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Do car title loans get reported to credit bureaus?
My 19-year-old son stupidly took out a car title loan to buy a new video game console and now he can’t pay it back on time. I don’t want him to lose his car and I told him I’d loan him money to cover the payments, but he already missed two payments. The lender was understanding, but I’m worried it hurt his credit. Do car title loans get reported to credit bureaus?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Taking out a car title loan he can’t repay could have been a costly mistake. But he’s lucky to have an understanding lender and a parent willing to help! The good news is that car title loans rarely get reported to credit bureaus, so the missed payments didn’t hurt his credit score.
Because car title loans are secured by your vehicle, lenders typically do not report delinquencies or offload the debt to a collection agency. Instead, they repossess the car and sell it at auction to cover any losses. However, policies differ by loan provider, so if you want to be sure the loan was not reported, contact the lender.
If you want to provide additional support to your son to help him save money for his loan payments, recommend the
Jerry
app.Jerry is an insurance comparison app that shops for low prices with over 50 different insurance companies. You can get quotes in seconds and make changes at any time. And if you ever have any questions, agents are just a text away! The average Jerry user saves $879 a year on car insurance.
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