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Tips To Stop A Repossession From A Car Title Loan

The best way to stop a car title loan repossession is to effectively communicate with your title loan lender. It’s the same strategy you would take if there was a situation where you fell behind on a mortgage or vehicle loan. Believe it or not, finance companies don’t want to deal with the hassle of taking your vehicle. Same is true when they need to foreclose on your house or take your car if you fall behind on the monthly car payments. If you fall behind on your car title loan payments it’s crucial to reach out to your customer service representative. That means you need to work with the lender on a daily basis and let them know you are doing all things possible to get back to current on the title loan payments.

What To Do If You Are At Risk of A Title Loan Repo

You should always make your car title loan payments directly with the lender instead of getting them automatically deducted every month by going online. If you do, you might get caught in another sharp loan scam that involves car title loan repossession laws. Online title loan lenders will never ask you to write checks unless they’ll get a signature and copy of the check. Talk with your online title loan provider to workout a payment planThey sure won’t ask for a fee or other information upfront. And it is almost unheard of for them to charge you for fees with car title loans online. You are the customer! You can choose to provide the lender with whatever information they need. If you ask for your money up front, then they might take advantage of that. Tell them you will pay money fast to avoid late fees. You can always tell them you can finance a car payment for a while or that you want to pay it off fast in which case they might work with you. But, in the future, they can always work with you and figure out a payment program that works for you.

Our Tips to Prevent A Car Title Loan Repossession

When you borrow money from a title loan company, you can dramatically reduce the amount of paperwork you have to file. You can try and apply online, but if you’re extremely busy you’d have problems. I recommend that you make your application in the morning and send it to your lender the same day. Of course, you have to have a direct deposit checking account with the online title loan company or a check to them from your own checking account. It’s also important to know the current title loan state regulations before contacting an attorney.

How to Know Your Lender Is Going To Repossess Your Vehicle

The next tip is to order the loan title or pink slip for your car without having it shipped to you. Then, still on the internet (but not on the car!) hit the car lot where you buy your car. The indicator has to say that you ride on the lot until after the vehicle is underwritten and documented. You can also ask them to hold on to the car for you till they can cover the debt, but you won’t be able to sit in your car and pay them for 90+ days! Besides, you’ll have to take the vehicle to a safe and secure location and leave it for repossession. Needless to say, you need the money to get to work. You’ll lose your mind with the amount of incredible fees they charge to do these things and the mistake (which is common) you can make by not reading the fine print they slip into the loan papers.

Don’t wait until you have no alternatives but to send them money, because in all probability, it will cost you more money and add a load of paperwork that you must fill out and sign. Check with your state repossession laws and find out what legal protections you have. In the long run, it will cost you more money, in time and trouble. Go get your money from the bank! But if you must, do it online and contact your lender to avoid a title loan repossession!

Vehicles ready to be sold in line with title loan reposession laws

 

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I’m Approved For A Car Title Loan – When Can I Get My Cash?

The entire process of applying for a car title loan can be completed in between 15 and 30 minutes. But it can take anywhere from a day to a week to actually get your money when you put a vehicle up as collateral. It often depends on how fast you can do your part and the underwriting of the company you’re working with. Some companies will need extra information from your employer or recent vehicle history. Most lenders that provide instant car title loans will still need to do a vehicle inspection. This is even more difficult to do now with the current Covid lockdown and stay at home orders. It’s hard to get a consensus from title loan companies across the country. But we hear that most are still doing a full vehicle inspection. In states that don’t have a stay at home order, these inspections are still done in person. In other states like California and Illinois, the inspection will be done over live video and you may need to show a full video view of your car.

As long as you own a car outright, your auto title loan is already halfway done. The moment you present your vehicle to the lender either in person or through a photograph, they will assess it to estimate its worth. If you go to a title loan lender near you, they will compare your car’s value to other local comps. Some online services will still check for comps for similar vehicles.Don't wait to pick up your money when you apply for an online car title loan. Others will get the value from a vehicle value guide or any type of valuation provider. The financial worth of your car will directly determine how much money you can qualify for the loan. The rest of the process is often easy in most times when we’re not dealing with an active pandemic. As things stand now you can expect a longer wait time to get cash. But if you’re patient you can still pawn a vehicle and hope to get your funds within one or two business days. That short amount of time looks good on paper and it’s of course quick when you compare to a personal loan that can take days and weeks. Or consider a mortgage refinance or cash out which is measured in weeks or months to get available cash. A few days to complete a title loan from start to finish is still good when you factor in a national emergency and current state of affairs with the Coronavirus.

In most cases title loan companies are popular for their same-day approval services. Which means you can get your money in as little as a single business day. It all comes down to how fast you are able to contact the lender and get the process started. These are emergency loans, and it does not make sense to keep borrowers waiting for their money longer than necessary. Emergency means right this instant, not tomorrow. Borrowers often ask us, how do I physically collect my money after using a pink slip as collateral? That’s one thing people don’t think about until they get to the end of the process when applying for a title loan online. Most car title loan lenders have different options available for those who are stuck at home or have limited banking options. After you have hand over your car title and the loan is approved, your online lender will hand over the money either in cash or wire it to your bank. You can also request it to be sent as a wire transfer through Western Union or Moneygram. Another option is to have it sent straight to your bank account through ACH. Some people will ask for a bank wire, but that can take days and you will often see a service fee.

