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Can You Get Loans for Impounded Cars?
If your vehicle was recently towed, you may need help getting your car out of impound.
In the event that your car is towed to an impound lot, you will usually need to pay towing or storage fees to get your car back. Additionally, in order to retrieve your vehicle, you must settle any unpaid parking fines that were issued before it was towed.
You might be thinking, “My car got towed, and I have no money. What should I do if I can’t afford to get my car out of impound?” The good news is that there are many different loans for impounded cars that can help you access quick funding to get your car back!
Take a look at some of the different loans you can use to get your impounded vehicle out of the impound lot:
- Payday Loans: A payday loan is a short-term loan option designed to provide quick emergency cash to qualified borrowers. Generally, the loan term for a payday loan can last anywhere from two weeks to thirty days, depending on your current state of residence and your lender. While you can use a payday loan to get your car out of impound, they are infamous for having high interest rates and fees that are difficult to manage. Many financial experts recommend exhausting all of your resources before you consider a payday loan.
- Personal Loans: Most personal loans are unsecured, which means that you are not required to provide any collateral in order to obtain loan approval. Typically, you can apply for this loan option through a bank, credit union, or an online lender. Your eligibility for a personal loan will predominantly depend on your income and the strength of your financial history. Without a good credit score and a steady source of income, qualifying for a personal loan to get your car out of impound can be challenging. If you need help getting your car out of impound, you may want to consider other loan options if you do not have a strong credit history.
- Car Title Loans: A title loan is a secured loan option that can be much more flexible than other loans for impounded cars. If you qualify for a car title loan, you can use your car title as collateral for the loan to obtain quick funding.1 3 Your eligibility is primarily based on your income and the overall value of your vehicle that is pledged as collateral for the title loan. If you qualify for a title loan serviced by LoanMart, you can access competitive interest rates, and the application process can be flexible despite your credit history!1 However, it’s worth noting that you cannot get a title loan on a vehicle that is currently stored in the impound yard. But if you own a second car, you could use it to apply for a title loan and pay off your impound fees! Click here to apply for a title loan to get your car out of impound. Or, you can conveniently speak to a LoanMart title loan agent by dialing 855-422-7412.1
Although there are many different loans for impounded cars, not every loan option may be the right fit for you. If a title loan sounds like a solid choice that can help you get your car out of impound, you can conveniently apply online or over the phone today!1
What Do I Need to Qualify for a Loan to Get My Car Out of Impound?
The exact documents needed to obtain approval for a loan will depend on the type of loan you’re applying for. However, here are some of the general documents you will need to apply for most loans for impounded cars:
- Bank Statements, Pay Stubs, or Another Document to Prove Your Income
- Proof of Identity Through a Valid, Government or State-Issued Photo Identification Card
- Proof of Current Address Through a Recent Utility Bill, Bank Statement, Rental / Lease Agreement, Etc.
If you’re considering a title loan to get your car out of impound, you will also be required to provide additional documentation, like your car’s title (which must be in your name) and a few pictures of your vehicle in order to qualify for funding. If you meet the necessary criteria and can provide the correct paperwork to obtain approval for a car title loan serviced by LoanMart, you could receive your money in as little as one business day.1 3
My Car Got Towed, and I Have No Money. What Can I Do?
Fortunately, several options are available to help drivers like you in this difficult situation! Aside from getting loans for impounded cars, you can also try these different options to get your vehicle out of impound:
- Contact the Impound Lot and Ask About Payment Assistance Programs
- Waive Your Impound Fees By Proving Your Ticket Was a Mistake or Have a Valid Excuse
- Talk to Your Local Police Department About Reducing Your Impound Fees
- Borrow Money from Friends or Family
- Create an Online Fundraiser to Get Your Impounded Car
Although these options could help you retrieve your impounded car, they can take plenty of time and effort. Thankfully, with an auto title loan serviced by LoanMart, you could get your car out of impound without wasting any time!3 Visit the FAQ page or dial 855-422-7412 to learn more about getting your car impounded back with a title loan.
How to Get My Car Out of Impound for Free?
Are you looking for more information about how to get your car out of impound without paying? Unfortunately, there are only a few circumstances where you can get your vehicle back for free. For example, if your car was wrongfully towed, you can dispute the charges by filing a complaint with local law enforcement. In some cases, if your car was stolen and towed somewhere, you might be able to retrieve your vehicle without paying if you are able to provide a police report. If you have comprehensive auto insurance coverage, your policy can help pay for the fees related to towing your stolen vehicle. Even if you don’t have comprehensive coverage, you should always contact your insurance provider if your car is stolen.
Aside from those specific situations, it may be difficult to get your impounded car back for free. The simplest thing you can do to get your car back is to pay the impound yard the money that you owe and then retrieve your vehicle. If you don’t have the money upfront to cover the fees, you can apply for title loans for impounded cars to get the financial assistance you need! Just fill out a brief inquiry form on the website to get started on your loan application.1
Contact a title loan agent from LoanMart at 855-422-7412 to learn more about applying for a title loan online or over the phone today!1
What Happens if My Car is Impounded with a Title Loan?
If your car has been impounded with a title loan on it, make sure to contact your title lender or loan servicer directly. If your car has been impounded because you stopped paying your title loan, you may be given the chance to get it back. Your vehicle may be returned to you once you have paid the remaining balance on your loan (plus any fees).
What is the Approval Process to Get Title Loans for My Impounded Car?
Are you searching for loans for impounded cars? The approval process for a car title loan could be simple when you apply for a title loan serviced by LoanMart! All you have to do is follow these three basic steps to apply for the funds you need to get your car out of impound:1
- Submit a Loan Inquiry Form Online or Call a LoanMart Title Loan Agent at 855-422-7412
- Submit the Required Documents
- Find Out if You Qualify for Funding!1
Don’t let your car sit in the impound lot! Instead, consider applying for a title loan to get your impounded vehicle back! Dial 855-422-7412 to see if you qualify for car title loans for financed cars. If you’re eligible, you could receive your emergency funds as soon as the next business day!1