Do You Need A Car Title Loan?
I had to use a car title loan for an emergency situation a few months back and I had so many friends asking me what it was so I decided to write an article about it. This way anyone that needs to learn about car title loans, they can learn what they are all about. So, if they happen to be in a similar situation that I found myself in, this information could help them go through such a critical time in their life.
So, a few months back, I was in great need of some quick cash. I went into work one day only to be told that my boss was cutting down my hours. I had all kinds of things swimming through my head. I wanted to yell at him, and I wanted to cry, but none of those things were going to help me in my situation because I had recently moved out of my parent's house after dropping out of college. They were upset and basically told me that if I wasn't going to go to college then they wanted me to move out. I guess it was tough love; they wanted me to see what the "real world" was like, without a college education to boot. I never thought that I may need to learn about auto title loans, but like I tell my friends, you can never know.
So here I was. I had moved out for about six months and my boss had just informed me that I wouldn't be getting as much work as usual. I was too stubborn to move back home and I certainly had not saved up enough in my bank account to cover rent for the month. So basically, I was out of luck and it seemed as if that unfamiliar auto title loan was my only option. I had read in the newspaper about this thing called a car title loan when I was looking for a new job. A car title loan is a type of loan for someone in my situation. I didn't have good credit but I qualified in every other way. I was over 18, I owned my own car, and I was employed. When I called about the loan I was told more information about it.
With a car title loan you are basically using your car as collateral. Your car must be fully paid off and you must be the sole owner of the vehicle. You need to give the lender a second key for the car and hand over the car title certificate to the lender. The car is still in your possession and as long as you make the required payments and pay the loan off in full then it will remain in your possession. A car title loan helped me to afford rent for that rough month and my hours were bumped up by my boss a few weeks later.
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