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Let's face it - getting a college education is expensive for many people. Although it would be nice if everyone could hit the lottery and pay for it easily, that's not how the world works.
According to the National Center for Education Statistics, the average annual cost of education, room and board for a college student is $ 17,633. If you are a full-time student, you probably do not earn much in a full year. You probably have several other expenses to cover, which can make it difficult to stay in school.
To make matters worse, you probably have little or no credit if you are in college. This can make it difficult or even impossible to get a traditional loan. Even with grants and education loans, it can be difficult to get closed hits.
What options do you have?
Think of a car title loan
You may have heard of car loans on TV. They are also called u-drive loans, pink slip loans or title losses. The ads can be fun, but a loan can help you through a serious financial issue.
A title loan is a loan given based on the value of your vehicle. Even if you are in college and may not have much money, you can own a vehicle. If so, you may be able to get a loan based on it.
How it works
To get a title loan, you can take your car's title and some other relevant documents and items to a car loaner. The lender will assess the value of your vehicle and can offer a loan based on it. Some lenders will offer up to 50 percent of the value.
Car loan lenders often offer loans without running a credit check. This is important because your credit history will not be worrying in many cases.
Also note that car loans are usually dealt with much faster than traditional loans. Car loan loans are usually treated the same day they applied for, which means that you can cash out in a relatively short time frame. This can be important when it comes time to buy books or to pay an emergency tuition fee.
You usually have to provide a little income income. It may include a salary part from a part-time job or another verifiable source of income.
How do I get around?
Most car title lenders require the borrower to transfer the title, not the vehicle. This means that you will probably hold on to your vehicle during the loan period.
In this case, the only way your vehicle leaves your possession is if you do not repay the loan correctly. This happens 4 to 8 percent of the time, so the odds are very high that you will avoid this situation. Still, it is important to borrow enough to cover your expenses and make sure you can pay back in time.
College education can be too expensive today, but it is a reality that you have to deal with if you hope to get a college degree. With that in mind, consider a car loan as one of your loan options, especially if traditional lenders have shot you.