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28 Jun 2019   /   0 comments

How Are Title Loans Repaid?


how are title loans repaidAre you thinking about getting a title loan? It might be a good idea to learn a bit more on how are title loans repaid! In doing so, you can save money, time, and even your car if you avoid defaulting!

Read on to learn more from TFC Title Loans and paying back auto title loans.

Paying Back A Title Loan

In this article, we will be explaining all the convenient ways you can pay back title loans with TFC Title Loans.

We are very passionate about consumer education and lender transparency which is why we have been steadily expanding our website to include various resource articles in order to answer any questions you or any other customers might have about the title loan process or finances in general.

Options for Repayment

How Are Title Loans RepaidIf you need to know more about the options for repayment before applying for your car title loan, then please continue reading.

Ever since we first opened our doors in 1994, we have put an emphasis on customer service. If you are successful, that means we are successful as well. Interested in getting a title loan? Think that you might like to work with us, here at TFC Title Loans? Fill out our online application today!

The simple and quick online form will only take five minutes out of your day and we will give you a call within an hour of your submission.

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What happens if you don’t repay your title loans?

What happens if you don't repay your title loans?Car title loan contracts are always clear about the terms of the loan and specific due dates upon approval. With an auto title loan agreement, the payment installments are due on the date that’s written and agreed upon directly in the contract. If you can’t payback the loan, it’s entirely possible that you’ll enter into a default on the title loan itself.

Still wondering to yourself, “How are title loans repaid?” Contact us today and we’ll be more than happy to assist you with all of your inquiries and/or concerns!

Avoid Car Repossession. It can Ruin Your Credit!

Defaulting on a car title loan is truly expensive. It can also greatly affect your ability to qualify for future credit lines or an additional personal loan elsewhere.

What is defaulting on an auto title?

Defaulting on a car title or auto equity loan varies by specific state regulations and lenders. In general, you’re in default if you’ve failed to make a certain number of payments. Sometimes, it can be just one. This, in turn, is a breach of contract. At this point, the auto title loan lender can legally begin the repossession process.

Defaulting on a title loan can lead to:

  • Hefty fines and/or late fees

  • Car Repossession

How Are Title Loans RepaidIt’s absolutely crucial you’re on top of your finances, especially if your currently in a loan contract. It’s highly advised you evaluate your monthly spending, finances, and credits score before you apply for an auto title loan or line of credit. Tackling debt before you enter a loan or credit agreement can dramatically increase your chances of approval and help you get on the right financial pathway which is beneficial to your future.

Once you’ve identified what you can afford, either put a little away in savings for times of emergencies or pursue the car title loan as you wish. You’ll be glad you evaluated your finances before you took on a large financial commitment like a loan!

How Are Title Loans Repaid with TFC Title Loans

How Are Title Loans Repaid with TFC Title LoansTFC Title Loans has been working hard to continue developing new ways to make payments on your title loan. We want the repayment process to be as convenient and simple for you as possible. We offer online title loans and payment through our secure website, offering our customer an easier way to repay their title loans in a timely manner.

If you’re having any issues with repayment, please give us a call immediately and we’ll do what we can to work with you and your financial burdens. Our goal, ultimately, is to satisfy our customers financial needs and assist them with there financial goals!

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Currently, these are the available options we have to make payments on your loan:

  • Consumers can mail in your payments just like you usually would with your rent check or utilities check.
  • They can pay online every month or set up an automatic payment through ACH on our website.
  • You can pay over the phone simply by calling with one of friendly customer service representatives.
  • Also, you can pay in person at one of dozen locations across Arizona, New Mexico, and California with either cash, card, or a check.
  • Additionally, you can make a payment at your local MoneyGram center or by using MoneyGram online. The standard fee for making payments with MoneyGram is $9.95 and MoneyGram’s online service has a $600 limit per transaction.
  • And, lastly, we accept payments through Western Union to make the payment process as easy for you as possible.

Pay Off Your Loan Quickly

how are Title Loans repaidIt’s always a good idea to be strategic! You can pay off your loan quickly to avoid extra acquirement of interest. If you plan carefully, then paying down your loan can be surprisingly easy to do.

You’ll then put yourself in a positive place where you credit score is rebuilt and on the positive side of the spectrum.

This is possible for you because TFC Title Loans never charges prepayment penalties.

  • Calculate all the scheduled monthly payments into your budget so that you can always have enough money leftover at the end of the month to make your loan payment. If you don’t budget currently, then it would be a good idea to start now.
  • Call and check in with us on a regular basis. By keeping an open line of communication with us, you will have a sense of security and you will know that you can reach out to us if you need help.
  • If you have more money leftover at the end of the month then try to pay more than the required monthly payment. If you pay your loan down earlier than scheduled, you will minimize the amount of interest you need to pay.
  • Ensure that you stay up to date with all of your billing statements so that you can keep close track of what has been paid down thus far and how much further you still have to go. By staying up to date with your billing statements, you will be less likely to make a late payment.
  • Calculate the interest on your own so you can come up with your own payment place to minimize the interest you end up paying as much as possible! You could pay off the title loan earlier and on your own schedule.
  • Think about new ways to make some more money on the side so you can pay off the loan on time or earlier.
  • And, most importantly, if you have any concerns about your payments, how does a car title loan work or how are title loans repaid, then give us a call straight away.
Frequently Asked Questions
How is a Title Loan Paid Back?

An auto title loan is typically paid back in one lump sum payment or within a series of payments agreed upon with your lender. In exchange, you give the lender the title to your vehicle until the loan has been paid off.

What Happens if you Default on your Car Title Loan?

If you begin missing monthly payments and continue to do so without communication with the title loan lender, a delinquency can result in an auto loan default.

Can I Refinance a Title Loan?

Yes. Title loan refinancing gives consumers the chance to work with a new company and potentially receive better rates.

How Much Cash Can i Get?

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