If you need a vehicle cash loan, we are here to help.  But if you live frugally and pay off debt you have now, you may never need us, and that’s a good thing.  Although there will probably always be a place for lenders to help people out of emergency situations, in an ideal world, there are fewer of us because people get good at money management and learn to budget.  Here are some tips to help you with exactly that.

First of all, a vehicle cash loan truly is or should be an emergency option.  Nobody wants to risk losing their vehicle, and since your vehicle is your collateral in a vehicle cash loan, if you default, you risk exactly that.  We don’t need a bunch of vehicles; we make money when you repay your loan on time, so we are rooting for you to do well.

But the best way to avoid borrowing from us or Aunt Edna and Uncle Charlie is to manage your money well.  The first part is a budget.  You need to figure out how to live on less money than you make. That might mean taking on another job. It definitely means figuring out how much you spend and on what.  Try a budgeting app—a lot of them are free—so you can see what you spend.  Then start paring down what you don’t need.  Be strong: you can do this.

The next step is to eliminate debt. Some financial gurus counsel to pay off your smallest debt first, then move up. Others say to pick the one with the highest interest rate. Either way, pay the minimum you have to on all debts but one, and put everything you have extra into that one. When it is paid off, roll that extra over into the next one. 

You’ll be surprised how quickly you can get out of debt if you do it this way.