How To Get Out Of A Title Loan Without Losing Your Car?

 

A title loan is a short-term loan secured by the borrower's automobile title and is typically used as a mechanism to enable temporary unplanned acquisition of cash to meet daily living expenses for purposes such as rent, utilities, or hospital bills. While not typically for small amounts of money, many borrowers have been successful in obtaining new cars from lenders using this method. Professionals at Car Title Loans Canada are considerate enough to understand the borrower’s position and figure out some middle way of getting things done.

We are sharing some tips and tricks on how you can get out of your lending contract without losing your car.

Tip 1. Sit Down With Your Lender And Negotiate A Better Deal

First, you need to sit down with your lender and negotiate a better deal. Often you can do that and get them to reduce the rate or even the amount of interest they are charging you on your loan. You can also negotiate getting some of the money back that you paid as a fee for their title search services, if they charge a fee for that service.

Most lenders are not going to want to lose a customer, so they will often negotiate with you and come up with a better deal that gives you more money back. We at Car Title Loans Canada care for your well-being and so, are open to options for reconsidering terms of loan.

Tip 2. Solve The Problem In Another Way

You can solve the problem in another way if your first option is not working out for you. Most title loan companies are willing to help you out. However, as a customer, you need to understand that your lender is not going to stand in your way if they think it's in your best interest. If you are unable to accept the terms offered by the lender then there is no reason why they should insist that you take their deal.

Tip 3. Plan Your Finances Well In Time

A short-term loan lender like us will work with you if you let us know about your financial problems in advance. Tell your lender that you are having some problems and then ask us what can be done to rectify the situation. Do not miss your next monthly payment and do not try to take out such a loan on a car that is already in the possession of the lending company. Also, plan well in time about the finances and repayment plan and follow it religiously to prevent further damages.

Tip 4. Repayment And Prepayment Terms

In the case of title loans, the prepayment of loan before the expiry of loan period does not attract any extra charges or penalty. This means that you as a borrower can pay off the loan amount before the ending of the loan duration, right when they feel like you have enough funds. So, you don't have to hold the loan till the end time and fear any unfavorable situation. This enables you to get their car title back without hassles and get out of the loan with ease.

Car Title Loans Canada fully understands your position as a borrower and attempts to maintain harmonious relations with you whatsoever. You can unlock several other benefits by simply contacting us on (toll-free) tel:1-877-804-2742.