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Need Money For College? Consider a Car Title Loan

Let’s face it – getting a college education is expensive for many people. While it would be nice if everyone could hit the lottery and pay for it easily, that’s not how the world works.

According to the National Center for Education Statistics, the average annual cost of tuition, room and board for a college student is $17,633. If you are a full-time college student, you probably don’t earn that much in an entire year. You probably have several other expenses to cover, as well, which may make it tough to keep yourself in school.

To make matters worse, you probably have little to no credit if you are in college. This could make obtaining a traditional loan difficult or even impossible. Even with grants and education loans, it may be tough to make ends meet.

What options do you have?

Consider a Car Fort Lauderdale title loans

You may have heard of car title loans on television. They are also called u-drive loans, pink slip loans or title loans. The commercials may be funny, but a title loan can help you get through a serious financial matter.

A title loan is a loan that is given based on the value of your vehicle. Even though you are in college and may not have a lot of money, you may own a vehicle. If this is the case, you may be able to get a loan based on it.

How it Works

To obtain a title loan, you can take your vehicle’s title and a few other relevant documents and items to a car title lender. The lender will assess your vehicle’s value and may offer a loan based on it. Some lenders will offer up to 50 percent of the value.

Car title lenders often offer loans without running a credit check. This is key, as your credit history won’t be of concern in many cases.

Also, note that car title loans are usually processed much more quickly than traditional loans. Car title loans are typically processed on the same day that they are applied for, meaning that you could walk out with cash in a relatively short timeframe. This could be important when it comes time to purchase books or to pay an urgent tuition bill.

You’ll typically have to provide some minimal income verification. This may include a pay stub from a part-time job or another verifiable source of income.

How Will I Get Around?

Most car title lenders require the borrower to hand over the title, not the vehicle. This means that you’ll probably hold on to your vehicle for the duration of the loan.

In this case, the only way that your vehicle will leave your possession is if you do not repay the loan properly. This happens 4 to 8 percent of the time, so the odds are very high that you’ll avoid this situation. Still, it is important to borrow just enough to cover your expenses and make sure that you can pay it back on time.