6 Steps on How to Convert Your Car into Cash without Losing it

Cars are not good investments unless the make and model of your car suddenly becomes rare by fluke of nature and collectors are willing to pay more than twice the acquisition cost.  However, this is not always the case.   But, you can always convert your car into cash by selling it. But what if you just want a few hundred dollars for a loan and still need to keep the car for your income generation activities? Is it possible?  Yes, it is possible with car title loans.  Here are easy steps on how to get cash without losing your car.

1. First, find out how much you really need.  You have to limit the loan amount so that you can pay it without losing the car when it is time to pay your loan. Many people lose their vehicles because they pledge the car for a loan which was more than what they need it for.
2. Second, determine if you have the means to pay the loan.   Are you expecting high commissions in a few days?  Do you expect loan payment from a friend? Are you taking nightshifts so you have extra income due to overtime?  Do not make the mistake of securing a loan without finding ways on how to repay it.  You must remember that title loans have shorter terms (usually one month) and higher interest rates; thus, the risk of losing your car is quite high also.
3. Third, have you considered other sources?  If you have a friend who is willing to get hold of your car title for a specific amount with longer terms and lower interest rates; that could be better. There might be employee loans from your company too where your employer is willing to accept car titles as collateral. 
4. Fourth, once all options are exhausted and only car title loans companies is left, then you have to search for the best ones.  Just because the creditor’s office is near your place of work, doesn’t mean that’s where you apply for a loan.  You have to research and find out which one can give you most acceptable terms and conditions based on your capacity and capability to pay. You also have to consider that appraisal value is subjective; some creditors have lower appraised value and some title loan companies are considerate and willing to offer higher assessment on your car. 
5. Fifth, check if you meet the minimum requirements such at least 18 years old, must have a job, owns a bank account, car is registered under your own name, and the car is of good running condition or well maintained. 
6. Lastly, once the loan is approved, spend or pay the money that you receive for what it is intended for and repay the loan when or even before it’s due.  You are at the losing end if you won’t pay. You do not only lose your car but also professional and personal activities will be affected because of the absence of comfort and convenience of having a vehicle to use. 

There they are; the six steps on converting your vehicle to cash without losing your car to car title loans companies. 

***

For car title loans online and throughout California, Illinois, Missouri, and Wisconsin, visit AAA1. You can apply online or through any local branch.