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Can title loan companies repo cars?
Do title loan companies actually have the ability to repossess cars? I’m currently paying off a title loan, and I might not be able to make the payment this month. I’m kind of nervous they’ll come after my car.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Struggling to make payments can be stressful—but try not to worry! While title loan companies can repo your car, some agreements may come with a small grace period.
You can also try contacting your lender and asking for an extension—they may be able to help! If they can’t, then you won’t be any worse off than when you started. Remember, your lender would much rather have your payment than your car.
If you’re really worried about the loan, you can also try
refinancing
. In simple terms, that means you can take out a loan from a new lender with better terms to help you pay off your current loan. While refinancing can be a great option, it may not be available for people with bad credit.For help finding a lender to refinance, try using the
Jerry
app. A licensed broker, Jerry can help you find and compare rates from qualified lenders in your area. That way, you can make an informed decision about your lender before you settle on a loan.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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