Can I Get A Car Title Loan If I Am Behind on Payments?
First off, to qualify for the title loans we offer here at Anaheim Auto Title Loans you must own your car. However, that’s not to say that you can’t get a car title loan elsewhere but that also means we don’t necessarily advise it. It may not be the best decision financially speaking. If you are already failing to make your payments on time then you probably should not add another obligation to your list. Most lenders will look at you as irresponsible with money.
Focus On Making Up Missed Payments
Rather than trying to borrow more money, you should try to make up the missed payments on your car loan and get it under control first. It may seem like getting a title loan would be a quick fix but they usually have really high interest rates that would make repayment more difficult than just remedying the original problem. Sometimes the easy way out is not that easy at all.
Work Something Out With Your Car Loan Lender
Another option if you are having trouble making payments on time is to just talk to your car loan lender. Oftentimes they are understanding and willing to work something out if you have hit a rough patch. If you just can not meet the payment requirement they may be able to work on your contract with you and get you a lower payment that you can afford.
Getting a Title Loan While Behind on Payments
If you still want to get an auto title loan even though you are behind on making your car payments then you will still have to be able to prove to the lender that you can pay back their loan. You will have to provide the lender with proof that you have employment or a sufficient and stable source of income to pay the money back. It is very likely that you will be unable to get approval on an auto title loan if you already can not make your other debt payments.
If You Can’t Afford a Title Loan, Don’t Get One
A car title loan lender will not care why you are behind on payments. Instead, they will care about whether or not they will get their money if they give you a loan. Not being able to make your other payments will make lenders more cautious and less likely to want to give out a loan. If you are somehow capable of repaying their loan and can prove it then it greatly increases your chances of qualifying for proper financing.