Taking out a title loan in Concord, North Carolina, is easy. These loans are just the ticket for those whose credit is not great and need money fast to fix a problem.
First, you need to find a reputable lender you trust, which should be easy with a quick Internet search. Read up on the lender and see if any borrowers have left reviews. You may also want to ask your friends or family has ever used this type of loan and if they have anyone they could recommend. When you take out a car title loan in, you are using your vehicle as collateral, but you only have to give the lender your title, not your vehicle, so you can retain usage of it and go about your daily business as usual.
To get a title loan, you simply show the lender your lien-free title, your photo ID, some proof of income (unemployment and disability payments will count), let him or her assess your vehicle and determine its value through Kelley Blue Book, and sign the loan. You can typically do all of those steps in about half an hour!
There are a few things to remember: Do not borrow more money than you can pay back, because if you default on a car title loan in Concord and the lender repossesses your car, you’ll find yourself in a worse situation than before. Lenders don’t want to repossess vehicles and sell them; it’s a hassle and it costs them time and money. Many lenders will work with borrowers to negotiate terms, so make sure you talk to your lender and get a payment you can afford. Once you work out all the details and sign the contract, you usually get your cash on the spot.
Concord Repo Rules
Although it’s not a common practice, lenders of title loans can turn your case over to a collection agency if you default on payments, so read on to find out about what debt collectors cannot do:
- No collection agency shall collect or attempt to collect any debt alleged to be due and owing from a consumer by means of any unfair threat, coercion, or attempt to coerce.
- Use profane or obscene language, or language that would ordinarily abuse the typical hearer or reader.
- Place collect telephone calls or send collect telegrams unless the caller fully identifies himself and the company he represents.
For more information on the North Carolina Fair Debt Collection Practices Act, click here.