but this type of loan should be 3 steps beyond your last resort.
title loans
Thread Starter
Instructor
Joined: May 2010
Posts: 243
Likes: 0
title loans
Any input about these, mom totaled her car and needs new one. Willing to put up my 96 greenwood to get $2500-3000. to get her a new basic
trans. My money is tight right now but have to help her, short of selling my corvette, thinking this maybe way to help her and keep my Corvette too..
have heard good and bad about this kind of loans ???????
Thanks Pastamike
trans. My money is tight right now but have to help her, short of selling my corvette, thinking this maybe way to help her and keep my Corvette too..
have heard good and bad about this kind of loans ???????
Thanks Pastamike
Race Director
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From: Compound in the Grove, Ga.
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Don't do it interest could be as high as 12-25% monthly. 10 days late they will come get your car.
Race Director
Joined: May 2006
Posts: 10,691
Likes: 71
From: Phoenix Arizona
What could be wrong with 195% interest? (Yeah that is one hundred ninety-five percent interest - no decimal). Works like this, borrow $1500, pay $200 a month for six months. On the seventh month you pay the $200 PLUS a balloon payment of $1500. Can't pay? No problem they'll just give you another loan of $1500 to pay off the balloon, same terms. There are a few places that will work with you and only charge you 125% - Its all right there in the small print. Bought a few corvettes from people who had those loans and finally figured out they could never pay them off.
Advanced
Joined: Mar 2014
Posts: 55
Likes: 0
From: Liberty MO
Title loans are the devil. Stay far, far away. If you need the money that bad and there is no other way, put your car on craigslist. At least then when it's gone you have the cash free and clear and likely more than you would get a title loan amount for. The only way I would consider a title loan is if it was a small enough amount I could pay it off come the next payday.
Safety Car
Joined: Jan 2014
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From: Poughkeepsie New York
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Melting Slicks
Joined: Apr 2007
Posts: 2,616
Likes: 111
I guess we have to assume there are credit issues here preventing someone from buying a car the traditional way.....
a credit card would be MUCH better; between the two of you I guess you don't have a credit card(s) with that much room?
Well, I guess not if you are shopping title loan companies....
My advise to you.....I love my mother more than I love my Corvette...yes it is possible
......I would sell my Vette and help my mother out before I did that...let's face it....you have a C4 and there are many others like it for sale....just saying.....the fact you are reaching out to us about it means you must a care a little..
Last edited by 856SPEED; Jun 30, 2014 at 10:40 PM.
Racer
Joined: Jun 2014
Posts: 328
Likes: 2
From: Mesa AZ
What could be wrong with 195% interest? (Yeah that is one hundred ninety-five percent interest - no decimal). Works like this, borrow $1500, pay $200 a month for six months. On the seventh month you pay the $200 PLUS a balloon payment of $1500. Can't pay? No problem they'll just give you another loan of $1500 to pay off the balloon, same terms. There are a few places that will work with you and only charge you 125% - Its all right there in the small print. Bought a few corvettes from people who had those loans and finally figured out they could never pay them off.
Tommy
Le Mans Master
Joined: Dec 2006
Posts: 5,139
Likes: 482
From: H-Town Texas
Honestly, you are much better off just selling your car, getting her a car and then using the rest as a down payment on another car. Heck, you'd probably come off better selling your car to Carmax, doing the above and using the left over as a down payment to buy your car back, financing the balance. When all is said and done, your payment and interest would be cheaper than repaying that title loan.
Racer
Joined: Aug 2013
Posts: 250
Likes: 1
Assuming you're in an approved state, have a full time job & assuming that your FICO is at least 660 I'd suggest you apply for a p2p loan online. If so, you'll likely be looking at a 3 year loan with an interest rate in the 22-25% range. A bit high I agree but much better than a title loan &, if you're only looking for $3k then it's really not that much interest anyway. These loans are unsecured. Feel free to PM me if you need more info.
Thread Starter
Instructor
Joined: May 2010
Posts: 243
Likes: 0
Thanks guys for all the input, I worked for national repair shop over 25 years as manager, was hit in my C5 corvette stopped at a red light ended up out of work little over a year, went back to work, and one month later was hit on my Harley, yeah I should ride the bus lol.. Now I work for a 1/4 of what I did make and work harder like a lot of folks now I guess but hell that's life right..
Sold all my toys and used savings and credit cards to pay all bills for 3 years out of work so my credit is less then good, but have seen here that giving up my last toy to a title loan isn't the way to go. Mothers are worth their weight in gold,
so craigslist shall be the way I have to go then.
