Overhaulin'

Car title loan advice?

I am in a financial bind right now and need some cash to stay alive, my light and water are gonna get cut off in about 10 days and i need money to move but my car is the only thing i really have i am working 2 jobs and need the car. can anyone tell me what their experience with car title loans was like. thanks.

Public Comments

1. i think its a bad idea. I never done the car title loans before but I heard they charge a huge interest rate. i would go to your bank and get a loan from them--it might be cheaper. Or even a credit union. If you direct deposit your money then can take a small amount out for repayment. I would look into other loan companies before the car title people, you may get a better interest rate if you shop around.
2. A bank can give you a loan, using your car title as collateral. The car has to have a clear title tho. The bank can only loan a certain amount on your car. They normally use NADA.com or another site that determines the loan value. Of course, your credit needs to be fairly good too....in order to get a loan. Good luck.
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4. I just wrote about auto title loans on my blog, www.budgetblogger.com. I've also discussed payday advance loans, which also might be an option for you. Those websites are paycheckatm.com or USApaydaylenders.com. There are pros and cons to auto title loans and payday loans. It's important to understand that the money you borrow needs to be repaid quickly. The advantage to title loans and payday loans is that they are funded quickly, and your credit or lack of credit won't prevent you from getting money. There are also credit unions in some states that offer small payday type loans and financial counseling. These types of loans are expensive, but so is the fee to turn your water back on -- in South Florida the reconnection fee is $65, and that's before late fees and additional deposit requirements. It's just turns into a big mess. Do what you have to to prevent your lights and water from getting turned off, but also take the time to make a financial plan, even if it's just how you'll pay off the loan when it's due in two or three weeks. Write down what you have, what's due now, and what's coming up.