The process to apply for an online title loan is short and simple. All you have to do is visit a store of your choice in your local area or get in touch with an online lender. As mentioned above, it’s not as easy as it used to be to apply for instant title loans. We can’t stress that enough. With Covid19, you are likely not going to walk into a store or meet with someone in person. It’s now more difficult to show all the documents listed above to your lender. Most companies, either online or offline, offer assistance to guide you through every step of the way.

The first step to get cash when using your pink slip as collateral for a loan is to apply and get a vehicle appraisal. A quick truck or car appraisal will be conducted in order to determine the amount of loan you can qualify for.Borrowers may need to wait to get their loan proceeds in certain situations. Some lenders may even ask borrowers to buy a roadside service plan or give them an extra set of keys as security in the case of a default. If the application is accepted and approved, borrowers will have to surrender the title of the vehicle as collateral. Some people will have a problem with that as it means the lender can repossess the car if the title loan falls into default status. Once the borrower signs and agrees to the company’s agreement, they are now bound to repay the loan. All that is true and it’s important to make monthly loan payments on time. But consider that a few years ago most online title loan companies would often ask for the pink slip and car itself as collateral for the loan! That means you were actually pawning the car itself for cash. You would have no way to get to work or get around in your day-to-day life and that’s why this type of funding didn’t last very long!

As of 2020, most reputable lenders will be fine with using the pink slip as collateral. Through this appraisal value, borrowers can obtain the loan they need while also drive their car as before. The lien on the vehicle will be released once the entire loan has been repaid. One thing to note, be sure to speak with your lender about their current coronavirus protocol and lending terms before wasting time applying for an online title loan. Many of companies listed in our directory of lenders that offer title loans have clearly spelled out protocol on how to handle applications and underwriting in the current environment. Ask them what to expect during the process and if anything has changed on their end when you factor in the current State restrictions. Also see if there are any delays that could affect the amount of time it takes to get your cash!

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Is It Always Safe To Apply For A Title Loan Online

Many consumers have concerns about doing any type of financial transaction online. They’ve heard story after story of someone losing their identity or getting money taken from their account. But, do you know that many borrowers turn to online services when they’re looking for a title loan? You’re in need of and you know you’ve got equity in several of your assets, including your car. You’ve heard of car title loans, and that they can often be accomplished in a few business days (or even a single day).

Head online and you’ll see that there is a lack of companies that offer car title loans online. There are the instant-apply options which guarantee funding in minutes or hours. You will also see the more traditional lenders with a safe and easy application process. Which should you use?
find a legitimate title loan company online
Before you even begin to narrow down the options, you may already be wondering if it is even a wise idea to seek out a car title loan online. There are endless news stories that discuss this breach of security at many lending services and retail companies. It can start to make it seem foolhardy to apply for anything online, let alone to work with a company that offers car title loans.

The long and short of it is this is simple. As you would apply for any variety of financial service online (a credit card, personal loan, and even a mortgage), it is entirely safe if you work with a legitimate lender.

Defining a Legitimate Lender

That takes us to the next step in answering the question posed in the title above. Whether it is safe to apply for a car title loan online. That step is to determine what it means to describe a car title lender as legitimate.

There are few ways you can protect yourself and avoid getting “ripped off”. Here are some tips on what to avoid so you can get on the right financial path:

  • They ask for a payment in advance of granting the loan. This is a big red flag and a clear indicator that you’ll want to work with a different lender.
  • They do not appear anywhere in your state’s required agencies. Contact your state’s attorney general or a financial registration agency (sometimes called a banking oversight agency). If that lender is not registered with ANY state agencies, they are not legitimate and working, technically, outside the law.
  • They don’t provide a loan contract for your review. If the lender is of the “sign it now,” variety and does not allow you any time to review a loan contract (or take it for review by a lawyer), it is best to steer away from them. They may be legit, but the use of high-pressure methods that force you into signing immediately are often signs of trouble.
  • Be aware of copycats and fly-by-night companies. Does a lender’s website share a distinct resemblance to that of a familiar financial entity? It is not unusual for scammers to take names and build websites that seem legitimate. Customers can associate them with the lender whose branding and language they’ve copied.
  • Be aware of the “overly slick” sites and sales pitch. A very professional website full of informational articles, blogs, and other features can make even the most dubious lender look good. Don’t judge a book from its cover. Take the time to perform a bit of due diligence before you apply for a car title loan online.
  • They use a PO Box. This, initially, seems irrelevant and may not be a huge deal. But if there is no street address listed for a lending company, it has to be seen as a warning sign of larger potential problems.
  • The BBB has bad things or nothing to say. The Better Business Bureau is a free and easy resource in your quest to find a reliable company with which to apply for a car title loan online. If the company has negative issues assigned to it, or there is no information, avoid the lender.

Besides these issues, it is a good idea to call any phone numbers provided to test out their customer service and the legitimacy of the company. Look for an email address with a corporate connection. For example, if the email address is not a traditional service, think Hotmail or Gmail, it is one to avoid. You can also go to consumer affairs sites like RipOffReport and ConsumerAffairs to see what they have to say about the different auto title loan companies.

You can apply for online title loans as long as you know the company is legitimate. Trust your instincts, but also use the different tactics above. That old adage still applies – if it looks too good to be true, it most likely is. It can be easy to fall for a slick website and well-written sales pitch. Ignore the gloss and do the investigating. You never want a scammer to obtain information like a social security number, VIN, and financial information.

Once you find a reputable company like HyperLend Title Loans, see who makes the best offers (rates, turnaround times, and so on). That way you can take advantage of one of the easiest approaches to obtaining financing – a car title loan you applied for online.