There are two names for these types of loans: a title pawn or a title loan depending on the laws governing your state. For instance, in Birmingham and Montgomery, Alabama, they are called title pawns. But in Greenville, Florence and Columbia, South Carolina, they are called title loans.
Let’s call them title pawn loans for now. But the name is the easy part, what is not easy is getting out of one.
A title pawn loan is always risky because your car secures the loan.
So what do you do if you’re stuck in a title pawn loan?
Just pay off the title pawn loan. What? Don’t have the money? That’s why you got into it in the first place? If you do have the money you can expect the title pawn loan company to drag their feet, after all they want you to continue paying interest. They will happily take your payment, but a pay off can turn into a nightmare!
Sell the car, buy another one. Keep in mind that since the title pawn loan has rights to your title, selling can be difficult. If you downgrade to a cheaper car you can pay off the first one and free up cash with the second one. But it can be a long process.
Don’t default on your title pawn loan. It is not the best option to stop paying on your title pawn loan. Your credit can be damaged, your car can be repossessed, you can be dragged into court, and you could still owe the money.
Refinance with a title pawn rescue. Companies like 1-800-New Rate are experts at solving title pawn loan issues.
- The new payment could be much lower,
- You won’t have to sell your car,
- A phone call could mean having your problem solved in one day,
- 1-800 New Rate walks you through the process and deals with the other title pawn loan company for you.
Your best bet for title pawn rescue.
Call the friendly people at 1-800-New Rate (1-800-639-7283). 1-800 New Rate offers a unique title pawn rescue service that helps you get out of a title pawn loan and pay it off while increasing your credit score! By answering a few questions you can be on your way to solving your title pawn loan dilemma today. Your payment could be considerably less and you could keep your credit intact.
Get Title Pawn Rescue Today! Apply Now