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Relief with Auto Title Loans
Posted by GuestPoster in Personal Finances
You can get relief from your emergency cash needs. That relief is as close as your car. An auto title loan is a solid source of emergency cash for short periods of time.
Credit cards used to be a place you could go for quick emergency help. The new banking regulations on credit, passed by the Obama Administration, has resulted in credit card lenders jacking fees and cutting credit to avoid the new government rules. This means at a time when you need emergency funding the most, the banks have turned a deaf ear on your plight. Wells Fargo announced recently they were moving credit card interest rates up by 20% or more. The new rates aren’t needed to handle potential losses. The bank plainly stated they are jacking the rates to beat the new law.
Where to turn in an emergency? Chances are you may be driving it. Auto title loans are a way to get short term emergency cash. Its not based on your credit score. Its based on the condition of your car, since the car becomes collateral for the loan. There are a few details on these loans which you should be aware. You must be 18, show an ability to repay (have a job), show your residence, and have the title to the car you are using as collateral. and you’ve completed most of the requirements for an auto title loan.
The length of an auto title loan can be very short, as little as 14 days, or long as I’ve seen them available for up to one year. Remember if you are seeking one of these loans, its because of emergency. Placing your car on the line as collateral puts you as risk for losing your ride should you default on the loan. Not only would you still owe money, but you’d be out of transportation as well.
Understanding the contract is very important. Don’t sign any documents unless you have asked enough questions to be certain you have all the facts. Emergencies can cause people to make decisions that seem good at the time, but quickly turn into bad choices. Getting money by using an auto title loan without being aware of the potential problems can be the start of a long nightmare. Proper preparation will go a long way to keep that from happening to you.
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