How a Car Title Loan Can Help With Medical Bills
Life is full of surprises and unexpected medical bills can be one of the most unwelcome of surprises. Particularly if you have no insurance
It is natural to feel anxious when you are confronted with mounting medical bills. These bills could be for your own treatment or for a loved one after a hospital visit or surgery.
However, medical bills need to be paid and there is no way to escape them. If you are falling short of cash to meet your urgent medical expenses, you may consider obtaininga car title loan. These loans are quick, easy,and provide fast cash.
A car title loan could very well be your life saver when there is a medical emergency. Here is how these loans can help with paying you medical bills.
What is a Car Title Loan?
As the name suggests, it is a loan where your car title is used as collateral. You need to have a clear and free title to your car to be eligible for this loan.
That is the only requirement apart from some other basic documents such as a government-issued identification. The simplicity of car title loans makes them a good option for making critical payments, such as medical bills.
How Does this Loan Work?
You can apply for a car title loan online or walk into one of the many loan storefronts. These loans are quick and you can possibly walk out with cash within minutes.
A lender will conduct a quick survey of your car and check your documentation. If everything is in order, they will come up with a fair value of your car and base the loan amount on it.
This can be as high as 50% of your car value. These loans are generally short term for 30 days. At the end of the period, you can either pay the full amount with interest or request for an extension.
This is also called roll-over where the lender will essentially roll-over the due amount in a new loan giving an extra 30 days. Some states allow extensions up till 12 months to give you enough time to come up with repayment amount.
Features of Car TitleLoans
These features make car title loans a lucrative option when you are in need of cash to cover medical payments.
1. No Credit Check
There is no credit check involved in car title loans. You have access to these loans even witha poor or bad credit score. The lenders only require a free and clear title to your vehicle as that is used as the collateral.
As with any other secured debt, in the event of non-payment, a lender will recover the loan amount by repossessing andselling your vehicle. However, many states allow for ‘right to cure’ where you get few days as grace period to pay off the loan and reclaim title to your car.
2. Car Driving Access
Car title loans give you full access to your vehicle. The lender does not hold any driving restrictions. This means you get to take the cash as well as your car.
All you need to do is pay the loan on time and never risk losing your carwhich hopefully does not look like an animal like Lloyd and Harry’spet work van did in the hilarious movie Dumb and Dumber. This is especially important if you are dealing with a medical crisis. You need to make trips to the hospital and cannot afford losing your mode of transportation.
3. Quick Process
Medical emergencies require quick cashwhich you don’t have to worry about if you are Stringer Bell in The Wire since your business is receiving lots of cash but that is another topic. There is no hospital or clinic that provides services on credit basis. You will have to at least come up with some portion of the medical costs.
Car title loans have a quick approval process. Many providers boast aboutcompleting the approval process within a few hours. You can quicken the process by making sure that all your documents are ready and in order.
Advantages
Medical bills do not wait. They require to be paid immediately to ensure that there is no gap in treatment. Some clinics require upfront payments before you even show up for the doctor’s appointment. Car title loans can come in very handy in such situations. Here is how they help with medical expenses.
1. Fill Income Gaps
Health care is affected by a number of factors. According to a report by World Health Organization, social status, income,and education are the major determinants of health care access. Unfortunately, it becomes difficult for everyone to gain medical assistancecertainly if your country passes a health care law that takes you from your doctor like the ACA law did.
However, a car title loan can help you fill in the gaps in your income by getting up to 50% of your car’s value. These loans help with the much-needed cash when you need it the most.
A car title loan can be paid over a course of 12 months leaving you free to take care of medical bills. An auto title loan can even help you make that doctor’s appointment when you fall short of a few hundred dollars.
2. Cosmetic Procedures
All medical bills are notunexpectedand you certainly don’t want to do what Heidi Montag didbut let’s not digress. Your car can come in useful when you want a procedure done to enhance your looks and appearance. It could be something inexpensive like a chemical peel or somethingcritical like an eyelid surgery.
You do not have to wait months to save before getting the procedure you need. You can get up to $25,000 by using your car as collateral in auto title loans. This limit is set by state governments and may vary.
3. Avoid Bankruptcy
Medical bills can pile up fast. Nobody can escape the stress of watching them pile up. You might grow anxious with worry that you may never be able to pay for the medical services. The feeling of helplessness is even more potent when these medical bills are for someone you care for such as a child.
The news is rife with stories of people filing for bankruptcy after paying unavoidable medical prices. The catch here is that these people might have come up with the amount if given a few months.
Car title loans do just that. These loans help you with instant cash to cover any medical need. You can repay your vehicle registration loan by working extra shifts and doing overtime.
Final Thoughts
Car title loans area surefire way to get fast cash to pay your medical bills as long as you have a clear and free title to your car. The loan amount is based on the value of your car and can marginally from one lender to another. You should check online for the best interest rates and loan terms.