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How can you get out of a car title loan?
I took out a car title loan a little while back and I’ve struggled to repay it since the first month. I’ve extended the term four or five times now and I have no idea how I’m ever going to be able to pay it back. How can I get out of a title loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear about your situation! Unfortunately, getting out of a car title loan is notoriously difficult, but you have options, including refinancing, other loans, or borrowing money from relatives.
You can get out of the loan agreement by:
- Using a personal loan. Personal loans typically have longer repayment terms, lower interest rates, and won’t repossess your vehicle for a missed payment, making them a great option to pay off the title loan.
- Using a credit card. Paying the car title loan off using a credit card essentially shifts who holds the debt. The interest rate on your credit card is likely lower and you won’t have to worry about losing your vehicle.
- Refinancingthe debt. When you refinance, a new lender will take control of the debt, can offer better terms and may not require your car as collateral.
- Defaulting or surrendering. If you can afford to lose your vehicle, this is an option. Just keep in mind that if the title loan company reports the surrender, it can have a drastically negative impact on your credit score.
- Filing for bankruptcy. While less than ideal, this may be a good option if you have a lot of debt. Again, this may drop your credit score by 100 or more points.
Regardless of how you proceed or get out of the title loan, saving money on other expenses can make the repayment more manageable.
If you want to save money on
car insurance
, the Jerry
app is a good place to start. As a licensed broker, Jerry
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- Gregory R.
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