15
MAR
2019

Utilizing Car Title Loans With Other Options

Car Title Loans Move You Forward

If you feel like you need to get a car title loan to get through debts, to pay off medical bills, or to cover an emergency, it might be because there’s no other option. If you have poor credit, car title loans are easy enough to get. The lenders don’t even check your credit as your vehicle acts as your collateral, even though you get to keep driving it during the term of the loan. However, in the future, if you want to renovate your house, get a mortgage, or work in other kinds of loans, you’ll need to improve your credit. Here are a few things to couple with your car title loan to get you to the next option in the future.

Credit Counseling

If you know you have bad credit, and that’s partly why you went for a car title loan instead of another type of loan, you might want to get help from a credit counselor. It’s easy enough to drown in debt these days with high interest rates and continuous expenses. When you work with a credit counselor, they can negotiate with lenders and set up repayment plans that fit into your budget. Once lenders see that you are reliable in your repayment, your credit will start to improve.

Debt Consolidation

If you feel like you can’t keep up with the credit card debt you have, it might be smart to use a car title loan to get out from under that debt. You won’t have that sky-high interest rate any longer and your credit cards can be paid off. That can help you improve your credit automatically, as can paying off your car title loan within the terms of the loan.

Talk To Creditors

If you have a big bill due, like a medical expense you weren’t expecting, it can pay off to talk to the company you owe. You don’t want a hospital to turn the bill over to a collection agency, for example, which can start to have a majorly negative impact on your credit score. Instead, talk to the business involved in your debt directly and see if you can set up payment plays instead of paying in one lump sum. You can tell them you are getting a car title loan to help with a good chunk to help put them at ease about your reliability.

Get Advice From Financial Specialists On Car Title Loans

If you are in a sticky spot and you’re wondering if a car title loan would work for you, the best thing you can do is talk to specialists in the field. Call Champion Financial Services and ask about car title loans. Tell us about your situation and we’ll give you our professional advice as to what course of action might be right. We can provide you with resources for credit counseling, debt consolidation, and other items that can help you on to the next big thing down the road for you.

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