Selling Your Car vs. Title Loans: Which is Better for You?
If you’ve struggled with paying your bills for a while now, you might feel alone and like things will never get better. Far too many people struggle to make ends meet these days. Here are a couple stats from a Federal Reserve report:
- 31% of Americans consistently struggle with money-related matters.
- Of those who earn more than $100,000 a year, a shocking 19% say they couldn’t cover an unexpected $400 expense.
In other words, 76 million Americans regularly have trouble paying their bills and meeting other financial responsibilities. Even more alarming is how common it has become for people to resort to selling their belonging to cover unexpected expenses and cash emergencies.
If you’re in the same situation, you may be thinking about selling your car in order to pay off your financial obligations. However, if you’re willing to sell your primary source of transportation to simply get that much needed cash, you need to know that there’s a better way: title loans.
Exploring the Title Loan Option
A title loan is a short-term secured loan that could provide you with up to $15,000 and all you need is a vehicle that you own outright. All you need to qualify is a vehicle in your name that no one else can legally claim as their own. You don’t even need good credit in order to be eligible for a title loan in New Mexico.
To get started, fill out an online request form with basic information about yourself and your vehicle. Once you do, a store representative will look over your request and call you to go over the process, explain how everything works and answer any questions you have. After this quick call, just drive your vehicle and the required items to their store location to complete the title loan approval process and complete the simple paperwork. All you’ll need is:
- Government-issued photo I.D.
- Proof of income
- Your vehicle for inspection
- The lien-free title
Selling Your Car VS. Using Your Car as Collateral
If you’ve paid your car off and are considering selling it in exchange for what you hope will be a lot of money, you should stop and consider getting a title loan instead. Even if you get top dollar for your car, you’ll still have to deal with being without transportation. There will inevitably come a time when you will regret getting rid of your vehicle. After all, your circumstances can change at any moment and a car could become critically important, especially with work and kids.
So why not use that same vehicle to get a title loan? Remember, you could get up to $15,000, even with bad credit. You also continue using your car as usual while making your payments, so getting the cash you need won’t interfere with your lifestyle or busy schedule.
If you’re part of the 31% of Americans who struggle to make ends meet, a title loan could lessen your stress, eliminate overdraft fees, and get your finances back on track.
Get the Cash You Need Today
Whether the bills are getting to be too much to handle this month, an unexpected expense pops up, or you need to make an important purchase that simply can’t wait, title loans could be the right choice for you. Now that you have a better grasp on how title loans could help you navigate your current financial situation, what’s your next move?
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.