Friday, May 31, 2013

Title loans - good idea?

Thanks to eTitle Loan for providing the information for this post!

Is a car title loan for you?

A car title loan is a loan where the title of your car is used as collateral.  Because the car serves as collateral, the loan can be larger and at a lower interest rate than an unsecured loan such as a credit card or a payday loan.

It is also easier to qualify for a car title loan than other kinds of loan such as a car loan or a home mortgage.  For instance, your credit score generally is not taken into consideration when making a car title loan.  So if you have bad credit and need a loan, a title loan may be right for you.  As long as you have some sort of income, such as a job, child support, or unemployment payments, you will most likely be approved for the loan.

On the down side, if you don't pay the loan, you will lose your car - even if you're already made several payments toward your loan.  If you need the car to get to work, it could have an impact on your employment as well.

If you're unable to create an emergency fund or have already spent all of it due to an ongoing emergency, and if you can't qualify for a loan due to bad credit, a title loan is a solution that will give you the money to pay the necessary bills.

If you take out Fast Loans in Miami FL or from anywhere else, definitely make sure that you have as low an interest rate as possible, and pay off the loan as fast as you possibly can.  Sell some items and work extra hours, anything to get the loan paid off and the car title back in your hands.

(This post is sponsored by eTitle Loans and may contain affiliate links. Please see my disclosure policy for more information.)


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