Title loans can be a great source of financial assistance for consumers to rely on in a time of need. Even though there are many benefits to a car title loan, a potential drawback in these types of loans is the actions that can be taken if a consumer defaults on the monthly payments. A loan default is the failure to repay a loan according to the terms agreed upon in your contract.
Since the vehicle acts as a collateral on the loan, many consumers ask themselves what will happen if they don’t pay their monthly payments on time. At 5 Star Car Title Loans we will do everything in our abilities to make sure a loan default is the last resort. We pride ourselves in our customer service and our number one priority is to get you back on the right track and we will do everything in our ability to ensure this.
Because your vehicle acts as a collateral on the loan, 5 Star Car Title Loans is permitted to repossess the vehicle under circumstances specified in the agreed upon contract. Since repossession is a tough measure that is part of car title loans, we emphasize the importance of understanding your loan contract and under which terms this measure can be taken. It is important to mention that even if your vehicle is repossessed, you may still be able to get it back, and we will send a notice of repossession specifying what you need to do in order for this to happen.
A loan default is the last thing we ever want to happen and we will go to great lengths to make sure you received every opportunity to avoid this unpleasant situation.
For more information please contact us or visit our resources page on this topic.