Budget Blogger

Is a Title Loan the Right Choice?

Title loans can be a great option.  Here are a few reasons you might want to give an Alabama Title Loan company a chance:

Get Your Cash Fast:  Best benefit of a title loans?  The ease and speed of the entire process.  The online form usually  takes less than two minutes and a loan agency representative will contact you right away. You’ve got access to title loan companies in Alabama, Arizona, California, Delaware or anywhere else in the country, right at your fingertips. The rep will let you know what ownership documents you’ll need and if everything checks out, approve your loan. Or just walk into a title loan company office on your own and walk out with a loan in 30 minutes or less.

No Questions: A company like Georgia Title Loans prides itself on no-questions-asked cash. A lender may ask why you need money, but as long as it’s  legal, your reason for needing a title loan doesn’t influence the lender’s loan-approval decision. 

Flexible Payback Options: Lenders understand how uncertain the economy is today.  They’ll work with you to determine the best repayment plan to meet your needs.

“This site is affiliated with and may have received compensation, either directly or indirectly, from one or more of the lenders referenced herein

Bank of America recently announced plans to increase their overdraft fees. When the price change goes into effect, their $39 overdraft fee will be the highest overdraft fee charged by a major bank.

The way these fees are “earned” is pretty sneaky. Most of the time customers are surprised to learn about their overdraft fees because they think if they use their debit card and the purchase goes through, they have money in their account.

That’s how a $5 breakfast at Panera Bread can turn into paying $44 for a bagel and coffee. The bank approves your purchase, then hits you up for the $39 fee. Even if you make a deposit before the end of the day, you still owe the fee for the priviledge of the $5 “loan.”

A typical California payday loan costs less; usually $15 for every $100 borrowed. When you borrow money from a payday or title lender, the fees and charges are clear, and displayed on your loan contract. Lenders aren’t trying to earn their fees by sneaking extra charges onto your bill. Expensive? Yes, but so is the overdraft fee and with payday and title loans there are no surprises.

With California Payday Loans or Title Loans of California you pay for the convenience of getting cash quickly, usually within 15 minutes of applying, and knowing that your past credit history won’t prevent you from borrowing money. Who wants to spend $44 at Panera anyway?

Seems like we’re all trying to save some money. Here’s an excerpt from a Business Week article published last month.

• Trading down is becoming chic. The word “frugalista” has crept into the lexicon. McDonald’s (MCD) McCafé sales are up, while Starbuck’s (SBUX) are down. Subaru and Hyundai are hotter brands than BMW and Mercedes-Benz. The recession, flirting with becoming a full-on Depression, is reshaping consumer buying habits, as well as the product plans of companies ranging from Ford (F) to Mercedes-Benz, Burberry (BBRYF), and Coach (COH).
• But in the world of automobiles, consumers still find it hard to trade down from luxury brands, which after all represent status that was attained through financial success. “Many people equate the kind of car they can afford to buy with their station in life,” says independent marketing consultant Dennis Keene. “They wear vehicles like wardrobes…for many they are what they drive—as superficial as that sounds.”

Payday lenders and title loan lenders always seem to be dodging the next media or consumer advocacy group bullet when it comes to fees and their lending guidelines.

They’ve taken the heat for just about anything you can think of: fees — too high; missed payments — too quick to try to recover their money or too aggressive collecting their money.  If it’s bad press, they’ve been hit with it.    

But now credit card companies and banks are feeling the heat.  They’re raising fees, lowering credit limits, tacking on extra charges all over the place.  The only problem is a lot of the changes are being buried in the fine print on your credit card statement.  

Basically they’re doing the same thing alternative lenders have been doing all along — charging more for higher risk customer transactions and lowering their exposure for default.

Isn’t that what companies like Alabama Title Loans, Arizona Title Loans ,California Title Loans ,Delaware Title Loans , Georgia Title Loans are doing already?  And they’re not hiding their fees or collection practices in fine print.  They’re laying the facts out for their customers to see. 

Fast money, bad credit, no credit — it will cost you more but a title lender lets you know that right up front.  Same thing with missed payments.  Will they try to work with you?  Sure — but the fact is, when you hand over a set of keys to your car you’re saying yes I plan to repay this money and the car backs up that promise. 

If you live in a state that doesn’t allow title loans, there’s no need to sneak past border patrol for quick cash.

Texas is the closest state allowing title loans near Oklahoma and Arkansas.  Before you put the pedal to the metal and embark on a title loan road trip, take a few minutes to look at the Title Loans of Texas Web site.  
 Imagine making a 60 mile trip only to discover you don’t qualify or forgot to bring a required document. 

