Loan For College Tuition
April 21, 2014
Going to college can be a great boost to your career prospects. However, it can be a massive drain on your budget. The average costs of doing so range from $2,693 per year (in-state, 2 year college) to $28,500 (private 4 year college) – and those are just the averages. The most expensive college costs over $56,000 per year to attend – more than most Americans earn during that same timeframe!
With high costs and the fact that college students typically aren’t paid well if they work at all, you may be feeling a financial crunch. You may have fallen behind on your tuition bills and have to pay them to remain in school. However, many college students have little to no credit and little to no income. If you fit this description, you will likely have some trouble borrowing from a traditional lender for your loan for college.
Despite the problems that you may run into with a traditional lender, you may be able to easily get a loan through a car title lender. If you own a vehicle, you are well on your way to getting a loan.
To get a car title loan, you’ll need your vehicle’s title and a few other related items. These include a driver’s license, proof of insurance and keys – all items that most drivers (at least those who do so legally!) already have. Other than that, there isn’t much to it.
You can get a car title loan rather quickly in most cases. In fact, at Car Cash Loans, you can get a loan in around an hour – less time than your math professor drones on about algorithms!
You may be able to get enough to get caught up on your expenses or maybe even pay future expenses. Let’s see an example of how this could work for you.
Suppose that you own a 2006 Buick LaCrosse CX that is in very good condition. According to Kelly Blue Book, this car is worth nearly $10,500.
So, you decide to drive it to a car title lender to borrow some money for your tuition expenses. You could get up to 50 percent of this vehicle’s value and take as long as 5 years to pay it back. That would come out to $5,250 – plenty to cover most tuition bills and fees. Of course, you could also borrow less than that if you would like to, as well.
As you can get flexible payment terms of up to 5 years, you should have plenty of time to repay your loan. Some colleges require upfront payment for an entire semester, so a car title loan could be just the thing you need to stay in school.
Is a Car Title Loan Right For You?
This is a personal financial decision that should not be taken lightly. That being said, your options may be limited while you are not working full-time and have little to no credit.
Using your vehicle to get a loan can be a great way to borrow the money you need to stay in school. If your school does not offer flexible payment terms, you can either switch schools, drop out or borrow some money to stay in school. Switching schools will require a lot of time and paperwork and you may end up having to take extra classes. Dropping out will ensure that you walk away without a degree. Getting a loan will help you finish college. Which sounds like the best option to you?