One unplanned expense could send 55 million Americans into a financial tizzy. This is what a 2018 Bankrate.com survey of 1,000 adults revealed, showing that around one in four Americans does not have any amount of emergency savings at all.
It’s always advisable to have some money tucked away for rainy days. It’s understandable, though, why so many don’t save up for emergencies.
Some would rather spend than sit on money just in case there’s an emergency. If you’re one of these people, no worries! There’s still a way to get cash quick when you need it: car title loans.
But just what kind of emergency scenario would drive you to apply for a car title loan?
1. Medical Emergency
One of the main reasons you might be in need of quick cash is a medical emergency. You or a family member may have been involved in some kind of accident or need to undergo a life-saving surgery right away.
Medical expenses aren’t cheap, and bill collectors are relentless. Getting a car title loan on top of your health insurance can help with your medical expenses.
2. Job Loss
According to the Bureau of Labor Statistics, more than 36 million people quit their jobs in 2016, and almost 20 million more were laid off. When you quit a job or get fired, but are planning to apply again, you’d need money to tide you over.
A car title loan can cover the living expenses you need while looking for jobs and when you’re once again employed, you’ll have the income to pay off the loan.
3. Sudden Move
Moving expenses can amount to thousands of dollars. You’d need to pay your moving company, and there are instances when you’d have to place some of your belongings in storage.
You also need to pay the deposit to the new place you’re moving to. All these expenses can be a huge burden for someone who doesn’t have much to spend.
4. Car Breakdown
The American Automobile Association estimates that the cost of an average car repair is between $500 and $600 and that one in three motorists can’t pay it without going into debt.
When you can’t use your car, different aspects of your life will suffer, including your ability to go to work, shop for groceries, and do other activities. A car title loan can be the answer to your car troubles.
Don’t worry; you can still drive your car even if the title is on loan.
5. Unexpected Death
Death can strike when you least expect it.
Unfortunately, losing a loved one can cause more than just grief. Preparing a funeral can be draining, both emotionally and financially.
If you have a car, you can consider taking out a car title loan to alleviate the burden of funeral expenses.
Car Title Loans With VIP Finance of Texas
If there’s an emergency, but you don’t have the funds to finance it, don’t fret. Here at the VIP Finance of Texas, we offer car title loans with the most competitive rates.
With convenient locations all over major Texas cities, we can deliver the financial assistance you need right away.
Apply for a car title loan with us today!