The last thing you want to do when you need immediate cash and you’re looking for car title loans Kansas City is drive an hour away to the middle of nowhere. Our office is conveniently located within Kansas City, making it easy to get here. You can drive over here via surface streets or freeways, depending on your starting point, and either option will get you here fairly quickly. As you get close, just look for the Barnett Title Cash sign, which shouldn’t be too difficult to spot. There’s plenty of convenient parking near us, and you can walk right in.
Expect one of our friendly loan representatives to greet you when you arrive and start helping you with the title loan application process. If you went online first and got preapproved, make sure to mention that. The representative will explain everything you need to know about car title loans Kansas City and provide you with all the necessary paperwork to complete. After that, someone from our office will go outside with you to do a brief vehicle inspection and make sure that there’s no issues that could detract from your car’s value. Once you’ve done that, you just need to provide your car title and you’ll have your loan.
For a title loan, the collateral is your car, but you keep that throughout the entire repayment period. Your lender only keeps your car title until you finish paying off the balance on your loan.
One area that Missouri doesn’t regulate for title loans is their interest rates, meaning each lender sets its own interest rate.
When you take out a title loan, you’ll set up a repayment period with the lender, with the standard length of time being 30 days. In the event that you’re unable to pay back your loan in that time frame, you can roll over your loan. This means that you’re only paying the interest, not the balance, which you carry to a new repayment period with another interest charge.
As far as repossession is concerned, the state is very borrower friendly. The lender must wait 10 days after you miss your payment to send you written notice. Then, they must wait an additional 20 days before repossessing your car. If you make your payment at any time, the lender can’t repossess your car. You essentially have an extra 30 days after missing your payment to catch up and avoid repossession.
If the lender does repossess your car, they must send you notice before selling it and provide the time and location for the sale. You are able to go to the sale and bid on your car to buy it back.
The most important thing to realize regarding repossession is that no lender wants to go through all that trouble. It’s much easier for us when borrowers simply pay back their car title loans Kansas City. The repossession and sales process both take time and money. If you’re having trouble making a payment, talk to your lender about it. You can likely roll it over to avoid any issues. At Barnett Title Cash, we always try to find a solution that works well for both parties.