Being a victim of car theft is never easy. Not only is it traumatic, but it’s also inconvenient and places you in a tough financial spot. It’s even more serious if the stolen vehicle has been used as collateral in auto finance loan Nanaimo British Columbia. So how will this affect your title loan?
What Happens if Your Car was Stolen During a Title Loan?
Technically, nothing really changes when the collateral you’ve used to secure a loan has been stolen. The fast loan amount doesn’t change, and the lender will still expect you to repay it. It’s basically the same protocol if a car with a lien is involved in an accident. In both situations, if the car is insured against accidents and thieves, the insurance company might cover the expense. It’s why you should always opt for comprehensive insurance coverage.
A stolen car also means you don’t have any collateral to bargain with, so the lending company could insist that you pay the balance in full. The smart thing to do is to file a police report immediately and notify your insurance provider. You should then inform the lending company and discuss the situation. Most lenders will be amenable to working out a settlement with you.
The Number One in the Industry
Whatever the circumstances, Premier Loans Canada is always here to help you. This trusted lender can offer as much as $100,000 in loans. They’re also known for having the lowest interest rates, affordable monthly payments, and flexible payment plans that fit every client. You also won’t have to worry about credit checks or employment requirements. Their fast approval process means you get the money you need on the same day. Log on to their website to apply or call their toll-free number at 1-855-965-1650.
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