Saturday an uninsured, unlicensed, drunk driver hit my taxi cab, doing about $2400 or equal to 6-8 six weeks of net income, in damage to my cab. The car is operable, as most of the damage was to the left front fender and headlight assembly, but the airbag also blew. The headlight and turn are intact.
http://cabaraoke.com/cab1.jpg
http://cabaraoke.com/cab2.jpg
So far the city taxi inspector has not spotted me, but the annual inspections are coming up next month, so I need to get the damaged repaired. As this is the slow time of the year, I don't have $2400 available to spend, so I'm considering getting a title loan, as the car is paid for. My credit is shot due to an illness years ago that cost me my home.
This will be a first for me, so I would like to hear other people's experiences with it.
2007-07-25 15:46:53 · 8 answers · asked by Anonymous in Cars & Transportation ➔ Insurance & Registration
To add salt to the wound, tonight I got robbed.
2007-07-25 21:28:56 · update #1
One of my customers has loaned me the money, interest free, except that he will receive 1% of an invention I've created for taxi cabs.
2007-07-30 23:31:00 · update #2
a title loan can get pretty ugly because of the interest rate they charge,this is one thing that isn't regulated,by any one,so they can charge up to 50% if they want to,it would almost be cheaper to go to a bank for a loan,but the interest will eat you alive,for a long time,if you have no other choice on it,thats a sure way to get it fixed,but be careful and find out what your going to pay before you sign anything,good luck on it.
2007-07-25 15:54:34 · answer #1 · answered by dodge man 7 · 0⤊ 0⤋
Title loans have a reputation of repoing your vehicle if you are a little late with the payment. Personally, I have had no experience with them. I would avoid them, and only use them as a last resort.
As long as you can make the payments either early or at least on time you may be OK.
I've also heard that their interest rates are pretty high. So again try and find some other option. Maybe sell some other assets that can help you get the money. Talk to the repair shop and see if they will finance you, and let you make payments to them. good luck.
2007-07-25 15:56:04 · answer #2 · answered by Fordman 7 · 0⤊ 0⤋
I don't think that a title loan is the way to go. I have heard nothing but bad things about those places. Have you consulted your insurance company about the damage. You might have a deductible, but your insurance should cover damages caused by an uninsured motorist.
2007-07-31 07:00:24 · answer #3 · answered by Anonymous · 0⤊ 0⤋
What about a small business loan? After all the car is licensed. Are licenses valuable or can anyone get one. I would think the license and the vehicle would have a collateral value that a bank would loan against.
2007-07-25 15:56:21 · answer #4 · answered by jsied96 5 · 0⤊ 0⤋
Are you sure he was unlicenced and uninsured? Sometimes people say that so they don't have to pay. Were the police called. You should get his name and call a lawyer just to ask -- they are in the phonebook and most have a free phone consulting. bettyk
2007-07-29 20:27:30 · answer #5 · answered by elisayn 5 · 0⤊ 0⤋
SORRY TO HEAR ABOUT ALL YOUR PROBLEMS BUT A LOAN LIKE THE ONE THAT YOU ARE LOOKING FOR IS GOING TO COST YOU A LEAST THREE TIMES OR MORE FROM THE ACTUAL AMOUNT BORROWED.
JUST AS STATED ABOVE IF YOU CAN PAY THE MONTHLY PAYMENTS I WOULD SUGGEST THAT YOU ALSO TRY TO DOUBLE UP ON THE MONTHLY PAYMENTS IF YOU CAN JUST TO HELP OUT.
2007-07-27 11:15:42 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Title loans are like payday loans in that it's an unregulated financial service and they can charge you exhorbitant interest rates because they know they deal with people who have no other options.
2007-07-25 16:15:20 · answer #7 · answered by Scott H 7 · 0⤊ 0⤋
hi.......
to get answer regarding car loans visit the web site........
http://autoinsuranceinfo.50webs.com
http://freewebs.com/autoinsuranceinfo
2007-07-25 17:45:36 · answer #8 · answered by Anonymous · 0⤊ 0⤋