Can You Keep Your Car When You Get A Vehicle Title Loan?

Posted on: 13 February 2018

While vehicle title loans are one of the best ways to get a lot of cash, very quickly, many people hesitate to apply for them because they're worried about losing their vehicle. If you're wondering about whether you can get the cash you need while still keeping your vehicle, read on to learn more. 

Can You Get the Cash But Keep Your Car?

In most cases, the answer is yes: you can keep your car while you have a title loan. When you enter into a title loan contract, you agree to leave the title with the title loan provider as collateral—but you get to drive the vehicle home and continue using it as usual. You'll receive your check or direct deposit at the time you sign the contract and turn over your car title. 

How Does Repayment Work With a Vehicle Title Loan?

Repayment is quite simple with a title loan. When you receive your funds, you'll get a loan repayment schedule. The length of this schedule can be anywhere from several months to several years, depending on how much money you're borrowing. Each time a payment is due (either weekly, bi-weekly, or monthly) you simply need to make that payment promptly.

Most title loan providers offer several different methods for loan payments, including cash, check, and automatic bank account withdrawal. Once you've met the terms of your title loan agreement (you've made all the payments and the balance is zero) you'll return to the title loan provider to retrieve your car title. 

What Happens if You're Late With a Payment?

If you're late with a payment, don't panic. Most title loan providers will work with you to help you get caught up with your loan repayment schedule as quickly as possible. If you know that you'll be short of the money needed to make a payment, contact your title loan provider as soon as possible so they can help. If you let them know in advance of the payment due date, they may even be able to arrange a payment deferral or a later payment due date for you. 

Title loans may be one of the most effective ways to secure the funds you need. There's no credit check, no stress, and no delays to get the cash—and yes, you even get to keep driving your car while you're paying the money back! Contact your local title loan services provider today to get help with a vehicle title loan today.

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