Car title loans are becoming a top financing choice for people with bad credit.
They are available for anyone with a car that has some equity in it, and most older cars still carry some value that you can borrow against. As long as you own your car outright, you can borrow money against the value and help yourself out of some tough financial positions.
Here are a few examples of times when a title loan can save the day.
Pay the Rent or Move the Family
Many apartment communities don’t accept partial rent payments. That’s because it’s harder to evict you if they have accepted any part of the rent. It doesn’t matter if you are only $10 short, you must have the full rent amount or they cannot make the payment.
This means that you could easily wind up being evicted when you are just $100 or even only $50 short on the rent payment. First, you will have late fees accruing, then a few hundred dollars for the eviction fee.
Once you are forced out of there, you still have to come up with a deposit and first months’ rent for another property. Before the dust settles, the $50 you’re short today could cost you more than a thousand over the next few weeks.
However, you could use the equity in your car to borrow that $50, pay the rent and stay out of hot water.
Can you Pay the Fines Today?
Get a speeding ticket and you will face a fine. Even if you go to court and negotiate it to a lower infraction, there will still be a hefty fine plus court costs to cover.
Whether you decide to pay the money ahead of time or go to court and hope for the best, you should plan on giving some money to the city. What happens if you cannot pay the fine when it’s due? Most cities will issue a bench warrant for your arrest. If you think that the ticket was expensive, imagine the cost of bail, another court date, and more legal fees. Spare yourself the drama and use a title loan to avoid being in trouble with the law.
The Mechanic is Waiting for Payment
You won’t leave your car at the title store, so you can use the equity in your car to finance repairs. It’s far better to pay the fees for a title loan than it is to have your car break down completely because you neglected those important repairs.
To understand the full cost of not investing in repairs, ask yourself how you would get to work without your ride. With a title loan, you don’t have to wait until your next payday and hope that the brakes hold out until then or the tire doesn’t blow. You can make the repairs and stay on the road with the right financing.
There are several instances when a cash car title loan Mesquite is the right choice for you. You still want to be careful not to borrow more than you need, and you must have a plan in place for repaying the loan on time.