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About to take a title loan against my car

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Money Talk > Credit & Loans

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LRobTed
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Cash: $ 3.25

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Joined: 27 Jun 2013
Location: Los Angeles
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I have had bills past due over six months; I now can pay some towards them. I can now start to rebuild my credit, slowly. I know this sounds absurd and I do think what they charge is absurd but I was a fourth customer standing in line; three others in front of me were doing the exact same thing with their cars. One guy got a $5,000 loan and I don't know what his payments are. If I had gone 24 or 36 months my payment would have been less but I just wanted the incentive to catch up on some bills, "breathe" a bit, not have to run around anymore to all those places, just have "one" place to go every month to pay the car loan. It was not an easy thing to do and lesson learned here.
Post Wed Jul 17, 2013 3:07 pm
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littleroc02us
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And sorry to say, but that is why most people are broke.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Wed Jul 17, 2013 3:38 pm
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Wino
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Location: Dubai
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quote:
Originally posted by LRobTed
I can now start to rebuild my credit, slowly.


quote:
Originally posted by oldguy
$2500 at $400/m for 12 months is a 141% APR loan


And you can be certain that the payday loan people will NOT allow this loan to go toward her credit score improvement, as it is in their best interest to keep her with poor credit so they remain her sole source.

Yet, let her miss ONE payment, and it will certainly be reported to further damage her credit.

I have a simple rule, "If you go to an expert for advice, you should most likely take the advice." This thread is prima facie evidence that not everyone follows this rule.
Post Wed Jul 17, 2013 4:46 pm
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ranjith422
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Nice post. Thanks for sharing.

observations and solutions for cable companies
Post Thu Oct 31, 2019 4:21 pm
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