Just  visit Title Loans of Texas to get their lending requirements and complete a preliminary application.  You’ll be on your way to fast cash in no time.

Taking out a title loan is a big step when it comes to getting your finances under control.  Customer representatives at Title Loans of California can’t prepare a budget for you, but one of the things they look at when considering your application is your ability to repay the loan.

Several finance websites recommend the following budget guidelines:

Housing:  Spend a maximum of 35% of your net income on housing.  What makes up housing? Mortgage or rent, insurance, taxes, association fees, utilities, and home maintenance

Savings: Try to save at least 10% of your income each payday until you have a minimum of three to six months in an emergency fund.

Transportation: Spend a maximum of 15% of your net income on transportation. 

Debt: No more than 15% of net income on loans, credit cards, medical debts

Other: Maximum 25% of net income — food, clothing, child care, medical expenses, vacation …..

If it seems impossible to meet these goals, take comfort knowing that you’re not alone.  But even baby steps are a step in the right direction, so why not challenge yourself to see if you can keep track of where your money goes — every penny — for a few days?

Sometimes I love being self-employed, and sometimes I dream of the days when I could blame my boss for anything that went wrong. 

I can still blame the boss, but the boss happens to be me.  So when I discovered that I’d forgotten to follow up on an invoice submitted back in December – the only person to blame was — well, me. 

Once I stopped bashing myself for sloppy bookkeeping, I turned to the daunting task of figuring out how to pay $1,125 real estate tax bill due before March 31.  Cash advance? Mom and Dad? Payday Advance? Title Loan? 

As far as making the entire process quick and easy Title Loans of Texas, Title Loans of Arizona, Title Loans of California, Title Loans of Illinois or Title Loans of Virginia all fit the bill.  I still need to consider all the options but right now I’m leaning towards an online title loan. 

No need to sit through a “financial responsibility” lecture from the parents, or break out my bifocals to read the fine print that goes along with a cash advance from my credit card — title loan lenders are pretty clear about what you pay for their services and when they expect to be repaid – no small fonts or lectures required — just a grand in my hand.

Need to know how much Utah Title Loans thinks your car is worth?  Here’s a quick list of the extras on your car that might add a few dollars to the Kelly Blue Book amount your loan is based on.

The year, make and model of your car is the starting point. Make note of the engine size, type of transmission, four-wheel drive or front-wheel drive. 

Once you’ve got the basics covered, move on to the interior of you auto.  First jot down your mileage.  Next make a list of any extras – power door locks, power seats, power windows; air conditioning, a great stereo or cd player;  leather or fabric seats.

Don’t forget to add sunroof, tow package, premium wheels, and roof rack information.  All of these things increase the value of your car and will help you and your auto title lender come to the highest loan value available.

As much as I hate making lists, I have to admit that I do have one for what I hope to accomplish during the next five years.  Not everything has worked out the way I planned, but at least I do have a plan in place.

According to my coffee date this morning, I should just throw that list away and live like the world is coming to an end.  He watched a History Channel program about Nostradamus, and believes 2012 is the beginning of the end.

I think I’ll throw away Mr. Coffee and keep my feet planted firmly in 2009 for now. 

If you feel the same way, and are struggling to make ends meet after a holiday spending spree or other financial emergency, Louisiana Title Loan, is a great place to start. 

You can use the equity in your car to get quick cash even if you’ve got a bad credit history.  For the most part, getting a title loan is as simple as showing proof of ownership, identification, insurance, and employment. 

One thing to cross off my five year plan — blind dates.

Before the economic shake-up, it seemed like banks were eager to lend money. Not anymore.  And definately not at my bank.  My loan officer didn’t exactly throw me a meaty treat, pat me on the head, and call me a good dog, but asking for an increase in my credit line felt a lot like begging.  So before January turns into February, and then into the holiday season again, it’s a good idea to figure out where you’ll turn if you need money in a hurry. 

That’s what I was trying to do today; increase my credit line just in case.  It can’t hurt, and might help to investigate the lending options realistically available to you.  It might be a line of credit, cash advance, title loan, payday loan — each of us will have a different situation, but the end result is the same if a financial emergency comes up. 

So if you want an Alabama title loan, find out what their lending requirements are today before you’re in a panic.  Think of it like a financial “hurricane disaster plan.”  Every hurricane season we hear about how important it is to be prepared for the worst.  Noone wants to get hit by a category 5, but it happens.  A little planning goes a long way — for hurricanes and finances.