Car title loans serve the purpose of providing you with quick and easy cash at times of difficulty. It is very easy to get them. All you have to do is own a car, truck or even a motorcycle and avail the loan. The title loan provider will use your vehicle as collateral and give you cash in return. As decided upon the loan approval, you will have to pay back the loan in full upon an agreed date. Failure to do so can result in the repossession of your car by the loan provider. Having said that, you must be thinking about how to get out of a title loan in a timely and legal manner.
Paying off the loan with cash is probably the easiest way to deal with it. These loans are generally not very huge, and most of them only total up to a few hundred dollars or a little more. Hopefully, you will have this kind of amount in your savings account. If not, then you may need to pull it out of your retirement account. Of course, you will have to pay a penalty fee for withdrawing the amount earlier, but it is still better to take that hit rather than getting your car repossessed.
Credit Card Cash Advance
Credit Card Cash Advance can also be an answer to the question of how to get out of a title loan. If you own a credit card with a high credit limit, you may be able to get cash advance from it and pay back the loan. However, credit cards charge a high-interest rate on cash advances, and there is a limit on the amount of cash you can withdraw. Although it is a good option make sure if it can fulfill your needs.
Borrowing from a friend
A last but not least option is to borrow money from a friend or family member. Although it can be embarrassing, anyone can run into hard times at some point. So talk out your way and if someone agrees, setup repayment terms and conditions.
If you are stuck in a situation like this, ease up your mind and look for available options. For more information, call Advantage Finance LLC on (281) 410-5337.