There are times when borrowing money can save you money.  I did that just the other day.

First, note that I am transitioning between jobs and I have bad credit.  To complicate matters further, I make purchasing decisions based on environmental sustainability.  Call me crazy, it’s just my belief system.

I needed a water heater because the old one was soon to be kaput. The tankless, on-demand water heaters use a third less energy and reduce water consumption by about six or seven gallons a day (you run the water less to get to “hot”).  Also, a store in the Glendale is offering tankless heaters at a 15-20% discount off the full price ($1200-$1400), counting delivery and installation.  Then, you take delivery in 2009 to qualify for $300 off federal taxes, which is new this year. All told it’s a $500 savings, before you factor in monthly energy and water bills savings.  

I went to Car Title Loans in Tempe to get the $1400, using my car (2005 Corolla) for collateral. Despite my bad credit, I completed the online application and got almost instant approval (no credit checks). My money arrived electronically in one day – completely bypassing the need to visit the title loans store on Indian School Road.

Loans against car title work when you need fast cash.  Because money invested on a timely basis can yield great savings later.

- Neil O.