Car Title Loans Might Be a Bad Idea
Have you heard of car title loans? If you’re hurting for cash, then a car title loan might seem like an appealing option. These loans allow you to get cash from a bank that you will have to repay within 30 days. You will also sign over the title of your car in order to secure the loan. Though this may sound like an easy way to get fast cash, it might be more trouble than it is worth. The following are some of the reasons why a car title loan might be a bad idea.
Large Interest Rates
The interest rates on car title loans are extremely high. They even rival the interest rates of payday loans, which many consider a form of predatory lending. You could see triple-digit interest rates on car title loans, which is absurd. There are even laws in the works in many states to prohibit such usurious lending. As you can see, car title loans make credit card interest rates look like a walk in the park. By law, your lender must inform you of your APR, or your interest rate expressed on an annual basis. Before you take out any loan, you should know this information.
Get Repossessed
Thirty days might sound like a lot of time to pay back your car title loan, but it’s really not. In fact, a lot of people default on car title loans. Most car title loan borrowers have low incomes, which lead to trouble when combined with unfairly high interest rates. You will have already signed over the title to your car when you got the loan, so your lender can easily repossess the vehicle. This will not only leave you having to take the bus, but you also still have to repay the loan. Repossession is a very serious thing, and when you sign over the title to your vehicle, you are in danger of it happening to you.
The Alternatives
Recognizing the trouble these title loans cause consumers, credit unions have begun offering their own alternative loans. These loans will have lower rates and a 31-day repayment period. You can even set up a direct deposit arrangement to make it more convenient. You could also check into cash advances on your credit cards to see how competitive the rates are. Alternatively, you might also ask your employer for an advance on your paycheck. If you’re really in a tight spot, consider borrowing money from family or friends.
Recent Articles
We Have Decades of Experience In Digital Asset Acquisitions
Budgeting
Brand Protection
Strategy
Appraisals
Acquisition
Transfer & Registration
Market Research
Contract Negotiation
WHY WE’RE TRUSTED
We’ve Done Half a BILLION Dollars of Domain Deals
Domain Transactions
1,000sDomain Name Sales
$550M+Years of Experience
15+WHAT PEOPLE SAY
Real Success, Real Clients
"When starting a company, the Saw.com broker service team are some of the first people I call. A memorable name, and the domain and social handles behind it, creates a huge amount of brand equity right out the gate — no matter how big or how small your company is. From diapers.com to jet.com (and many more to come!) the Saw.com domain broker team has helped my companies be seen."
MARC LORE
Serial Entrepreneur
"We have worked with Saw.com since their inception and would not work with anyone else. They help us in all facets of business - from sales and transfers to renewals, SSL issues and any other matters that may arise. You will not find a better, more trustworthy business that has maximized our profits."
FUTURE MEDIA ARCHITECTS
WHY CHOOSE US?
Nobody Does Domain Deals Better
Deep Experience
Our team is full of domain experts and our CEO, Jeffrey Gabriel, has contributed to $550m in domain transactions including blockbuster sales like the record-breaking $13m for Sex.com.
Intimate Service
We only work with individuals and corporations who we feel can gain the most impact from our services. We're not a high-volume shop, so you never become "a number on the spreadsheet".
Secure Marketplace
Saw.com's global marketplace brings buyers and sellers together for seamless domain transactions. We have more domain data than any other platform, with 250,000+ names listed for sale.
Quality Brokers
Work with our brokers - the brightest minds in the business and stone-cold killers when it comes to buying and selling domains. We speak English, Spanish, Chinese, Russian, and more.
Ready To Give Your Brand a Boost?
Acquire the best domain for your business with Saw.com, one of the world’s leading brokerage firms.