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Something we tend to forget about our cars is just how expensive they are. Oh, while we’re buying one we’re very cognizant of it. But once we’ve had it a week or two it tends to recede to the back of our mind and we barely remember that the thing we spend so much time getting from here to there in a several thousand dollar investment.
So when we run into financial difficulties we often don’t think about using our car to get us out of it. But accessing the value in your car can actually be pivotal in getting your finances back on track. There are two primary ways to do this: sell your vehicle or get a title loan.
What is a title loan, you ask? A title loan is a short-term loan that uses the title of your car as the collateral. Selling your car and getting a title loan are two drastically different options when it comes to their scope and effects. Here we’re going to break down the pros and cons of each to help you decide which option is right for you.
This is really going to depend on what kind of car you have. If you want to know the resale value of your car, simply go online and look up its make, year, and model and see how much other cars of the same type are selling for in your area. With luck, you should be able to get around the same amount.
The limit for a title loan in the state of Texas is $15,000 dollars, which is honestly more than many people's’ car costs in the first place. When you bring your car into a title loan location a manager gives your car a brief inspection to determine its value, much the same as a prospective buyer would, and depending on its condition will decide how big a loan you could qualify for.
Selling a car can take weeks. First you have to find a buyer, then they inspect it, offer you a price, you counter their offer, they counter your counter offer, etc. It can be a tedious, stressful and often infuriating process. And after that’s done you still need to work out the title transfer and payment arrangements.
The process of getting a title loan is vastly faster. Most title loans are issued on the same day a customer arrives at a store and often in as little as 30 minutes. The title loan store also provides the loan amount in cash, meaning there’s no wait before you can use it for what you need.
When you sell your car, that’s it. It’s not yours anymore, and now you have to find new ways of getting to work or around town. A title loan, by contrast, lets you keep driving your car while you pay it off, meaning you won’t have to take a hit to your productivity or change your routine.
While every situation is different, the facts speak for themselves in this case. If you need emergency cash, a title loan is probably a better option than selling your car: it gets you the cash you need faster, and won’t leave you stranded without transportation.
If you’re ready to take the plunge, you probably only have one question left: where is a title loan near me? Simply fill out an online request form to get started. Once you submit it a representative will call you promptly to walk you through the approval process and help you get cash amounts up to $15,000 today.