Year after year, the cost of living in the U.S. keeps rising, while incomes remain stagnant. More and more of us are unprepared for an unexpected expense or cash emergency. When you need money right away, selling your vehicles might seem like the best option to get the fast cash you need.
The big issue is once your vehicle is gone, what do you do for transportation? That’s why more and more people are using title loans for that very reason. What are the pros and cons of selling your car vs. getting a title loan? Doing your homework and really understanding your options is the best way to make an informed decision.
Often times, the biggest factor is time. But unlike time, you can always make more money. If due dates and deadlines are creeping up on you, you may be considering selling your vehicle for the fast cash that you need. There are websites and apps like Cars.com, CarMax, TrueCar that can help you sell your car faster than ever. However, it still usually means a negotiating process and a lengthy back-and-forth that requires a lot of doing on your part to make it worth your while.
A title loan can save you time and help you deal with your financial challenges, avoiding late fees, overdrafts and even hits to your credit. The time and energy you save by getting a title loan instead of selling your car lets you move quickly to handle the unexpected expenses that life throws your way. Title loans allow you access the value of your vehicle without the hassle and inconvenience of selling it. You get the money you need and keep your car – a true win/win. Best of all, some providers can complete the approval process and put cash in your hand in as little as 30 minutes.
One of the strongest arguments for a title loan over selling your car is also the most obvious – if you sell your car, you can’t drive it. That means you can’t drive it to the store, to run errands, to work, or anywhere else you need to go. You don’t necessarily need to have a car to get from A to B, but if you have a child or a job, taking public transportation or relying on friends for rides can be a huge hassle. With a title loan, you keep and drive your vehicle while you make your payments.
With title loans, because you keep your car and drive it while you repay your loan, you can continue working and making money, taking the kids to school and extracurricular activities and generally live your life without the interruption of taking out a traditional loan, second mortgage, or selling your vehicle. You have a lot of the same benefits as you would selling your vehicle without having to do it and you don’t have your life turned upside down whenever an unexpected expense arises.
Getting the cash you need with a title loan is easier than you think. First, find your lender; you may even be able to request a call from a friendly representative who will gladly answer any questions you might have. Second, take your car and the necessary documents to your preferred location. Lastly, present the documents and your vehicle in-store to find out how much money you qualify for. Before selling your car, weigh your options and make sure that you’re making the right choice. A title loan may be just the ticket to help you roll with the punches when you’re faced with sudden financial needs.