The Truth Exposed: How to Keep & Drive Your Car During Title Loans
Forbes reports that 1 in 4 Americans suffering from post-traumatic-stress-disorder-like symptoms from their various financial stressors. Among millennials, it’s closer to 1 in 3. Survey subjects said they are scared about becoming homeless, largely due to coming of age during the Great Recession of the late 2000s.
According to this study, conducted by the financial wellness company Payoff, many survey respondents were either worried or in denial about their financial circumstances. For those in denial, they denied the magnitude of their situation, such as the need to pay their debts or the actual magnitude of their debt.
Does this sound anything like you? If so, there’s one very powerful, short-term way to consolidate your debt for a fresh start: title loans. And here are three ways they could help you drive your car while paying off the loan:
Be in Possession of a Lien-Free Car Title
The main thing you really need in order to get a title loan is to have a lien-free title. If your vehicle is paid off and you have a lien-free title, you could be eligible for a title loan. You also must make sure no one else’s name appears on your title.
Now that you know how simple it is to qualify for a title loan, here are some of the benefits of getting one:
- You could be approved for up to $15,000 in around 30 minutes.
- Even if you have bad credit, you could still get the cash you need.
- Title loan companies don’t report to credit reporting agencies.
- Your ability to use your car won’t be interrupted. You get to keep driving your vehicle while repaying.
Compare Title Loan Companies
One of the best ways to save money in any situation is to do your research and shop prices. Start by checking out the Better Business Bureau for ratings, then consult customer reviews to see if there’s anything you should be concerned about. Compare several companies and examine which one has the best rates and policies for your situation.
Other things to compare are the rates and fees, as they could vary dramatically. Come up with a list of questions to ask each lender before making your decision. Search for the lending company that gives you maximum protection and reasonable rates. Shopping around can save you a lot of money in additional fees, and who knows - if you tell them you’re shopping around, they may be willing to offer you a lower rate.
Form or Consult Your Budget
One of the best ways to prepare for getting a title loan is to use a budget. While getting up to $15,000 sounds great, you need to choose a loan amount based on your income and expenses. After all, this isn’t free money. This is a short-term lending product that is intended to be paid back quickly.
It’s important to manage your budget or else you could just be repeating the cycle that led to the situation in the first place. It’s important to keep this perspective so that you don’t fall behind on paying the loan once you get the long-awaited financial relief you’ve been searching for.
Ready to Get Some Emergency Cash?
Sometimes we get an unexpected expense (or more) at the worst time possible. That’s why it’s important to have a backup plan, or at least find something that can provide for you in those times. If you decide a title loan can do that, it’s essential to be an informed consumer when selecting your provider.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.