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Behind on Payroll Expenses? Consider a Car Title Loan

June 12, 2012 | Comments: 0 | Views: 165

As a business owner, it is very important to pay your employees on time. Not doing so could lead to reduced morale, resignations or even legal issues.

Yet, cash flow problems can result in difficulty keeping up with your payroll. This may happen because the industry is seasonal, sales are down or a variety of other reasons. If this occurs, you'll have to come up with some money quickly to keep your employees paid and to prevent possible problems. What can you do?

Consider a Car Title Loan

If you own a vehicle, you may be able to get a loan on it. To do so, you can take your vehicle's title to a car title lender. The lender will assess your vehicle's value and may offer a loan based on it.

Why Choose a Car Title Loan?

Quick Cash

According to, 42 percent of workers report that they usually or always live paycheck to paycheck. So, chances are that at least some of your workers must receive their pay on time to avoid financial difficulties. Even those who don't need their pay urgently may become irritated or discouraged if their check is not ready on time.

A car title loan can often be obtained on the day that it is applied for. This works well for those who need cash quickly, as traditional lenders typically don't offer such terms.

Less Hassle

The paperwork required for a car title loan is often much less than banks require.

No Credit Check

If your business has experienced financial problems, your credit score may have declined. While banks typically run credit reports, car title lenders often do not.

Keep Your Vehicle

On a car title loan, you'll generally get to keep your vehicle. Most lenders require the title - not the vehicle itself. So, you can drive it while you borrow money, making this a better option than a pawn shop or other lender that requires the actual item before offering a loan.

Are There Any Risks?

There are risks to taking out a loan in any situation. As with any collateralized loan, you'll face the potential of repossession of the collateral (your vehicle) if you don't pay it back properly. However, this happens 4 to 8 percent of the time, meaning that your chances of keeping your vehicle are over 90 percent.

To minimize your risks with a car title loan (or any loan for that matter), be sure to take out just enough to cover your payroll expenses. Then, make every effort to pay it back ahead of schedule and definitely pay it back on time. By doing so, you'll keep up with the terms of your loan and steer clear of potential issues.


Falling behind on your payroll expenses is not a great situation. However, a car title loan may help you make the best of it by giving you access to quick cash. Then, you can repay the loan quickly (if you'd like) when your business' cash flow improves.

Give a car title loan consideration if you cannot wait for a traditional bank loan to clear or if you have credit problems. By doing so, your employees will get paid and you'll help dig out of this urgent mess. Just remember to borrow just enough to cover your expenses and be vigilant about paying it back properly.

If you are interested in more information about car title loans please visit

Source: EzineArticles
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