qualify for a car title loan, there cannot be any liens on the title. Additionally, lenders require certain papers, such as some or all of the following:

  1. The original title for the vehicle indicates sole ownership
  2. Identification from the government that matches the name on the title 
  3. Utility bill or other documentation showing residency in the same name as the title
  4. Current vehicle registration
  5. Evidence of auto insurance
  6. Paystubs or other evidence of ability to pay back the loan
  7. Two or more valid references’ names, numbers, and addresses
  8. Working duplicates of the car’s keys

To obtain a title loan, you don’t need to have good credit. Since the loan is solely based on the car’s resale value, the majority of title loan providers won’t even check your credit. Therefore, you can get a title loan without having a job.

If it happens that the borrower defaults and the lender is granted the authority to repossess the vehicle, some lenders additionally demand that a GPS tracking device be mounted to the vehicle. Some of these gadgets are made to let the lender remotely disable the vehicle.

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The financing is significantly more expensive overall because many title loan consumers renew their loans numerous times. So once more, the ability to repay the loan on or before the due date is the most important factor. 

You have a number of options to try to free yourself if you’ve become stuck in a title loan that is difficult to leave. Take into account a few of the above suggestions to pay off your debt without losing your car. Avoid title loans entirely the next time you need money in favor of the safer, fairer options available.

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