Do I Still Pay My Special Financing Auto Loan Red Deer Alberta if My Car is Stolen?

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Having your vehicle stolen is every driver’s nightmare. It can happen anytime too, whether your car is in your garage or the office parking lot. But what will you do if the stolen car was also your collateral for a special financing auto loan Red Deer Alberta?

What to Do if Your Collateral was Stolen

When a car that’s stolen has an active title loan, it begs the question as to whether the borrower should still continue with the payments. The short answer is yes. You might have lost your car, but that doesn’t change the fact that you still owe the lender. A quick car loan requires that you put up your vehicle as collateral. If that security is gone, you might have to repay the loan immediately. This isn’t a problem if you have insurance as the provider can cover it.

There are several things you should do if you find yourself in this unfortunate situation. The first is to contact the police and report the theft. Once the police arrive and have made the report, make sure you get key details like the report number, the name of the officer in charge, the names of any witnesses, and the list of any personal items you have inside the car. You should then contact your insurance agency and the lending company. The two firms will coordinate the loan payment.

Faster than the Competition

Secure the best loan with Canada Car Cash. The company specializes in title loans and can offer you more money than other lenders. Their interest rates are 70% lower than their competitors and they offer low monthly payments. You can even receive the cash you need on the same day. Log on to their website to apply or call their toll-free number at 1-844-598-7631.

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