By Ashley | April 23, 2014
We all know what it’s like to need access to money urgently. While borrowing from family and friends is a great option if it’s available, anyone can find themselves in a jam and need help getting out. Rather than approaching a bank or credit union for a loan, which may be denied, consider Auto Title Loan basics and how they can be beneficial.
For someone who has an Auto Title Loan and is involved in an accident, first focus on receiving the medical care you need. Once ready to deal with the financial aspects of the accident, a representative from LoanMart is happy to walk through the process of paying off the loan, or can answer any questions about what is expected.
Paying Off a Loan After an Accident
Even if the car is destroyed, the borrower is still responsible for the payments on the title loan. We are happy to work with everyone and try to be flexible so our borrowers can make payments as they recover. If the car was insured or the accident was the fault of the owner, they may receive money from the insurance company. At this point, they would simply pay off the title loan with this money and the rest would be theirs to purchase a new car.
If the car is not destroyed and money is not given to fix it, there is no need to pay off the title loan. Simply continue making payments and enjoy driving the car once it is repaired and back in great shape.
Flexibility and Understanding
Here at LoanMart, our goal is to provide a valuable service to our customers even as we educate on important financial matters. If considering an Auto Title Loan, come to LoanMart for honest information about what to expect.
If in an accident and have a title loan, call a friendly LoanMart representative today to discuss options.