Reasons You Might Need A Car Title Loan
They give you the money that you need and offer you a pre-arranged time to pay them back
. The interest rates are usually high, but it is a way to get money when you desperately need it.
If you do not pay back the money in a timely manner, the lender can repossess the car and sell it to pay the debt. While it can be risky, there are a few situations where a car title loan could come in handy.
Here are a few common situations where car title loans can be used. You have emergency medical bills. One of the most common reasons that you may need to utilize a car title loan is when emergency medical bills come up.
Sometimes you or a child face an issue that can not wait until payday to be resolved. When you face a medical emergency, you have to get to a medical facility immediately. When this occurs, you may need to borrow some money to pay the bill.
A car title loan could be the answer that you are looking for. You need to get your car repaired. Another very common use of this type of loan is when people run into unexpected car repair bills.
Most people rely on their car to get them to and from work. If something breaks down on it, they are forced to sit on the sidelines until the car is fixed.
Many car repair bills can get unbelievably expensive. You could easily incur a bill of several thousand dollars for some of the more serious repairs.
Most people that are living on a budget do not have that much money just sitting around. It is a sad fact that most people do not have savings at all.
So when an emergent situation pops up, they need to find other ways to obtain money. Utilizing a car title loan could potentially get the bill paid and get them back on the road.
This will enable you to get back to work and make back the money to pay the title loan off. Car repairs are one of the most common emergency situations and car title loans can help you get through it with minimal problems.
Someone you love has passed away. While it is not a situation that anyone likes to consider, a loved one could die at any moment.
When the unexpected happens, you may be forced to rush home for a funeral immediately. When this happens, there is a good chance that it may not come at a good time financially.
You may not have the money that you need for a plane ticket and traveling expenses, but you know that you have to go. A car title loan can cover the expenses that you have and get you to where you need to be.
Or perhaps you need to help fund the funeral. Funerals nowadays are very expensive and it is common for families to spread the cost over several people so one person is not stuck paying the entire amount.
I don't know of anyone who likes to take a cold shower, and it's pretty hard to wash dishes properly in cold water. So you need a new water heater.
That can be an expense that pops up out of the blue! Or worse yet, you just can't bring yourself to warm your house with fire.
Maybe you don't even have a fireplace. If you're furnace goes out, that can be yet another issue that a title loan can help you get the money you need.
There have been people to get title loans when their basements flood. Whatever your reason, title loans can help you out.
The reason you might want a title loan versus a payday loan is because you can get more money because your car has more value.
So the option works well when you need a couple thousand dollars instead of just a few hundred.
by: Jack Landry
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