Late Car Payment Got You Down? Here's How To Pay It Today!
January 6, 2022 | June Mckaig
A late car payment can cause a huge headache. For many, owning a car is vital in their day-to-day life. Losing their vehicle could result in them struggling to get into working, buying groceries, or even ferrying the kids to school. If you have a payment due on your car and you can't quite work out how to deal with it, here are a few options available to you.
The Consequences Of Missing A Late Car Payment
Before you can start to deal with a late car payment, you have to understand the consequences of ignoring that bill. Why? Well, because while some people may toss the bill to one side and think "that's next month's problem", not paying that bill when it arrives could have some rather dire consequences. These are consequences you have to understand.
Potential To Lose Your Vehicle
Now, chances are that you won't lose your vehicle the first time you miss a payment. While losing a single payment is bad, we doubt that there is a lender out there that will take your vehicle the very second you miss one bill. Not a reputable one, at least.
Start missing a few more payments, you are going to start running into issues. If you have purchased a car using financing, then there is a very real chance that somebody could knock on your door – and they will legally be able to seize that vehicle to pay off your debt.
Late Payment Fees
Missed one bill? Well, the lender is going to add a late payment fee to your next bill. This can be tens of dollars. This means that even if you pay that late car payment within a few days of it going late, your next bill is still going to be much higher than you want.
Hits To Your Credit Score
As soon as you miss a car payment, it is going to have a hit on your credit score. You will be feeling the fallout from that credit score hit for years to come. A lower credit score will result in more difficult access to credit. You may struggle to take out a loan, start a cellphone subscription, or even get certain jobs.
Of course, the more payments you miss, the higher your debt will climb. This is another big potential of missing a late car payment. And once you find yourself in a spiraling, financial hole, it can be difficult to pull yourself out.
How You Can Avoid A Late Car Payment
If you have a late car payment, you will have a few options available to you. While there is no guarantee these options will fully pay off your late car payment, they can make it so you can handle the payments a bit more easily. Here are a few options to consider trying.
Reach Out To The Lender
If this is the first payment you have missed, reach out to the lender. Contrary to popular belief, lenders aren't going to be tough to speak to. While they do want to get paid back, they know that sometimes people will struggle. This means that they may have solutions that can help. Some may be able to delay a payment, some may wipe out late fees, and so on.
Ask Friends And Family To Borrow Cash
If you have friends and family that can help, then reach out to them. Obviously, this is not going to be a solution for everybody. However, for some, it may be the quickest way to get that late payment covered. Just make sure to repay them as soon as possible, so you can maintain a positive relationship.
Ask For A Cash Advance At Work
If you have been working at a place for several years and have become a trusted member of staff, then some businesses may be able to give you an advance on your next paycheck. You will often find that it is some of the larger companies that offer this. Talk to your manager to find out whether it is possible at your place of employment.
An Auto Title Loan Could Be An Option
For some, an auto title loan could be an option. This loan uses your vehicle’s lien-free title as collateral for a lump sum of cash. Now, do bear in mind that you will not be able to take out a max auto title loan if you have outstanding financing on your vehicle. This means if you are not finished paying off the vehicle, you will not qualify for this loan.
The quickest way to tell whether you can get an auto title loan is to work out whether you have a lien-free title. If you don't know whether you have a lien on the title, then look at your documents. It will list whether you have outstanding loans or not.
If you still aren't sure, then reach out to the DMV. If you don't have a lien, then a car title loan will allow you to borrow cash you can use for late car payments or other emergencies. With Mississippi Title Loans, Inc., you could receive cash as soon as the same day or the next bank business day.
Get Auto Title Loans For Help
Mississippi Title Loans, Inc. can offer a quick auto title loan between $300 and $2,500. The amount that you can borrow will be determined by how much your vehicle is worth. This means that we will need to carry out a vehicle inspection.
Contrary to popular belief, you will still be able to drive your vehicle when you have a title loan. We will only keep possession of your vehicle's title, not the entire vehicle. While you already know that you need a lien-free title to get a title loan, there are a few other things that you should probably know too:
- You do not need a checking account to get a title loan.
- You do not need to be employed to get a title loan.
- We can consider all credit types.
This goes to show that our title loans may be more accessible than you may think. We can't promise that everybody will be able to get a title loan. However, if you have a lien-free title to your vehicle, then there is a chance that you can receive a loan to meet those late car payments.
The process is quick and easy too. You can get through the inquiry process in around 30-minutes, and the money could land in your account as soon as the same day or the next bank business day. It all begins by filling in a form on our website.
After a quick phone call with one of our team, you will meet us in person. This can be at the nearest fast auto title loan Mississippi location or a location of your choosing. The most important stage happens when you meet us.
We will carry out an inspection of your vehicle and documents. This will allow us to work out how much you can borrow – if you can borrow. If everything is in order and you wish to proceed, you just need to sign that loan agreement. We will do the rest of the work.
Avoid A Late Car Payment Today
Having a late car payment can have dire consequences. You could lose access to your vehicle. You will almost certainly see late payment fees and hits to your credit score. If you can avoid it, don’t let it get to that point.
If you have a late car payment, then some of our options could really help you out. And remember, an auto title loan could always be an option to consider. Start the process by filling out the online form and get that late payment covered today.