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The idea of getting a loan to pay off another loan might seem silly, but it might be the best option for some. There are a couple of reasons why students should pay off student loans with a car title loan, and it all comes down to timing. Timing is everything.
Some recent graduates might hit that six month mark where they have to start paying back their student loans, but there is no job yet. Or perhaps there is a job, but it does not pay enough yet to afford the loan payment right away. When this happens, it is usually best to extend the loan until the student can make payments, but some loan companies are stricter than others. When these loan companies do not budge their policies, it is sometimes best to bite the bullet and start making payments some way – any way!
Fresh into the real world, most students have not had the time to rack up a credit history at all, and banks and other lending sources will not give them money with no credit on record. If a student needs a quick loan, their best option is to get a car title loan because they:
This way, they can get the quick cash needed to make the student loan payments without having to worry about outrageous student loan interest fees. Car title lenders offer a lot of flexibility with payments, so when a student needs a bit of leeway with loan payments and cannot get it, sometimes the best route to go is to pay the student loan with a car title loan. As a bonus perk, students can use car title loans as a way to improve their bad credit score!