Title loans can be a great option for people who have paid off vehicles and find themselves in a bind needing fast cash. Many of our customers come to us with family or medical emergencies, urgent home repair needs, weddings, funerals, graduations, and more.
Unfortunately, defaulting on your title loan can lead to the repossession of your car, which can be devastating to you and your family.
At California Auto Finance, it is our goal to make sure you’re successful at repaying your loan. (Which is also why our monthly interest rates are drastically lower than most other short-term lenders.)
Our default ratio is much better than many other lenders. Why? Because we work with you to keep you IN your car and help you pay back your loan on time.
The most important thing for you to know is that you DO have options! We do not operate under a “make your full payment or don’t pay anything at all (and pay the consequences)” scenario.
Here are three ways we can help you avoid defaulting on your title loan:
This one is your full responsibility, and it is absolutely the most important thing you can do.
If you are running into financial difficulties and foresee being unable to make your loan payments, communicate with your account manager right away. If you don’t communicate with us, then we can’t help you. But if you let us know what’s going on, we can work together to find a solution.
The next two ways to avoid defaulting on your loan are potential options at your disposal that you and your account manager may explore together. They’re pretty self-explanatory, but here they are nevertheless:
An extension allows you more time to make your loan payment.
3. Partial Payment
This is what it sounds like; making only part of a payment instead of the full payment. We are able to modify your agreement and set up a payment plan to get you back on track.
In the end, what you need to know is that we care. We want you to get the money you need and to keep your car. Communicate honestly and openly with us and we’ll do whatever we can to ensure you’re successful at paying back your loan.
If you have any questions about title loans, call us and we’ll walk you through the process. (Se Habla Español.)
Or, if you’re interested in applying for one, click here — it’s free to apply!
3 Ways to Avoid Defaulting on Your Title Loan | California Auto Finance
(featured image source: Dan4th Nicholas, flickr.com)