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Tips for Covering Surprise Expenses

Sometimes, even the best laid plans don’t work out the way you’d hoped. If you own a home, budgeting for mortgage, taxes, insurance, and other necessities can sometimes stretch your budget to its limit. Then, when an appliance wears out or a system breaks down, you find yourself without the funds to cover the expense. If you’ve got an emergency fund, that’s great! If not, where will you find the money?

This is a common situation. In fact, a recent NerdWallet survey found that 44 percent of new homeowners faced an expensive home repair in their first year of ownership. Unfortunately, 31 percent didn’t have the emergency funding they needed. If you find yourself in that situation, you could apply for a traditional loan. However, if your credit is not good, you may have trouble getting approved. A car title loan is a quick way to get the cash you require, with no credit check and minimal income verification. All you need is equity in your vehicle to cover the loan.

A car title loan works the same way as a loan from a pawn shop. At a pawn shop, you bring in your valuables for appraisal, and you’re given a loan, with interest charged. If you can’t pay it back within a specific timeframe, you’re likely to lose your items. With a car title loan, your car is your collateral. You leave the title and keep the car, and once you’ve repaid the loan, you’ll get your title back.

Before deciding on a car title loan, be sure it’s the right decision for you. Look for a company that allows you to apply online to save time and money. Make sure the company doesn’t charge early repayment penalties, there are no restrictions that might make your vehicle ineligible for the loan, and that you get to keep driving the car while the lender has the title. Once you get your loan, pay it off as quickly as possible, to avoid paying more than necessary.

VIP Title Loans offers 6% APR loans for a duration of up to 12 months. We’re a licensed credit service organization with the State of Texas, and because we’re a locally-owned-and-operated business, we work with you if you need to make a payment late or even miss a payment. What’s more, we have the lowest total buyback in the industry.

If you’ve been hit with a surprise and you could use some financial help, VIP Title Loans is here for you. We understand that getting the best title loan interest rate is important to you, and we value your dollar. That’s why we offer competitive, manageable rates, keeping our fees lower than most other title loan companies. We want to earn your business by saving you money, and with locations in Arlington, Dallas, Garland, Lewisville/Denton, Mid Cities/N.E. Ft. Worth, and Richardson, we’re easy to find. Call us at 214-819-9491 or  682-325-4202, or contact us for more information.