Thanks and God Bless.............Pasta mike
Sold all my toys and used savings and credit cards to pay all bills for 3 years out of work so my credit is less then good, but have seen here that giving up my last toy to a title loan isn't the way to go. Mothers are worth their weight in gold,
so craigslist shall be the way I have to go then.
Thanks and God Bless.............Pasta mike
Melting Slicks
Joined: May 2010
Posts: 2,082
Likes: 3
From: Conowingo Maryland
why not go to a bank or credit union and take a car loan out for 3000.00 with your own car. I do not know how things are in your area but ussed car loans where I bank are 2.0%. so you borrow the money anginst your car with a used car loan they put a lean anginst your car for the 3 yrs and hopefully by then you will be back on your feet
Burning Brakes
Joined: Apr 2009
Posts: 1,185
Likes: 33
From: Charlotte Michigan
why not go to a bank or credit union and take a car loan out for 3000.00 with your own car. I do not know how things are in your area but ussed car loans where I bank are 2.0%. so you borrow the money anginst your car with a used car loan they put a lean anginst your car for the 3 yrs and hopefully by then you will be back on your feet
I'd find a credit union to join. They are willing to help much more than a bank, plus they have better rates and options available. As a credit union member you are just that, a member not a number like at a bank!
Le Mans Master
Joined: Dec 2006
Posts: 5,139
Likes: 482
From: H-Town Texas
Thanks guys for all the input, I worked for national repair shop over 25 years as manager, was hit in my C5 corvette stopped at a red light ended up out of work little over a year, went back to work, and one month later was hit on my Harley, yeah I should ride the bus lol.. Now I work for a 1/4 of what I did make and work harder like a lot of folks now I guess but hell that's life right..
Sold all my toys and used savings and credit cards to pay all bills for 3 years out of work so my credit is less then good, but have seen here that giving up my last toy to a title loan isn't the way to go. Mothers are worth their weight in gold,
so craigslist shall be the way I have to go then.
Thanks and God Bless.............Pasta mike
Sold all my toys and used savings and credit cards to pay all bills for 3 years out of work so my credit is less then good, but have seen here that giving up my last toy to a title loan isn't the way to go. Mothers are worth their weight in gold,
so craigslist shall be the way I have to go then.
Thanks and God Bless.............Pasta mike
Sorry it has to go like this for you, but, this too shall pass. You'll get back on your feet and in the saddle again. Sometimes, we have to give up something good, to get something great.
Safety Car
Joined: Jan 2014
Posts: 4,017
Likes: 492
From: Poughkeepsie New York
I would if you can. Mine allows up to 125% of the car value. I usually take extra and pay a credit card off. Interest rate is much lower.
Drifting
Joined: May 2002
Posts: 1,562
Likes: 1
From: "Drive like Hell, you'll get there faster." Tucson AZ
Any input about these, mom totaled her car and needs new one. Willing to put up my 96 greenwood to get $2500-3000. to get her a new basic
trans. My money is tight right now but have to help her, short of selling my corvette, thinking this maybe way to help her and keep my Corvette too..
have heard good and bad about this kind of loans ???????
Thanks Pastamike
trans. My money is tight right now but have to help her, short of selling my corvette, thinking this maybe way to help her and keep my Corvette too..
have heard good and bad about this kind of loans ???????
Thanks Pastamike
Indefinitely, avoid those title loan idiots like the plague. Here in AZ where I'm at, their interest rates are even worse and skyrocket out of control legally until they come and get your car. It's predatory lending at its worst. I'd suggest to you to rob a bank before I'd suggest doing something as stupid as a title loan to let them rob you.
Drifting
Joined: May 2002
Posts: 1,562
Likes: 1
From: "Drive like Hell, you'll get there faster." Tucson AZ
Thanks guys for all the input, I worked for national repair shop over 25 years as manager, was hit in my C5 corvette stopped at a red light ended up out of work little over a year, went back to work, and one month later was hit on my Harley, yeah I should ride the bus lol.. Now I work for a 1/4 of what I did make and work harder like a lot of folks now I guess but hell that's life right..
Sold all my toys and used savings and credit cards to pay all bills for 3 years out of work so my credit is less then good, but have seen here that giving up my last toy to a title loan isn't the way to go. Mothers are worth their weight in gold,
so craigslist shall be the way I have to go then.
Thanks and God Bless.............Pasta mike
Sold all my toys and used savings and credit cards to pay all bills for 3 years out of work so my credit is less then good, but have seen here that giving up my last toy to a title loan isn't the way to go. Mothers are worth their weight in gold,
so craigslist shall be the way I have to go then.
Thanks and God Bless.............Pasta mike
You or your mom wouldn't have been born on the 16th of any month would you?