Breaking News
Wednesday, August 1, 2012

Info Post
When you are in a financial crunch, how do you know if a car title loan is right for you? Owning the title of the vehicle is the first step in qualifying for a title loan, but it is not a guarantee that obtaining one is the best option for your financial situation.

Using third party money is not something to consider lightly. One of the best things anyone can do for financial troubles is to come up with emergency plans of action before falling into trouble. Clear thinking, mindful observations and lots of homework will get you prepared for the worst with much less stress. Research bank options, people options, and find good "other" lenders. This effort will prevent you from falling into the hands of predatory lenders.

When you need extra money and you need it now, take out the list and walk yourself through your prepared options.

*Go to a savings account. Normally, this is the best option for anyone with extra bills to be paid. But when you have already used the money for other costs and haven't had time to pay it back or you never got one started, you will have to move to the next option.

*Juggle extra costs with remaining credit card balances. It is an effective way to handle an overload of bills. If there is not enough room left to take care of the extra bills, then move on to the next option.

*Apply for a loan or new line of credit. This option may take you in many different directions depending on your credit score. If you happen to have a high credit score you may find this a decent option to help with additional costs. Be careful if signing onto promotional programs. Pay close attention to when the promotions expire and what happens afterward. If you have 12 months to pay the money back at zero interest, you will want to just that.

*Check with family or friends. It probably is not an option to be used regularly, but it does come handy for those who have someone close to them willing to help out in a pinch. Use this option with caution, as passing money between friends and/or relatives can easily sour relationships.

*Use a short-term solution. Don't skimp on your homework for this category. Predatory lenders are readily available so take the time and contact at least 3 different companies prior to being in a vulnerable state. Most will offer money with high interest and a fast payoff. To protect yourself from falling further into debt by using a car title loan, payday loan, cash advance, or pawn shop you will want to find responsible lenders.

There are differences between these short-term loans. You may not qualify for all of them, so you will need to know how they work.

* Car title loans and pawn shops are secured loans. A title loan will use the title of the vehicle as collateral. The vehicle will remain in your possession during the loan term. The pawn shop will hold your personal item as collateral until the loan is paid off.

*Payday loans and cash advances are both unsecured loans. You sign a contract to pay off the loan. The high interest will ruin your finances if the loan is not paid off in a reasonable time period.

Be prepared for the worst ahead of time. The better you can support yourself with a savings account, the easier financial crunches will be to correct.
Newer Post
This is the last post.


  1. I like the title of this blog! How Can I Tell If A Car Title Loan Is Right For Me? - that's a good question. You have a very nice blog. Thank you for sharing this! My Arizona title loans likes it.