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What happens if you cannot pay back your auto title loan and your finances are suffering? Before you try to figure out where you went wrong, develop a plan to get out of financial trouble. You don't want to run your finances into the ground or run the risk of possibly having your car taken, so your plan should be something you will be able to follow through on.
How can you dig yourself out of an auto title loan?
*Pay down as much as you can plus the fees each payment. Paying off the fees will keep the loan amount from increasing; paying more towards principle will lower the balance and lessen the fees for next time.
*Borrow from a friend or relative. Be sure to discuss a payoff plan so your relationship does not suffer.
*Use credit cards to pay off debt. When you transfer debt to credit cards, you will avoid less immediate damage since interest rates on credit cards is usually lower than auto title loans.
*There are some companies which will refinance your title loan. Read through the fine print on the terms of service and make sure to find out the long-run cost.
*Go through your home and sell off unused items. Garage sales will give you less money that through via the Internet, but it may prove faster.
*Cut back or cut out extras. Comb through your budgeted categories and find areas which can be completely eliminated. Once your title loan is paid off, this extra money can be used to build a savings account of your own. Be serious about cutting back. Anyone can do without a perk or treat for a few weeks if it means you can rid yourself of a loan which is taking aver your finances.
Auto title loans are a great way to get out of a financial emergency. The sticky part to these loans is that the loan plus fees will be due in 30 days. If not paid in full, the balance will turn over for another 30 days which will bring another interest payment. This can get pretty pricey since these loans carry high rates and also keep your vehicle's title as collateral if the loan goes bad.
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