Ways How To Legally Get Out Of A Title Loan
If you want to forget about title debt, then you need to explore options such as refinancing, selling property, part-time work, and more.
A Title Loan is a simple enough way to get emergency financing, even if you have bad credit. However, this type of financing comes with certain risks, since the loan is secured by the title of your car. Every fifth person who received a Title Loan Online loses his car because he cannot pay off the debt over time. Most likely, you also thought that this option is simple and safe. If you are now afraid of losing your car, you should know that there are many ways to legally get out of title loans.
Ways How To Legally Get Out Of A Title Loan
If you are wondering “how does TitleMax find your car” or “what happens if you don’t pay TitleMax debt” then you should definitely look into legal ways to get rid of the loan. So, if you don’t want to lose your car, explore the main options that you can use.
Ask for an advance payment at work
If you are employed, an advance payment is a good option for obtaining funding. Be honest and tell the employer about the situation you are facing. Also explain to him that you need a car to get to work so you cannot lose it. You can also offer him to work extra shifts or take a part-time job on the weekend in order to make more money.
Sell your property
You will be surprised how many things you don’t use in your home. This can be anything from an unnecessary living room couch to a lawn mower, jewelry, and even clothing. There are now a large number of online platforms where you can list your goods and sell them. However, before you sell a particular thing, ask yourself if it is more important than your car. Also, do not panic and sell everything. Think sensibly and only sell what you don’t need.
Renegotiate the loan terms
In fact, the first thing to do if you are afraid of losing your car is to contact the lender and explain to him the situation you are in. Do not hide from the lender or ignore him as this can worsen the situation. The title lender will be able to find your car anyway. Thus, discuss with your lender the opportunity to renegotiate your terms. If you have already missed your loan payments, then most likely the lender will agree to lower fees and interest. Thus, the total loan amount will also decrease. Despite the fact that many borrowers believe that it is impossible to negotiate with a lender, you can at least try, and perhaps this will improve your situation and save you from losing your car.
Make money fast
Another option that you should consider is a side job. If you do not want to lose your car, then you should undoubtedly look through various vacancies on the Internet and choose the one that suits you the most. If you do not have professional skills, you can always earn extra money as a food delivery man, a courier, find a job in a cleaning company, walk dogs, and more. However, if you are good in any subject, you can become a tutor and help students improve their knowledge. If you are a programmer, designer or writer, then finding a job on the Internet will definitely not be a difficult task for you, since these professions are now in great demand.
Refinance the loan with another lender
You may have already thought about refinancing when you were looking for options on how to keep your car. Refinancing is going to another company and transferring your loan to another lender. Of course, you must understand that this is not a long-term solution, as if you continue to miss payments, you will also have problems with the new lender. However, how can refinancing help? First of all, you will gain time to find money to pay off your debt. Also, a new lender may offer you a better loan offer.
Ask friends and family for help
Perhaps the simplest and most obvious option that is worth paying attention to is the help of loved ones. If you find yourself in a difficult situation, most likely they will be able to provide you with money so that you can cover the debt on the loan. You can also ask a friend or family member to refinance your loan. However, this option can be dangerous as you risk ruining the relationship with your loved one.
So, as you can see, getting rid of your title debt may not be as hard as you thought. If you are wondering “what if TitleMax repo my car”, “can I refinance my title loan” or “what happens if I don’t pay title loan back” then the options listed above will help you get rid of unwanted problems.
