It is indeed unfortunate that despite several efforts when it comes to managing your financial affairs, you still find yourself short on cash to pay for emergency situations and unexpected expenses. And the problem is even more compounded that you have limited sources of funds as either you used them up already or is quite embarrassed to ask for help from people you know like friends, families, relatives, and even employers. Well, worry no more as there are other sources from which you can borrow effectively and solve short term financial shortfall; car title loans. Here’s how to do it:
- Decide how much you want first. You should not borrow more than what you can afford or more than your capacity to pay. Doing so will help you sink deeper into the debt trap. You should remember that a car title loan has very high APR and might add stress not only financially but emotionally as well.
- Analyze the value of your car first because once you fail to repay the loan, the loans company will definitely own possession of the car. If the vehicle plays a huge role with your income generation activities, you definitely have to think twice before filling in the application form. Think of other ways to help solve your cash problem first like swallowing your pride and asking help from friends or facing your creditor and requesting for grace period to repay the loan.
- Lower your expectations as new cars do not mean that it has high resale value. The resale value dictates how much you will receive from loan companies. There are other factors to consider when appraising resale value of your car such as running condition, physical appearance, brand, make, and model. For example, small cars will not fetch high resale value in desert states and big SUV’s are not attractive in towns where road networks are quite narrow.
- Plan your finances on how to pay your title loan first. You should have an idea on how to fund your payment. For example, if you are expecting huge commissions and bonuses in days, so be it. Otherwise, you should contemplate on selling some of your valuable properties or taking an extra job to repay the loan on time. You should remember that this kind of loan is short term in nature and different loan companies have different loan policies. Some do not offer rollover and take possession of the car as soon as you fail to repay the loan on time.
- Do not forget to read the terms and conditions of the contract thoroughly. As that legal jargon states, “ignorance of the law excuses no one.” Stay away from surprises and be clarified if you have doubts and difficulty comprehending the terms and conditions of the contract.
The steps are so simple, you do not need to write it down to help you remember it when you need to take out any car title loans available out there.
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