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Get Money For Your Car Without Selling it With Title Loans!

Considering how valuable cars are to our everyday life, most of us rightly loath losing them even when we’re desperate for money. Our cars are our link to the world, responsible for our social lives, our errands, and our jobs. America simply isn’t a country in which public transportation is at all viable as a means of getting around, and so a car is more necessity than luxury.

Still, if you find yourself strapped for cash, there is a way to get money from your car without having to give it up: title loans. In the state of Nevada they may net you up to $15,000 in total depending on the condition of your car. They’re also significantly faster than selling your car, which is key if you’ve been blindsided by a financial emergency.

Today we’re going to walk you through what you can expect from the title loan process and what most people use them for.

The Process

While you can’t get a title loan online, you can start the process that way. On our site, for example, you can fill out our simple request form after which one of our loan representative will give you a quick call back.

The next step after that is to go to your nearest store location, bringing with you three required items: a driver’s license or other state issued I.D., the lien-free title of your vehicle, and your vehicle itself. After a quick inspection to see how much your car is worth, and a few simple forms, you’ll walk out of the store with the cash you need.

Once you have your cash, you get to continue to drive your car as you normally would. As with any type of loan it’s important to pay back your loan on time, though if you do find your having difficulty with that it’s equally important to contact your title loan store as soon as possible. Often they’re willing to work with you so long as you’re upfront and transparent about what’s happening.

What Most People Use Title Loans For

title loans

There are three primary categories most people use title loans for: emergencies, prevention, and investment.

  • Emergencies: The most common use for title loans is sudden financial emergencies like a hospital visit, job loss, or car crash. Studies show that most Americans can’t even cover a $400 emergency, and unfortunately emergencies like the above require immediate cash to be dealt with to prevent them from worsening: hospital bills will be passed to obnoxious debt collection agencies, it can take months to find a new job, and being without your car can severely cut into you earning potential and ability to keep down a job.
  • Prevention: Wouldn’t it be better if you could avoid an emergency altogether? Not only would it save you the emotional toll involved, but it also could spare your pocket book since a penny of prevention is often worth a pound of cure, as the saying goes. Getting a yearly dental cleaning, for example, can prevent more expensive cavities later in life.
  • Investment: For those who are fully committed to taking their fate into their own hands, using title loans to invest is a perfectly legitimate option. Investment can take a lot of forms, including not only stocks, but also education or certificates in your field that can raise your earning potential. Just be sure before you invest that your positive interest rate will outpace that of whatever loan you do take out.

Budget for the Future

Once you’ve successfully paid back your car title loan, it’s time to start thinking about how to prevent ever finding yourself in the same financial situation again. The most effective way to achieve that goal is to create a budget that clearly outlines your financial situation and balances your spending with your income.

The simplest way to create a budget is to make a list of your expenses and organize them by type: food, utilities, car repairs, etc. Once you have that list, subtract it from your monthly income to determine how much left over money you have at the end of each month. That money then should be divided between luxuries and your savings, with more weight put on saving it for the future.

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

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.