McKinney Title Loans

If you’re already here, then the chances are pretty high that you know exactly what a title loan is. It really does pay to do a bit of searching and research exactly what a vehicle title loan may be, what it consists of, the terms, and some helpful tips for dealing with one once you have found yourself with those monthly payments.

Just a little bit of info for those who may not fully understand title loans in Dallas and McKinney, first off. This is a quick, easy way to receive cash by offering up your personal vehicle as collateral. The loan company, of which there are many across the entire nation, not just in McKinney, Texas, will assess the vehicle and provide you with a title loan quote, your insurance, your personal application, and whether or not you can pay back the loan within the allotted time specified in the fine print on your contract. The lending agent will go over almost everything in detail, but it certainly doesn’t hurt to ask a few questions.

Repaying the Loan

Okay, so you have the money in hand and have left the lending office in your area to repay whatever bills or financial burden is currently weighing on your mind the most. The next step will be to enact a plan to repay the loan in the quickest, easiest fashion possible. You want to avoid the major fees, and you especially want to avoid defaulting on a loan, as it means the lending company may take your vehicle from you and sell it off. That is the worst possible scenario, as it means you lose your only means of transportation, which is worse than your previous situation, at least for most people.

  • A Plan – Set up a plan to repay the loan. Make sure you write down the exact number of months you have to repay the loan in its entirety. Your contract and lending agent will discuss this in detail, so be sure to listen and take notes if you really feel you require it.
  • Set Reminders – Set a few reminders, whether they be on your mobile phone or on your computer, ensuring you remember exactly what day of the month you need to make a payment. Don’t leave everything up to an auto-pay system, as something could go wrong. Personally, check on each monthly payment for the loan. Heck, even double check the loan payment.

Things Go Wrong

Should something go wrong, such as you missed a payment for a month or two, or perhaps you are unable to make any future payments on the loan because your financial situation became even worse, then there are a few options you have.

To start, you should contact your lending office as soon as possible. Often times these men and women will be extremely helpful. They can ascertain the situation, assess what went wrong and how to fix it, and then offer up a few solutions. In some cases, the lending agent may be able to extend your loan to ensure you have more time to pay it off, or they can work with the head office to restructure the loan, ensuring you pay less per month. And in some, even more rare, cases, you could consolidate the loan entirely, making it easier to pay off in the long run.

If none of this works, then speaking with legal representation is probably your only option, though it may be considered your last resort for some.

To reiterate, speak with the lending office before anything else. They want their money, one way or another, so receiving it is their top concern.