Car Title Loans: Help With Debt

May 16, 2012 by  Filed under: Loans 

Bad credit is a trend which has swept across the county affecting many. Companies have been lying off workers to protect the business while others have had to close all together. These closings and layoffs have left hundreds of people in some areas out of income and searching for new ways to finance their household budgets. The unemployment rate has made it very tough to find jobs, but debt does not carry a pause button. People who do find jobs may not make as much to keep up budgeted demands. Everyone has a story explaining why they need help with rebuilding credit history.

When you are not able to pay on your debt, your creditors will send negative reports to the credit agencies. These reports will lower your credit score and keep you from financial opportunities with banks, credit unions and lines of credit with credit cards. Your money requests will be denied or loan amount will be lower than what is needed. When a cash advance is not enough and the other options are not available to you, a car title loan is an option when you own the title to your own vehicle.

These title loans are quick and can get you more money than a payday loan so your bills can be paid and you can start working on rebuilding your credit. When you can pay late payments sooner than later, your credit will be less affected. Showing efforts to keep a good standing with your accounts will get that score moving upwards even faster.

Your credit score does not interfere with a car title loan. Your vehicle is used for collateral to secure the loan. The title lender will figure the value of the vehicle and base your loan on that amount. Depending on what lender you choose, you can get a loan from 25% to 50% of that value.

A great way to help yourself is to use this loan and pay off as much debt as you can. Paying off accounts that tax your budget each month will allow you to regroup and amend your budget. Your title loan will need to be paid off quick, once it is, you will be looking at having a much smaller demand on your income. The faster you get things paid and your debt to income ratio lowered, the less you will be charged in interest and creditors will start looking at you in a different light.

Once you get a car title loan, you will want to focus all your efforts in getting it paid off in the fastest manner possible. Know how the lender does business and be aware of any extra costs if paying your loan off takes longer than planned. Ask questions prior to signing the contract and don’t let yourself get pressured to sign if you are not satisfied with the answers. There are plenty of companies offering auto title loans whether it is by store or found online.

Approved Money Center Payday Loans are available to you when you need to make that last minute payment. Visit or one of our convenient Texas locations to find out more.

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