Being upside-down on a loan. When you owe more on the car than what its actual trade-in value is. It’s becoming more common than ever as increasing numbers of car-buyers are over-extending themselves.
Are you currently wondering what’s the definition of being underwater on a car loan? Even though a car loan is not the same thing as a car title loan, we care greatly about consumer education. We, at TFC Title Loans, believe that it is our responsibility not only to provide you financial services but to also provide you with financial knowledge so that you are better off when we stop working together.
After we explain what it means to be underwater on a car loan, we will describe how a car title loan could actually help with an underwater car loan. We can help you refinance some of your auto loan debt. We have been in the title loan industry for 25 years and use that experience every day to help our customers through tough situations. Ever since we opened our doors in 1994, we have made our customers our number one priority so we are happy to answer all the questions you have about loans, both title loans and regular car loans. To learn more please continue reading. If you feel, after reading this informational article, that you are ready to get started on an auto title loan then fill out our online application or call today!
The definition of being underwater on a car loan, also known as being upside-down on a loan, is when you owe more on the car than what its actual trade-in value is. This is becoming more common than ever before as increasing numbers of car-buyers are over-extending themselves to get the latest and greatest cars. Some buyers are ever underwater/upside-down by 10 or 20 thousand making it years before they could get even.
The reason so many buyers find themselves in this situation is because of the eagerness to get a brand new vehicle that they don’t stop to consider the financial consequences. They keep rolling over multiple loans so they might still owe on two or three old cars and get a new loan for the one they are driving off the lot.
To find out if you are in this situation, all you need to do is look up the trade-in value of your vehicle and if that value is less than your current loan balance then you are underwater by that amount. Don’t lose hope if this description applies to you. There are several courses of action that you could take to improve your situation. We could help you with one of those.
By getting a title loan from TFC Title Loans, you could get a loan to pay off your remaining balance on old loans so you are no longer underwater. We can give you unique loan terms so you have affordable monthly payments and a reasonable repayment schedule. Our application process is easy and our approval times are quick. You could receive the money you need as fast as the very next business day. Just like that and all your car loan debt could be consolidated into one auto title loan.
If you have decided, after reading this informative article, you are interested in a title loan provided by TFC Title Loans then there are only a few simple steps you need to follow next. Contact us by calling our toll-free number at 844-242-3543 or fill out our fast and simple online application located on our secure webpage. Shortly afterwards, one of our friendly customer service representatives will contact you to walk you through each step of the process. It really is that simple so don’t hesitate to call right away!