3 Things You Should Do If Your Car Pawn Loan Nanaimo British Columbia Collateral was Stolen

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Car theft is a situation many drivers worry about. It’s traumatic, inconvenient, and costly. It’s worse for those who are using their vehicle as collateral for a car pawn loan Nanaimo British Columbia. The loss of their security will have a major impact on their loan. But there are steps you can take to mitigate this disaster. 

Steps to Take When Your Collateral is Stolen 

  • File a police report as soon as possible. This is the first thing you should do. The sooner you get law enforcement involved, the better your chances are of getting your car back. There are several ways to do this. You can file a report in person, over the phone, or online. Make sure you give them as much detail about your car as possible.
  • Contact your insurance company. Do this after you’ve filed a police report. Aside from reporting the theft to the company, you should also mention that you have an existing car equity loan on the vehicle. 
  • Get in touch with the lending company. Inform them of what happened and give them the police report number. The lender will also ask for your insurance claim number. They will expect your loan to be paid in full since the collateral has been lost. 

The Number One in the Industry 

Need extra funding? You’ll get fair deals with Canada Car Cash. This title loan specialist offers more money than other financial companies. Our interest rates are 70% lower and we offer affordable monthly payments. We typically forgo credit and employment checks so the application process goes faster. You can get the money you need within the day. Log on to our website to apply. You can also call our toll-free number at 1-844-598-7631.

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