Car, Comfort, and Convenience
The first thing that you lose is of course the car as you surrender car documents to the loan company to back up your loan. Thus, the company will take your car once you cannot repay the loan after several attempts of collecting from you or after you rolled over the loan many times for several months. Once you lose the car, you have to ride the public transport system, walk under the scorching heat of the sun, meet clients in wet look, smell sweat and other body odors, and be late during appointments, and experience other convenience and discomfort associated with not having a car of your own to conduct your professional and personal affairs.
Lose Credit Points
You have to remember that each time you default on payments, you earn black marks at your credit rating. Just think of how many black marks you will earn when your loan is rolled over seven times, when you ignore collection letters countless times, and so on and so forth. While it is indeed true that instant loan companies accommodate borrowers with bad credit rating, it doesn’t mean that you can secure another loan when you have a history of loan default.
Losing Friends
Yes, you will lose friends as you no longer have a car. Some of them might chose to ignore you as they will categorize you as one who is not on their level anymore because you do not own a car. Or, you intentionally no longer meet with them because you are ashamed to ask the favor of fetching you up when bonding time with them comes. It is human nature that you lose some friends or you do not want to meet them for the time as either they will ostracize you or you feel that you are no longer welcome to their circle because you lose your car and you are embarrassed to answer their curiosity.
Lose Quality Time
You spend more time travelling going to and from work instead of relaxing at home like reading the latest book from your favorite author, or watching a new season of “Walking Dead,” enjoying your favourite guilty pleasure, or just plain snuggling with your most comfortable pillows.
Lose Your Family
Since you no longer have a car, your wife no longer feels the same about you as her mind is concentrated on discomfort and inconvenience that she suffer because of losing the car. In time, she will file for divorce and leave you.
Indeed, there are so many things that you can lose when you default your title loans and lose your car. Thus, it is indeed important to think twice before borrowing money, not just with this kind of loan but with other types of loan as well.
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