Paying For College With Title Loans
Paying For College With Title Loans
Paying for college with title loans may be an appealing alternative to paying for school with traditional student loans. Working with an online title loans Tampa company may make it easy to learn more about this lending option and start the application process. Let’s take a closer look at some of the benefits of title loans and why they may be a good way to cover some or all of your college expenses.
Use the Money for Any Purpose
Paying for college with title loans may be ideal because you can use the loan proceeds for anything that you want. Therefore, you can use it to buy books or pay for food instead of being forced to use it on tuition. It may also be used to pay to rent an apartment on campus or to buy a new computer to do homework on.
Pay Off Your Loans Faster
Another benefit of paying for college with title loans is that you don’t spend 10 or 15 years paying off the debt. Generally, you pay off the loan within 30 days of receiving the money. In some cases, payments may be made in installments over several months.
They May Represent Access to Cash Without a Cosigner
If an 18-year-old is planning on asking for a loan to go to school, a lender is likely going to ask for a parent or another adult to cosign on the loan. However, since the vehicle is being used as collateral for a title loan, there is no need for a cosigner. When a student is paying for college with title loans, it may be beneficial to his or her parents as well. Since the parent doesn’t need to cosign, there is no need to worry about having to pay off the loan if their child doesn’t.
Retain Ownership of the Vehicle
When a person takes out a title loan, he or she allows the lender to put a lien on the vehicle’s title. However, there is no need to surrender the vehicle to the lender. This means that a college student can pay for classes or other expenses while still making use of his or her car or truck. For those who commute to school, it may be a better option than selling the vehicle outright and then having to take a bus or an Uber to class.
Title Loans May Be Discharged in Bankruptcy
Student loans may generally not be discharged in bankruptcy. Therefore, you could be stuck paying a balance for as long as it takes to do so. In some cases, this may mean making payments into retirement or having an outstanding balance when you die. A title loan may be eligible for discharge in bankruptcy. However, borrowers must generally make good faith attempts to pay the balance owed before this can happen.
Take Out Multiple Loans With One Vehicle
As soon as you have paid back your most recent title loan, it may be possible to use your vehicle to obtain another loan. This may be helpful to those who may not be able to work or work full-time while attending school. As a practical matter, the ability to obtain a loan, pay it off and then obtain another line may provide a person with a reliable line of credit while in school.
The Loan Process Is Fast and Easy
If you go through the traditional student loan process, you may need to enter your information and information about your cosigner. It may also be necessary to have the school send information to the lender to verify that the loan will be used for legitimate expenses. This can take days or weeks to complete. With a title loan, the application and approval process generally takes a few minutes to an hour to complete. Typically, you will have your money within 24 hours of approval.
Getting a college education may be one of the best things that you can do for yourself. However, it can also be one of the most expensive endeavors that you will go through in your life. If you have clear title to your vehicle, it may provide you with the ability to handle these expenses in a convenient manner. It may also prevent you from borrowing more than you can afford to repay at one time.