Will my Car be Repossessed if I Miss a Title Loan Payment in Springfield, IL?

stressed out man on bench
You are here: Home » Auto Title Loans » Will my Car be Repossessed if I Miss a Title Loan Payment in Springfield, IL?

If you’re a local in Springfield, Illinois, and you are having trouble making payments on your title loan, it’s good to know that you may have a lot of options available before your car gets repossessed.

If you’re wondering if repossession is imminent when you miss a payment, know that title loans serviced by LoanMart consider alternative options before resorting to repossession.

What is a Title Loan in Springfield, Illinois?

A title loan serviced by LoanMart is a loan that is secured by using your vehicle’s title as collateral in exchange for emergency funds1. The title will be given back as soon as the loan is paid off in full, and one of the benefits of using title loans serviced by LoanMart is the ability to keep driving during the repayment process.

Some of the unbelievable benefits of choosing title loans serviced by LoanMart include:

Call Our Team

Call our toll-free hotline to speak with a specialist.

  • Receiving extended loan terms!
  • Competitive interest rates
  • Affordable monthly payments
  • Flexibility from start to finish
  • High approval rates1!

Some residents in Springfield, Illinois, were approved for a title loan serviced by LoanMart in less than thirty minutes!

What Happens If I Miss a Title Loan Payment in Springfield, Illinois?

If you can’t pay back your title loan, and you are worried about getting your car repossessed, know that there are alternative options available to you.

Rather than lose your vehicle, title loans serviced by LoanMart will try to work with you by offering optimal alternative solutions for your current financial situation.

These options can include:

  • Refinancing your current loan
  • Prioritizing your title loan payments
  • Budgeting
  • Asking for an extension plan

Taking advantage of these alternative options can help you avoid having your car repossessed due to missed title loan payments. Though different methods are mentioned, they cannot be taken advantage of unless you get in touch with your title loan agent. So, make sure that if you miss a payment, to stay in communication.

How Can I Refinance My Loan in Springfield, Illinois?

Through options like title loans serviced by LoanMart, eligible borrowers may decide to refinance their title loan. Even if your car title resides with another loan option, title loans serviced by LoanMart could still potentially help you refinance your loan1.

Refinancing a loan may allow you to replace your current debt obligation with one that has more favorable terms for your financial situation.

When considering the option of refinancing an existing title loan, know that title loans serviced by LoanMart may still be able to transfer your title and help you refinance your loan upon qualification1. This may help you obtain a more favorable loan payment, and may potentially help reduce the stress of defaulting.1

After considering the option of refinancing your loan, there are other options to be considered to find the best balance for your financial situation.

Communicate with Your Lender

For the most part, lenders would rather work with you during your temporary hardship than repossess your vehicle, which can be costly and essentially not worth the money.

Go ahead and ask your current lender for a loan extension or a change in repayment terms. During a loan extension, the lender will use the payments you miss and simply add them to the end of the loan. This extends your loan term but could also increase your interest rate. Extensions can be a temporary solution, but may not be best for the long term.

Prioritize Your Loan Payments

Consider trying to prioritize your payments every month. This can be done by using a budget plan, which separates financial needs from non-necessities. This can help you budget for your title loan, and decrease unnecessary spending.

Make Your Life Budget Friendly

Budgeting is the act of recording your expenses, whether through a program like excel or by simply balancing your checkbook every week. Decide on expense priorities for the month and make saving money automatic with your paychecks.

Sell Clothes and Household Items Online Through Offer Sites

Additionally, another option may be to sell gently used clothes and small household items on internet platforms to gain some extra income during your financial need.

Why Choose Title Loans Serviced by LoanMart in Springfield, Illinois

When choosing the right option for your financial situation, you’ll need a loan that is suited to you. Through the options offered through title loans serviced by LoanMart, there are certain advantages available to you that may not be through a traditional bank loan1.

Apply from Any Smartphone, Tablet, or Computer

One of the benefits of choosing title loans serviced by LoanMart is the ability to apply online at any time and on any electronic device!

Keep Driving Your Car

Even though title loans serviced by LoanMart hold onto your car title, you may continue to drive it throughout the repayment process.

More Time to Pay, When You Need It

Title loans serviced by LoanMart offer extended loan terms that can extend for years, which can give you more time to pay off your loan and can be potentially suited to your financial situation1.

Get the Money You Need, When You Need It in Illinois

Instead of worrying about a missed title loan payment, consider using title loans serviced by LoanMart to refinance your loan in Springfield, Illinois1. You may be able to get the financial assistance that you need when you need it.

Ready to see if you qualify to refinance a title loan in Illinois? Contact title loans serviced by LoanMart or apply online!1

What did you think?
1 = Very Bad
5 = Very Good