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Thinking of taking out an Car Accident loan? Here’s what you need to know

Being involved in a vehicular accident is not only physically painful and emotionally draining but it can bring an unexpected financial burden too. The cost of unexpected medical bills, car repairs and even temporary car hire are all outgoing costs that you simply weren’t prepared for and you’re probably resenting having to pay out for something that wasn’t even your fault! A car accident loan may have been something you heard of, but have hopefully never had to use before.

You may be familiar with something called a car accident loan, but are unsure of the consequences of taking out a loan? Fear not — we’ve got some options available to you to have immediate financial help after having a car accident.

Our team of experienced lawyers handles cases just like yours every year that often rely on that initial financial support to help clients so we often find ourselves explaining what car accident loans are and what they can offer.

We’ve got some insider experience with car accident loans and want to share what we know so you can make your own decision about financing the short term additional costs of a crash.

The injury attorneys at Phoenix Accident and Injury Law Firm near you have significant experience in helping clients who have been in an auto accident and are thinking of taking our a car accident loan.  Our offices are conveniently located in nearby ChandlerPeoria, and North Phoenix, and we can meet in-person at our nearby offices, over the phone, or video call.  You can contact us for a free consultation, or read on to find out more.

By the way, we will also help with other problems that have cost you sleep, like getting a rental car very soon and finding a nearby doctor who can help you. Even the best legal team isn’t good enough if your quality of life isn’t sustainable while justice and compensation are on the way. The whole point of legal action is to regain quality of life, so we help you long-term as attorneys and short-term as your go-to people. Our familiarity with the local Phoenix courts makes us confident that we can help you get the best settlement possible.

What you need to know about taking out a pre-settlement car accident loan

A pre-settlement loan is a sum of money borrowed by someone who is currently pursuing a personal injury claim. As you can imagine, the sudden unexpected costs that an accident causes are often met with panic. So, the idea of applying for a loan can seem like a quick fix before you receive compensation.

Like with most things, there are a few factors to consider before you hit ‘apply’ on that seemingly no-strings loan offer;

  • Accident loans typically have much higher interest rates associated with them, and many companies offering high payout loans have really stringent contractual agreements. Make sure to read the small print before committing to anything. Lenders will consider how likely your case is to actually win when it reaches court, before deciding whether or not to lend you a loan. There’s always a risk that a plaintiff’s case might fail, and pre-settlement funding companies can be particular. This also means the loan companies will have higher fees and payback arrangements so make sure you’re completely aware of their payback rates before taking out the loan. The great news is, lenders can’t come after your personal assets if you fail to make payments, and that may leave the lenders with empty pockets if your case unexpectedly falls apart. This does mean their high-interest rates and fees are justified in the face of risky and potentially unrecoverable loans.

Go on recommendations- if you know someone who has used a car accident loan lender before, ask them for the lowdown before deciding on whether you need to take one out

We’d always recommend writing a pros and cons list before committing to any kind of loan, is there any other way to help finance your outgoings in the aftermath of an accident that will avoid getting into debt through no fault of your own.

Get Help Now 

At Phoenix Accident and Injury Law Firm near you, we have more than 15 years of experience helping clients obtain compensation for their personal injuries, and obtaining car accident loans in the Phoenix area. When you’re ready to talk, please contact our office to arrange a free initial consultation by phone or at our Chandler office, conveniently located near you.

If you have been in an auto accident and are thinking about a car accident loan, contact Phoenix Accident and Injury Law Firm in nearby Chandler, AZ to speak with an experienced personal injury attorney. We provide personal injury legal services to clients in your area including ChandlerGilbertMesaScottsdale, Tempe, and Peoria.

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Brenden Lewis
a month ago

So I suffered a tragic motorcycle accident leaving me injured and quite unhappy…… also the bike was totaled. This all star law team secured a large settlement for all my suffering. This process was very well advised by an aggressive and determined lawyer. All I can say is now I’m left a very happy man. Thank you karissa for working quick to bring my tragic story to a much warmer end. Just call them! You won’t regret it!

Shayianna Guyton
a month ago

They literally conversed with me every step of the way throughout my journey. Thank you guys

I was very pleased with my experience. They kept me informed the whole way through the process and checked on me through my treatment. Definitely would recommend

My dad was in a car accident and during those difficult moments, Phoenix Accident and Injury Law firm has been there for us. They care for their clients, will walk you through everything you need to know step by step, they follow up, very easy to reach and fast to respond. And one thing is for sure! they will fight for you! we felt safe with them! Me and the entire family thank them all so much for all their help! These people that works here are amazing!

Jenifer henke
a year ago

I was in an accident that resulted in getting whiplash and a concussion. I contacted Phoenix Accident and Injury Law Firm that day. Everyone was helpful (Rhea, Karissa, and Jeff) from the very beginning to the very end. They sent me to a physical therapy location that was pretty far away but the doctor and physical therapist were very kind so I did make the trek. They handled all aspects of my case in a timely manner and answered all my questions. They got the max amount possible, and from that, paid the medical bills and took their fair cut. I would not hesitate to recommend them to family or friends.

I would give ten stars if I could. This law firm is about as professional and friendly as it gets!! They stayed in constant contact with me and answered every question I had. I got a settlement that was higher than I expected and will definitely use this law firm again. I highly recommend hiring them to handle your legal issues!!

Fernando Lopez
a year ago

My experience with this team was superb, as they were ongoing with the case and making sure that the client gets what they deserve. I recommend anyone looking for a accident law group that this is the team you want to be representing you!!

Kimberly Legaspi
2 years ago

What can I say about the Thompson Law Firm? They are AMAZING!! It’s never fun when you need an accident lawyer because you are pretty much in a bad place. Shane and the staff have been wonderful, kept me informed at every step of this process. I would recommend Thompson Law Firm to anyone, in fact, I have referred several friends already!! Thank you Thompson Law Firm for everything you did for me!!!

Amanda Olney
2 years ago

These guys were absolutely amazing. They were very clear with me about what I needed to do on my end and I saw fast results. I just recommended them to a friend a week ago and he also dealt with my mother's case. I wouldn't see anyone else.

2 years ago

Karissa and Shane were amazing! They were there for any questions I had and checked up on me regularly. Highly recommend these guys!!

Karissa Murphy
2 years ago

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