How To Cope When Your Car Engine Breaks Down While Under A Title LoanFast Action Finance SEO
The least anticipated things can occur at the most inappropriate times in life. For instance, running out of gas in a stormy weather. These situations leave most people frustrated because there is usually no immediate solution that could remedy things in the best possible way. Title loans can be very helpful when you are in a financial quagmire.
To acquire the loan, you have to submit your car title to lenders. Now your car engine may just happen to fail when you have a title loan against your vehicle. Luckily, there are a number of things you can do to get yourself out of the mess.
The first thing to do is determine whether it is within your capability to repair the car engine. If you can repair the engine and get the car running again, then you do not have to worry about anything except making monthly payments and ensuring the loan is fully repaid on time. However, if you are completely unable to repair the engine, you will have to resort to other options.
Getting in touch with your lender
A blown engine will leave your car stuck on the road and tons of questions running through your mind. Typically, you will be thinking of how to get yourself and your car home safely. You may not likely think about the title loan. But the most important thing to understand is that when your car engine breaks down, you are unlikely to find quick fixes to the problem. What you should do instead is call a towing company to help you with car movement. Next, you should call the title loan lender to let them know the predicament that just hit you.
It is paramount to alert your lender when your car is entirely inoperable. This is because when you are totally unable to meet the repair costs, you will have to make a choice on whether or not to clear your loan. When you call your lender, they will tow your vehicle and go with it. They will value your car to determine its worth. The resulting figure will then be subtracted from the amount of money that you owe the lending company.
The ultimate figure after the value of your car has been subtracted is the amount of money that you will be required to pay to clear the loan. You should compare this figure with the cost of repairing the engine. If it is more than the repair cost, you may consider repair services. On the flipside, you will be better off letting go of the car if the repair cost is too much.
Engine repair time frame
A car engine that has broken down will absolutely require a replacement. Now there are so many considerations as far as this is concerned. Depending on the auto model, shipment may be necessary, which takes time. Repairing will also take some time because a professional mechanic has to be completely certain that the replacement is perfectly compatible with your car. Therefore, it may take days or even weeks to repair the engine.
No one expects his car engine to break down in the middle of the road. It just happens. What you do next really determines whether you will gain or lose. Checking with your title loan lender is the best thing to do when your car engine breaks down. The company will tow the car for you, value it and give you its final worth. That figure will be deducted from money that you owe them to determine what you will have to pay to clear the loan. Compare the repair cost and the amount of money you have to pay back to clear the loan. If the former is significantly higher, you will have to clear the loan amount and start planning to get a new car.