Defaulting on a car title loan is one thing you should avoid when you take out a car title loan. In as much as car title loans are very good and can provide you with emergency funds when you are in need, it also come with its risks especially if you default.
What is Defaulting on Car Title Loan?
Most lenders accept your payment monthly when you get a car title loan. If you miss your payment dates and you fail to communicate with your lender stating reasons why you don’t pay on time, this means you are defaulting on your car title loan. Hence, a car title loan default can be said to be when you fail to repay a loan according to the terms agreed in your contract.
At TFC Title Loans, we try as much as possible to ensure we work with our consumers to get the best, this is why we try as much as possible to help our consumers so that they don’t default. We have listening ears, we will take our time to understand your needs and provide you with favorable deals that will not affect your other primary financial responsibilities.
How Many Missed Payments Can Amount to Default?
As long as you miss payment and you do not communicate with your lender, this can be regarded as default on your car title loans.
At TFC title Loans, we understand that things can be difficult especially when you have emergency needs coming from nowhere, this is why we are here to always listen to you. Hence if you will miss payment by any means let us know and we can work it out. It is not in us to repossess your car; it does not do us any good neither does it do you any good. Communication with your lender is Key to avoiding repossession.
What Happens When You Default?
When you default continuously without communicating with your lender, your lender has the right to repossess your car at any time without prior notice. Some lenders may give you the opportunity to pay off the loan if you default.
At TFC Title Loan we try as much as possible to ensure that repossessing your car is not an option for us. This is why we are here to always listen to you and see how you can get the most out of your loan.
What Happens if my Car is Repossessed?
When your car is repossessed, your lender will sell off the car to cover the balance left on the loan., If the car is sold at an amount more than the amount you owe, the balance is returned to you.
At TFC Title Loans, we make this our last option. Repossession is not in our agenda as it takes more work on our part to this when we can use that energy in more rewarding business venture.
You can get a car title loan at TFC, it is fast, simple and straightforward. Our loan representatives are always available to provide you with the necessary help when you apply.
