Friday, May 11, 2012

Expensive Legal Fees Can Make a Car Title Loan a Great Option

If you must hire an attorney for any reason, you'll quickly realize how expensive they can be. Whether you are going through a divorce, enforcing a contract or hiring an attorney for any other reason, you will have to come up with a substantial amount of money relatively quickly if you wish to keep your attorney around.

If you are unfamiliar with title loans, these are loans that are issued based on the value of an owned vehicle. The owner provides the title as collateral and is given a loan based on the vehicle's value. Of course, there are other requirements, but these are typically minimal. Also, the owner usually gets to retain possession of the vehicle throughout the entire process.

How Could a Car Title Loan Work For You

To illustrate how this loan could help you pay for legal fees, let's suppose that you are going through a divorce. This is something that most people would never want to go through, but it happens.

To land a divorce attorney, you can expect to pay $1,000 to over $10,000 upfront plus $100 to $500 per hour. Unless you are very well off financially, that is probably a lot of money to you. On average, you'll end up paying approximately $20,000 to this attorney - a very hefty price tag.

You probably already have some money saved up, so this could contribute to paying your legal fees. You may also be able to use a credit card for some of the fees. However, if you end up falling short of that $20,000 in expenses, you'll have to get the additional money from somewhere else.

This type of loan can make up some or all of the difference. They are typically much easier to obtain that traditional loans. Also, if your credit report has been damaged because of the ongoing divorce issue, note that some car title lenders will not require a credit check.

Of important note is that the process of getting this type loan is usually faster than other methods. Some lenders will have you in and out in around an hour.

So, this is one way that you could keep your attorney on your payroll and get this divorce mess over with. You can apply this example to any other type of attorney fees that you may have to pay, as well, whether they be for a criminal attorney, a contract attorney or any other type of attorney.

Is a Car Title Loan a Good Option?

Car title loans have received some bad press. Typically, the fact that their interest rates tend to be higher than those offered by banks is mentioned. However, the fact that car title loans fill a void in the market is often ignored.

Car title loans offer several advantages over traditional loans. These include speed, convenience and lower requirements. What good is a bank loan for you if you can't get it on time or at all?

Article Source: Clay Wyatt

No comments:

Post a Comment