Can’t Afford Health Insurance Costs? A Car Title Loan Can Help

June 18, 2014

It seems like every politician has a solution to the US’ healthcare woes. Yet, at the end of the day, many Americans are still paying such high costs for health insurance. As the various solutions are thrown around and hammered out, this may leave you with a tough choice: purchase high cost health insurance coverage or be one serious illness away from a financial nightmare.

Luckily, you may have a solution sitting outside your home. If you own a vehicle pink slip, you can use it to get a car title loan. This type of loan may also be referred to as a title loan, pink slip loan or vehicle title loan. You may have even seen television commercials about them.

How could a car title loan help you afford high health insurance costs? Let’s take a look.

Example

With the average health insurance cost being $5,429 annually for single coverage, you may have a month here and there when you can’t pay your premium. Also, consider that this amount is for employer-based coverage, meaning that you’d likely pay more for health insurance coverage if you purchase insurance on your own.

Given the average cost of $5,429 per year, the total monthly health insurance premium would be over $450. Your employer would likely pay some of that, but many Americans now pay for a majority of their premiums. So, let’s suppose that you pay $350 per month, which could easily make this your second-highest expense behind housing.

At $350 per month, you’d end up paying $4,200 per year out-of-pocket for healthcare coverage. You may consider just dropping it, but you could get a car title loan to cover some or all of that yearly expense. This could be particularly helpful if you just need a loan to cover most or all of a year’s health insurance premiums, giving you time to find a higher-paying job or better insurance.

An Auto Title Loan Can Help

Auto title loans or car title loans are much easier to obtain than bank loans. Instead of haggling with a banker, filling out 100 pounds of paperwork and waiting seemingly forever for a decision, auto title loans can get the money you need much faster.

At Car Cash Loans, you’ll generally be in and out in around an hour. This doesn’t mean in and out for an initial visit. This means that you could complete the entire process and walk away with cash in around an hour. Try that at a bank!

With a car title loan, you can borrow enough to cover a year’s worth of premiums, so that you don’t have to worry about coming up with enough money each month. With a convenient repayment schedule, you could spread your loan payments over a few years, allowing you to keep your monthly payments down and keep your health insurance coverage. Well, you could lock yourself in your house and wear a football uniform to avoid injuries, but I think keeping your health insurance would work out a little better!

Should I Get a Car Title Loan?

Health insurance is virtually required to ensure proper health these days. With doctor’s charging high fees and with a bottle of pills costing a few hundred dollars (for some reason), leaving things to chance could turn into a disaster. If you’re having trouble paying your health care insurance premiums, consider a car title loan today and stay afloat until your financial situation becomes better.