subject: Title Loans Using Them Wisely [print this page] When you need quick cash, title loans are some of the easiest ways to get your hands on some money without having to jump through a lot of hoops. But if you arent careful, your title loan can turn into a disaster. Thats because its secured by your car, meaning that you give the lender the right to seize and sell your car to pay off the loan if you dont pay it back. Therefore, follow these tips to make sure you use your title loan wisely.
Borrow Only What You Need: Although you can borrow up to 50% of your cars value with a title loan, you dont have to borrow the maximum amount. Instead, determine exactly how much money you need and only borrow that amount, even if its more like 10% of your cars value. Dont borrow just because you can, but borrow what you need and can afford to pay back. Remember that youre paying interest and fees on the full amount you borrow, too, so its cheaper if you borrow less.
Plan Your Payments: When you borrow, you should know exactly where the money is going to come from to pay back your title loan. For example, you may plan to cut all of your excess spending for the next several months so you can use several hundred dollars of each paycheck to repay the loan. If you dont know where the money will come from, title loans are very risky because you could lose your car.
Limit Your Spending: When you have an influx of cash, you may be tempted to spend it on all sorts of things you dont actually need. Pay attention to where youre spending the money, and keep track of it just as carefully as you would keep track of money from your paychecks.
Getting title loans is a quick and easy process, especially when you use our lender matching service at CreditNowUSA.com. Well help you find the best lender, regardless of how bad your credit is, and get you the money you need pay attention .
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