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Auto Title Loans - Useful Tool or Risky Proposition?
It's Monday and you're desperate. You don't get paid until Friday and you have to pay your electric bill by tomorrow or your electricity will be shut off. Your credit is bad and you can't get a loan or borrow money from your friends or family. What do you do?
If you own your own automobile you can easily obtain an auto title loan from many lenders nationwide.
Lenders who offer title loans target the subprime market as well as low income consumers who need cash in a crunch. Many low income consumers live paycheck-to-paycheck and any unexpected bill or rise in prices can create a short-term financial nightmare. Title loans can temporarily help consumers get back on track but can create a larger financial crisis for anyone who can't pay off the loan on time.
Any consumers who default on a title loan may have their automobiles repossessed in short order. For anyone who relies on an automobile to go back and forth to work, losing a car could mean losing a job. From there the consequences can snowball very quickly with the loss of a home and financial ruin possibly looming on the horizon.
If you're considering taking out a title loan you need to be aware of the potential consequences of defaulting on the loan. Would going a few days without electricity be a better alternative to even the possibility of losing your car?
Whether a title loan is a useful tool or a risky proposition will greatly depend on your individual circumstances and your ability to repay the loan in a timely fashion. The choices you make could have a lasting impact on your financial future.
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John Campbell is the writer and editor of CashBuzz, A financial portal for the rest of us. Check out cashbuzz.com for the latest articles on money management and tips and tricks that can help improve your finances. This article may be reprinted on your Web site if the copyright, author information and active link are included.
More Useful Resource and Updates on 24 hour auto loans
- US Rescue Plan Could Help Auto-Loan Cos - Rep. Barney Frank (Nasdaq)
WASHINGTON -(Dow Jones)- The chairman of the U.S. House Financial Services committee said Friday that ailing auto-loan companies will qualify for aid under the government's $700 billion Wall Street rescue plan.
- US Auto Loan Delinquencies On The Rise; $25 Billion Past-Due Study (Nasdaq)
DETROIT -(Dow Jones)- Auto loan delinquencies are on the rise as cash-strapped Americans increasingly struggle to repay car and truck loans, according to a study out Monday, the latest sign that the nation's economic woes are bleeding into the automotive finance business.
- Maryland agency orders refunds for premium loan charges (Washington Business Journal)
At least nine Maryland premium loan companies charged Maryland Automobile Insurance Fund policyholders more interest than allowed by state law, insurance regulators said Monday.
- Auto loan delinquencies rise (Business Journal of Tampa Bay)
It?s not just home loans that are going into default: Auto loan delinquencies also are on the rise.
- Credit crisis adds to pressures on auto dealers (AP via Yahoo! News)
Hundreds of thousands of new cars and trucks that would have quickly made their way to people's driveways a year ago are now stacking up on dealer lots across the country, with potential buyers worried about whether they'll keep their jobs, be able to pay for gas, or qualify for a car loan.
- Need an auto loan? Expect closer scrutiny (The State Journal-Register)
Despite reports of financing problems in larger markets across the country, local car buyers with good credit should have no problem getting auto loans, Springfield automobile dealers and banks say.
- Auto dealers see bailout freeing car loan cash (9 News Denver)
WHEAT RIDGE ? Colorado auto dealerships anticipate the financial bailout bill will open up a tight credit market for car buyers.
- Delinquencies Are Increasing for Car Loans (WallStreet Journal via Yahoo! Finance)
Auto-loan delinquencies are on the rise as cash-strapped Americans increasingly struggle to repay car and truck loans, according to a study.
- Auto Loan Delinquencies Rise (The Auto Channel)
LAS VEGAS, Oct. 6, 2008 - As the economy struggles, automotive loan delinquencies are increasing, putting nearly $25 billion in loans past due, according to figures released by Experian Automotive, a part of Experian, at the Automotive Finance Summit here today.
- How to buy a car - even now (CNN Money)
Auto dealers are hungry for customers: Worried consumers are putting off buying big-ticket items, and buyers on the market are finding it harder to get a loan. So if your credit is solid, now is a great time to say, Let's make a deal.
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