If you are one of those who are considering auto title loan as one of the options, you would definitely want to know why you should choose this. You obviously don’t want go for a loan for purchasing a TV if you bought one few months ago but it is possible that you do have certain good reasons to go for a loan. Mentioned below are some common reasons why you would want to take an auto title loan.
- Medical Bills: Medicals bills don’t get any cheaper with passing years and Americans are facing the brunt for quite sometime now. An average American citizen ends up spending a good 6.4% of his or her net income on medical bills. So if you are on of those average Americans and earn about $25,000 per annum then you would be spending around $1,600 on medical care alone. If unfortunately you or your family member faces a chronic medical condition, the cost of surgery and medical bills will take the net figure much above $1,600 unless you have a good medical insurance policy in place. As more and more employers are cutting down their employee’s health coverage, it is quite likely that you no more have a decent health cover. This means the money needed for any emergency treatments, and health issues will have to be coughed out by you. In a situation like this, an auto title loan can be a great relief to obtain urgent funds without going through the traditional hassle of lenders.
- For Paying Utility Bills and Generating Surplus Cash: Even if you are cash-strapped, you cannot do without electricity; if you are one the verge of losing electric supply due to non-payment or there is a similar problem with other utility service then you need desperate cash to get rid of the problem because these are the necessities you just can’t do without. After all, no one enjoys sitting in a dark house, or always have cold food or take shower at a relative’s house. A car title loan can quickly get you the much needed cash. Often the cash comes in hand in a matter of few hours and not days or weeks. This way, you can keep the utilities intact and find enough time to pay back the loan. It will also allow you to generate surplus cash for taking care of other daily needs.
- Mortgage or Rent Payment: A roof above your head is a basic need in terms of good health, safety and above all, maintaining your quality of your life. If you have reached your mortgage payment deadline without making proper payments, you are heading towards imminent eviction, so paying back the money becomes your number one priority. Something like an auto title loan can be a quick solution to avert a problem like this.