How To Pay For Financial Emergencies With Car Title Loans

There are several reasons why people seek collateral loans with their car title from Texas Car Title and Payday Loan Services, Inc. A quick car title loan can help someone pay for a financial emergency by providing fast emergency cash.

In this guide from Texas Car Title and Payday Loan Services, Inc., learn about situations where using your car title as collateral for a title loan can help. We will explain financial emergencies where you can use a title loan to avoid the downsides of missing payments, such as late fees, eviction, and reduced credit.

What Financial Emergencies Can You Use A Car Title Loan For?

A title loan is a secured loan you can qualify for using your vehicle title as collateral to get emergency cash for urgent expenses. Those who own their cars outright can get approved for this type of loan to help with financial emergencies. These are unexpected economic troubles you cannot afford without the help of car title loans.

Borrowers should understand that they should only seek vehicle title loans if they face a financial emergency. Borrowing money should not be done for luxuries and should only happen in serious situations where not making a payment can lead to severe consequences.

The following are some financial emergencies where a car title loan can help:

1. Auto Repairs

One of the main reasons people may start to look into collateral loans with their car titles is that they need to make home repairs to make their homes safe. A title loan can provide emergency cash to help pay for electrical, plumbing, or structural work. These are issues that need to be dealt with immediately to prevent them from getting worse and exposing you to dangerous living conditions.

For example, let’s say your air conditioning unit broke. You’re heading into the summer months, which can be brutally hot in Texas. Rather than suffer through the heat because you don’t have the money, you can get a car title loan to help replace the air conditioning unit.

Some people opting for title loans may also need urgent appliance repair or replacement in their homes, particularly on appliances that can impact their livability, such as air conditioners, fridges, or boilers. 

2. Medical Expenses

Even if you have health insurance, there are often medical bills that need to be paid after a hospital visit. Your health insurance may only cover a portion of your medical expenses, leaving you to have to cover the rest.

An example of this would be if you got into a car accident and need to get surgery to repair a collarbone fracture. You likely have Personal Injury Protection (PIP) insurance that can cover up to $10,000 in medical expenses. If the full cost of your hospital stay, surgery, and possibly physical therapy exceeds this cost, a car title loan can help you afford the rest of your medical expenses.

Car title loans can help people pay for medical bills, such as hospitalization and ambulatory costs, surgery, and expensive medication.

3. Overdue Bills

Not only does a late payment on your rent, mortgage, or utility bills put a mark on your credit report, but they also come with extra fees and possible payment defaults. You can also experience reduced credit, service disruptions, and eviction.

Some consider car title loans to help keep from missing their bills. This will normally mean covering the essential bills such as rent and utilities.

For example, you lost your job two weeks before rent is due. You now have only half the money you expect and cannot make your rent payment. To avoid late fees, you can get a car title loan to pay your rent and get you through until you find a new job.

4. Auto Repairs

You can encounter a problem with your vehicle that makes it harder to drive it. Your car may need auto repairs to ensure it is safe and will not put you and others in danger while driving it.

For example, you may need to replace your brakes after years of wear and tear. Not having functioning brakes can be dangerous, as you will not be able to consistently stop your car at red lights, stop signs, and when another car pulls in front of you. Car title loans can help you pay for this auto repair and make your car safe to drive.

Other auto repairs you can pay for with vehicle title loans include battery replacement, tire rotation, wheel alignment, flushing fluids, replacing your timing belt, etc.

5. Unexpected Travel Costs

There may be situations where you have to unexpectedly make a trip to visit family or do something for work. Paying for airplane tickets, car rentals, and hotel rooms can be expensive on last-minute notice, which is where a Texas title loan can come in handy with emergency cash.

The last thing you want is not to be able to afford the trip, especially if it has to do with family. If your parents get sick or you need to go to a funeral, you want to be able to afford the trip to be there for your friends and family. You can approved for up to $15,000 with title loans to afford the trip.

What Are The Requirements For Title Loans In Texas?

Getting approved for title loans is easy with Texas Car Title and Payday Loan Services, Inc. because of our simple requirements. Unlike traditional banking institutions, we do not require borrowers to collect a large number of required documents to see if they can get approved. We only require a few, and we can tell you if you can get approved the same day you apply.

The following are the required documents for Texas title loans:

• A government-issued ID, such as your driver’s license
• Proof of income, such as your latest pay stub
• A lien-free title to your vehicle in your name
• Your vehicle itself for our inspection

The Process For Getting Car Title Loans In Texas

Texas Car Title and Payday Loan Services, Inc. provides title loans of up to $15,000, depending on your vehicle's worth. Our loan process is smooth and fast. People can complete the in-person process in as little as 30 minutes and receive the money as soon as the same day or the following business day.

The following are the steps involved in getting a Texas car title loan:

• Fill out our online inquiry form with basic information
• Speak to a loan representative over the phone and ask them questions about title loans
• Agree on a meeting location, such as your home, work, or a Texas store location
• Gather your required items and head to the 30-minute meeting
• Have the loan rep verify your requirements and assess the value of your vehicle
• If approved, sign paperwork to complete the process
• Receive your emergency cash the same day or the next business day

Apply For Car Title Loans – Get Approved For Up To $15,000 Today!

Financial emergencies can threaten to ruin your economic future, but we can help with our same-day title loans. Texas Car Title and Payday Loan Services, Inc. can help provide quick emergency cash with our simple approval process, allowing borrowers to get the cash they need ASAP.

Don’t wait to pay for your financial emergency; contact us today! Fill out our online inquiry form and hear over the phone soon from a friendly loan rep who will walk you through the process.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.