How does a title loan work?

[sccredit]

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wrote:

Sorry about the confusion, the shop told me to go to the bank and get a title loan.  I have no idea what you call that type of loan, but it's from a bank.  My own bank said they couldn't loan money on my van because in it's current shape, it isn't worth $2,000.  My next step is to have a friend help with some of the work and save some money.  They told me I would have better luck buying a newer vehicle with less miles and trading this one in.

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Hate to say this but this advice is probably right.  Your van is worth MAYBE $2k, if youre lucky.  

[sarge12]

A title loan is provided by title loan companies which are often the same places that do payday loans. Both are at outrageous interest. Almost a modern day loan shark, except they wont physically harm you. No way I would advise anyone to use their services...they prey on the poor and desperate to make loans at interest rates that are unethical, and should be illegal in my opinion. They are even worse than finance companies. Even a cash advance on a credit card is likely cheaper.

[Anonymous]

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@Anonymous wrote:

I just got a new Citi double Cash with a CL of $1,000.  I'll only be able to do some of the work and the card will be maxed out.  

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I'd get a second opinion and tell them you need to prioritize this list of items. A good independent mechanic will tell you what you must do now and what can wait a little while. Spend $850 now . . . try to baby your van and drive it ONLY when necessary . . . minimize trips . . try to share some rides when possible . . . walk/bike/public transportation . . get that chunk paid off . . . get another round of work done . . . repeat until it's caught up.

Coming up with $2k is a struggle but if the motor and transmission are in good shape, these repairs are going to be way cheaper than any other solution.

[Cookiegrabber]

How about trying to replace a few of the parts yourself? Anything you do yourself would save you $$$ at the mechanic, which you'd still need for stuff (like tires) that you can't do on your own. Cost of labor >>> cost of parts, and if your CV shaft's gone, other things will start reaching end of life, too.

Your CV shaft is only $50 in parts, brakes $100 for all four rotors and pads, etc.

Rockauto.com has all the parts, Amazon/HarborFreight/(a friend?) has all the tools, and the know-how is on Youtube. EricTheCarGuy drones on for a long time but he shows every detail which is immensely helpful. Lots of other folk do quality videos, in shorter shots, like Scotty Kilmer and ChrisFix. I still get confused with windshield wipers but a lot of the new parts under my '97 Camry were put there by me. Saved a lot by going to the mechanic sometimes instead of all the time. Anything and everything that had rubber on it failed.