Understanding New York Car Accident Loans
You’ve been in an accident, and you’re dealing with the resulting injuries, mounting medical bills, and missed work time.
If you were hit by another driver who doesn’t have enough insurance to cover your medical expenses; you could be stuck with thousands of dollars in bills that you can’t pay on your own.
Fortunately, you can still get the money you need, thanks to New York car accident loans.
These are different from regular personal loans because they are based on your potential settlement value instead of your credit score and income, making them easier to get if your situation is less than ideal.
When Does a Car Accident Make Me Eligible For Lawsuit Funding?
So, you’ve been in a car accident. The medical bills are piling up, and your vehicle is totaled.
Now you’re wondering whether to file a car accident lawsuit or apply for a loan instead.
It can be difficult to determine if funding is your best option—especially if you aren’t familiar with lawsuit loans and how they work.
We can walk you through loans after an auto accident so that you can make an informed decision about what type of financing works best for your unique situation.
How Do Car Accident Lawsuit Loans Work?
Getting a cash settlement from a car accident lawsuit is much easier said than done.
Many factors will affect how much of your settlement you get to keep and how quickly you’ll receive it.
On average, after filing your initial claim, you’ll have to wait more than two years before receiving any money.
Because of these complications, many people opt for a car accident lawsuit loan instead of traditional loans.
Pre-settlement funding doesn’t require collateral or cosigners, and they tend to come with lower interest rates.
If you’re looking for more information on car accident lawsuit loans work, call us at (800) 961 8924!
Attorney Fee Advance
Every day, there are thousands of car accidents in New York.
This means that countless people have injuries and damage to their cars and need access to attorney fees advances right away.
The legal process can be tricky enough without figuring out what a lawyer loan is.
If you were hurt in a car accident, you might not even think about how to pay for your medical bills or other expenses that arise due to being involved in an accident.
Can I Get Lawsuit Funding if My Car Isn’t Covered Under Insurance?
The answer is yes and no.
To answer that question more fully, let’s break it down into two parts:
Can you get lawsuit funding if your car isn’t covered under insurance, and if so, what can you do to increase your chances of securing a loan?
Let’s start with a few of our general requirements for car accident loans.
Any vehicle that is being used as collateral must have less than 140,000 miles on it.
The vehicle must be 2005 or newer.
And at least one person in your household must be an American citizen or permanent resident over 25 years old.
What Happens If I Lose My Case?
You might think that if you lose your car accident lawsuit, you won’t be able to pay off your New York car accident loans.
But it isn’t that simple.
Generally, losing a case doesn’t mean you can never repay a loan.
Of course, there are some things to keep in mind.
If your lawsuit isn’t successful and you weren’t ordered to repay the compensation owed. Contact your lender right away and explain why you aren’t paying.
The best part of our NY car accident loan is its non-recourse feature.
You pay only after winning the case.
How to get car accident loans in New York?
Many car accident victims in NY suffer serious injuries that make it difficult to return to work right away.
Some individuals even have trouble going back to work once their injuries heal.
If you are injured in a car accident and your car is damaged beyond repair, or you need major repairs but cannot afford them.A
New York car accident lawsuit loan might be precisely what you need.
Consider all your options before taking out any loans or credit cards; they could affect your credit score and cause long-term financial issues if not paid off completely.
Check out different kinds of loans and consult with attorneys, insurance agents, and credit counselors for more information about what’s available in your state.
It’s always best to be informed before you take on debt for any reason.
How to apply for car accident loans?
Due to a high volume of litigation against negligent drivers, vehicle accident attorneys in NY should have a pretty good idea about what car accident lawsuits are worth.
But if you’ve been injured in an accident, how do you know how much your case is worth?
And how do you apply for NY car accident loans without relying on an attorney?
To apply for a car accident loan in New York, you must fulfill the below criteria.
- You were a victim of negligence driving
- An attorney represents your case in court
- An attorney works on a contingency fee basis
- You have a winnable car accident lawsuit
Get the lowest interest rate car accident loan in NY
A car accident can be very disruptive to your life, both financially and in terms of the time, it takes to handle everything from insurance adjusters to legal proceedings with the driver who caused the crash.
New York is one of the most densely populated cities, more than 292 death happen each year because of auto accidents killing 1.6 of every 100,000 New Yorkers.
When involved in an accident, the first thing that many people think about is whether or not they’ll need to pay for medical bills related to the accident.
However, most people also lose time from work as a result of their injuries, which means that you could be losing money during this period of time as well.
For many people, taking out a New York car accident loan can help to ensure that you’re able to make ends meet during your recovery period so that you can get back on your feet and back to work sooner rather than later.
New York car accident loans help you get back on your feet after you’ve been involved in an accident, including the process of getting the compensation you deserve from either your own insurance or the responsible party’s insurance company, depending on which party was at fault.