When you have default loans, it could be disastrous for you and your finances. Some people think registration loans are a good idea because registration loan lenders cannot repossess your car if you have default loans. While this is true, registration loans, and other types of funding as well, have other methods of penalizing default loans.
If you fail to make payments on your loan lender, some lenders can and will:
- Sue you for the existing registration loan balance
- Send your remaining balance to collections (who may then repossess your car)
- Charge you even more interest on your loan balance
- Cause you to sink further and further into debt
- Prevent you from improving your credit score
These are just a few of the major consequences you can be facing if you happen to have default loans.
Some loans are also dangerous because they can be extremely easy to default on. Pretty much all the time, registration loans, payday loans, and even signature loans come with high interest rates and short terms. This means you have a very brief amount of time to pay back your entire loan balance, which can reach a fairly high number once you add in all the interest. With interest rates that can reach up to 300 percent and loan terms of about 30 days, these unfortunate types of loans are almost made for you to default on.
Thankfully there are better options out there. Max Cash can connect you with an auto title loan with convenient terms and competitive rates4, so you are set up for success and avoid a default on loans!
What Happens When You Have Default Loans on Car Title Loans in Arizona?
It is important to get all the information you can before you jump into any kind of financial endeavor. So, if you were wondering about defaulting on other types of loans, you should probably be informed what happens if you default on a car title loan.
If you default on your auto title loan, it’s not the end of the world. Before it comes to that, most lenders will work with you to determine how your auto title loan can work for you which means setting you up with a payment plan with monthly installments you can afford.
Your auto title loan agent can typically give you some valuable advice, so your car won’t get sent to a tow yard. But if this happens, many lenders will continue to work with you. They usually can even set you up with a brand new payment plan, so your installments are more manageable for you, so you can get your car back right away.
In the event that you default on your car title loan, most lenders that work with Max Cash won’t garnish your wages or forcibly remove any money from your bank account like a registration loan lender might. We are on your side, so we aren’t looking to swindle you out of your money.
If you take advantage of your auto title loan perks, like convenient terms and competitive rates4, you won’t have to worry about defaulting. Max Cash connected auto title loans set you up for success!
What a Car Title Loan Can Do for You
Max Cash connected auto title loans have helped people across the United States for years. There are many benefits to getting an auto title loan using one of the best brokers around. Getting a great deal on an auto title loan by going through Max Cash can help you:
- Pay for a down payment for a family home
- Pay for unexpected medical expenses
- Pay for immediate home repairs
- Help you catch up on your finances
- … and much more!
Great deals on auto title loans can help you do everything from getting your finances back together, to making sure you have a good start to your budget. When you’re working with Max Cash, you can achieve your financial dreams!
How You Can Get a Helpful Car Title Loan
Max Cash has a sophisticated network of the best non traditional lenders in the business. The process is so easy, here is what you do:
- Send in your information
You can go to the Max Cash official home page to get started on your auto title loan process. Hop on the homepage and you will be brought to your information request form. Just fill out some basic information, and we can tell you if you are approved right away.
- Send in your documents
Upon approval, your auto title loan agent will give you your free quote. At this point, there are no fees or obligations, because we want you to feel comfortable with your loan decisions. When you decide to proceed, your agent will request a few documents from you. These documents will include:
- Government issued form of photo ID
- Proof of insurance
- Proof of residence
- Vehicle title
- Photos of your car
- Get your money
The last step is to sign your auto title loan contract. Keep in mind your lender will also sign onto your vehicle title as a lienholder, but only for the duration of your car title loan. From there, you can choose to receive your auto title loan money through one of the following ways:
- Electronic deposit
- Check in the mail
- Money gram at a Walmart cash center
- Stop by the Max Cash licensed location and receive your money from your lender in person
The time has never been better to improve your finances, get started on your auto title loan today!