Can You Add Someone To A Financed Car Title Reddit Should A Car Title Loan Be Used To Pay For Bucket List Adventures?

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Should A Car Title Loan Be Used To Pay For Bucket List Adventures?

I read an article today at how a car title loan can be helpful in crossing out items from a “bucket list”. It is a list created of all the things you’d like to accomplish before you die. The article suggests that a person should add extra trips to this list and use a type of short-term loan to travel in order to mark them as complete. Ideally, whether a person wants to plan vacations or take them sporadically, as long as you own the pink slip to your vehicle, then you will have access to money to make it happen.

A short-term loan does not interfere with credit scores. There is no inquiry about credit numbers nor is the loan reported as debt. People like that. As long as a person owns their own vehicle, the only concern a car title loan lender will have is the value. They are processed for a fraction of this amount. The lender will need some leeway in price in order to recover the cost of the loan if it goes into default. That is right; a car title loan is secured by the pink slip to the vehicle. The bucket list activities should be well worth the possibility of losing your car; but the article I read did not warn a potential borrower of this.

Putting your vehicle at risk to make a want happen is not the best choice. Of course, if you have the money coming and will have no problems paying off the loan in 30 days, the choice is yours. Some people will wait until the money actually comes and then book a trip; avoiding timing errors and the fees involved with obtaining a loan from a third party. The article did not mention that there was a price to pay for using a car title loan. Fees are charged and attached to the payoff. In 30 days, a borrower will be responsible for paying off the loan plus fees. If not, there is a high interest rate which will accrue to any remaining balance, every 30 days.

Does all of this say that these loans are bad for all situations? No, indeed it does not. There are successful title loans processed everyday where people use the fast cash to help themselves out of a financial crunch. Tapping into available equity which was already invested does come at a price, but there is always a price for convenience. When credit scores and financial history problems interfere with helping the current and future financial problems, people are lucky to have a solution to fall back on.

Using a car title loan to pay for wants is a costly solution. Using the loan to pay for emergency needs is a much smarter choice. Make your bucket list and set goals to achieve them. In theory, a bucket list is exciting and will bring adventure to one’s life; not set up to contribute to financial fall-outs.

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