Titlemax is a company dedicated to vehicle title lending. They have the vision to help applicants by offering quick responses, automating processes, and helping you get the liquidity you need right on time.
They are dedicated to offering the best financial solutions when you need them. However, the constant concern is whether these institutions notify the major credit bureaus. The mission is to maintain the best credit score possible.
Does Titlemax notify the major credit bureaus?
No, one of the benefits for some clients is that they do not notify the major credit bureaus. For those with perfect payments and good credit standing, this may not be the option to be excited about.
To access the benefits of Titlemax, you can go to one of their branches to talk to their customer service representatives and better understand how their tools work.
It is worth mentioning that non-payment can still create some disadvantages for you. If the delinquency extends over a long period, it may be notified to the credit bureaus because of the debt.
What happens when you cannot pay the loan?
It is advisable to find the best possible solution before facing the consequences stipulated by the institution. One alternative is to find a refinancing to pay the outstanding debt.
Refinancing consists of taking out an additional loan to finance the existing loan. These loans are usually smaller than the initial loan and are only intended to help you pay the outstanding debt. However, we should consider this carefully.
It should be well-thought-out because having a new loan will mean that the debt will increase and continue for a longer period. In addition, you have to compare different banks to find the one willing to offer a refinancing after knowing the reasons for the first debt.
How to legally get out of a title loan?
Titlemax loans are a common alternative among car users and owners for a vehicle title. If you do not find a viable solution to get out of the requested loan, you can opt for one of these options:
Renegotiating the terms
Most institutions recommend that, before starting with any alternative solution, you consider approaching the lender and requesting a renegotiation of the terms. It is preferable to opt for this alternative rather than ignoring the lender.
Request a salary advance for loan repayment
Primarily you have to look for an alternative to repaying the loan to avoid further cultivating the debt. The salary advance option is ideal because it is usually interest-free. Applying for help from your employer is the best option to repay the loan in full as soon as possible.
With the loan meant to keep your vehicle in good standing, your boss may be more considerate in offering an advance on your salary because you depend on the car to accomplish your daily duties.
Getting a credit card advance
If you can access a cash advance with your credit card, you can apply for it to catch up on your loan. Finishing the outstanding payments before the interest becomes unpayable is an adequate alternative. Of course, you must evaluate if it is a feasible alternative for you.