Getting your car out of impound can be a hassle. One of the problems that you’ll need to solve is how to pay any associated fees and tickets. If you need to get your car out of impound fast, you might be considering a car title loan. Finding the right lender can also be stressful. Max Cash® Title Loans exists to help people find a car title loan that works for them1.
What Do I Do to Get my Car Out of Impound?
The first thing you need to do is locate your car and determine that it wasn’t stolen. If you parked illegally, there may be a notice with the number of the towing company. If you were parked on the street, you may need to contact the municipality. Note that it may take a little time for the record of impounded vehicles to be updated.
How Much are Impound Fees?
Impound fees vary wildly across the country, but they are always expensive. Because of this you’ll want to get your car out as quickly as possible.
How Do I Get my Car Out of Impound?
You’ll want to get information like the hours the lot is open, how much money you’ll need to get your car out, what documents you need to bring with you, the lot’s fax number etc. Make sure you arrive at the lot with all the documentation you need to get your car out. You’ll need to present your documentation and an acceptable form of payment to get your car.
How Can I Get Money to Get my Car Out of Impound?
If you’re struggling to pay impound fees and can’t borrow money from friends and family, you may be able to get a car title loan. They offer a number of advantages over traditional loans:
- Quick Turnaround1 – You may be able to get your car title loan in as little as a single business day after sending in your documentation1.
- Minimum Credit Requirements – Lenders are more concerned with the ability to pay the loan back and the value of the car. As such, they usually lend to borrowers of diverse credit backgrounds1.
- Keep Your Car – Because your car title is being used as collateral, you’ll be able to keep and driver your car as normal. Just be sure to keep up on your convenient monthly payments.
How Do I Get a Car Title Loan?
If you’re interested in a car title loan, there are a number of documents you’ll need to get together. Some more important ones are:
- Qualifying Car Title in your name
- Proof of Residence (Certain pieces of mail)
- Government-Issued I.D. (Driver’s License, State I.D., Passport, etc.)
- Photos of your car (front, back, and sides)
- Proof of Income
You should note that some lenders don’t require photos of your car. This is because you need to bring your car in for a physical inspection if you want a car title loan from them. Be sure to confirm with the lender when you speak with them.
How Much Money Can I Get for my Car Title Loan?
Lenders use several factors to calculate the amount of money you can borrow. Some more important ones are:
- Value of your car
- Your monthly income
- Length of the loan
The value of your car is calculated by taking a number of factors into account, for example: the make and model, mileage, interior and exterior, year, etc. This determines the absolute maximum amount of money you can potentially borrow. Your monthly income is used to determine how much money you can afford to pay back each month. Finally, the length of your loan determines the size of your monthly payments. Note that some states restrict the length of car title loans, which can impact the size of the monthly payments.
What Can I Use as Proof of Income for a Car Title Loan?
While many people use a recent pay stub as proof of income for their car title loan, there are actually a number of different things you can use to demonstrate your ability to pay. For example:
- Worker’s Compensation
- Child Support
- Social Security
What Happens if I Don’t Pay my Car Title Loan Back?
It’s vital that you contact your lender as soon as possible in the event that you are struggling to pay back your car title loan. Borrowers who miss too many payments can go into default and run the risk of losing their car. While the specific process varies from state to state, repossessions typically follow a general pattern. Depending on the state, the lender must send a right to cure notice to the borrower. This documentation lets the borrower know that they have a limited amount of time to pay back the entire loan. Once this time has passed, the car can be repossessed.
After the car has been repossessed it is normally sold at auction. Any proceeds go towards paying the balance of the loan. What happens after the auction can vary from state to state. In some cases, the lender must return any excess money to the borrower, or can continue to pursue the borrower if the auction doesn’t raise enough money to cover the balance of the loan.
Getting your car out of impound can be stressful. You need to rush around and get all the necessary paperwork, racking up fees the whole time. A car title loan can be a great way to raise the money to pay those fees. If you’re not sure where to start, reach out to Max Cash Title Loans today and get help finding a car title loan that works for you1.