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What happens when you default on a car title loan?
I took a 30-day car title loan out on my vehicle last month, but I couldn’t repay the balance this month. I haven’t heard from the lender yet, but I’m freaking out a bit. What happens if you default on a title loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
When you default on a car title loan, the lender can repossess your vehicle. Depending on your state, the title loan lender may not even have to give you advance notice about starting the repossession process.
A majority of the time, lenders do not immediately escalate to repossession and allow you to extend the repayment period with additional interest and fees. However, you need to contact them as soon as possible to make the proper arrangements.
With costly monthly fees and a high APR, car title loans aren’t always the best loan option for borrowers. They can cause immense stress about losing your vehicle and easily lead you into a cycle of debt, which is why they should only be used as a last resort.
To ensure you don’t miss any future payments, look to save money on other expenses, such as car insurance.
If you want to save money on your
car insurance
, the Jerry
app is a good place to start. As a licensed broker, Jerry
helps you find and compare quotes from over 50 top providers in minutes. When you find a better rate, Jerry can help you buy your new coverage and even cancel your old policy!.And to ensure you always have the lowest rate, Jerry will send you new quotes every time your policy comes up for renewal, so you’re always getting the coverage you want at the best price.
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- Gregory R.
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