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san diego bad credit auto loan
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 san diego bad credit auto loan
- Credit-worthy borrowers OK (New Haven Register)
Good job, good credit, no problem! Despite weeks of incessantly negative news about the nation?s economy, stock prices jerking violently up and down and lenders seeming to have gone into hiding, consumers who want to buy a car or a house should be able to get a loan, as long as they have a job and a good credit score, say those whose livelihood depends on a vibrant credit market.
- New tighter credit will change the way Americans live with debt (The Plain Dealer)
Associated Press fileAmerican families are toting more than $2.58 trillion in debt after years of building up balances on mortgages, car loans, credit cards and college loans.Only a few generations ago, a life well-lived wasn't lived on borrowed money. Patience,...
- North Iowa credit tightens (The Globe Gazette)
MASON CITY ? Getting a loan for a car, house or anything else may be more difficult these days in North Iowa due to the crisis on Wall Street.
- Tighter credit market squeezes car buyers (Asheville Citizen-Times)
NEW YORK ? Dismal September auto sales may be one of the clearest signs yet that faltering consumer confidence and tighter credit are squeezing consumer spending.
- Asking Questions: Can I Still Get A Car Loan? (CBS 13 Sacramento)
Getting a loan for most of us is more difficult now compared to just a few weeks ago. Car dealerships say it could be tough to get a car loan unless you have the right credit.
- Seven Ways The Financial Crisis Will Affect Car Buyers [Wheeling And Dealing] (Jalopnik)
The most cliched phrase so far during this financial crisis has been "what happens on Wall Street affects Main Street," and nowhere is this truer than for that large car dealership located on Main...
- Credit freeze chills Chicago (Crain's Chicago Business)
The choking credit market is causing pain in just about every nook of Chicago's economy, squeezing businesses and consumers alike. From manufacturers to car dealers to big publicly traded firms, companies that rely on borrowed money to buy inventory, expand facilities and strike deals are having ...
- Credit Crunch Hurting Some Car Dealerships (ABC 2 Baltimore)
If you're in the market for a new car, there are plenty of deals out there. But these days finding the right car and haggling down the sticker price isn't...
- Americans eye bailout, and continue cutting back (Northwest Herald)
Relief on Wall Street over the hard-won passage of a $700 billion bailout package for the financial system apparently hasn't yet trickled down to the pubs, storefronts, car lots and malls of Main Street.
- 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.
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