Own Your Car? Here's How You Can Use it to Get Financial Relief

July 29, 2020 | Daniel Dewitt

Outside of our homes, cars are by far the most expensive and valuable items most of us own. Even the cheapest car out there will cost you a few thousand. And while cars are undeniably useful, especially in a country without mass transportation of any other kind, the value inherent in them still gets wasted on a day to day basis.

But what if there was a way to make your car do double duty? To both use it for transportation and as a way of shoring up your finances? Luckily there is, and today we’re here to break down a few ways you can use your car to help your finances.

Advertise on Your Car

One of the easiest ways to make money with your car is to simply let it be used as an advertising platform. A few companies will pay you a monthly retainer to wrap your car in an advert for their product or service, the idea being that as you drive you’ll be automatically advertising for them as essentially a mobile billboard. While it may crimp your style, it can earn you a pretty penny each month, and most importantly is a form of passive income that doesn’t require any effort on your part.

Keep Your Car in Good Condition

While not strictly speaking a way of making money, keeping your repaired and in good condition will help you out of financial difficulties in two key ways: first, a well taken car needs to be repaired less, which means you’ll be saving money that otherwise would be taken up with repairs. Second, by keeping your car in good condition, when it’s time to trade it in for a new one or sell it all that work will materialize into a dollar amount.

There are countless online resources that can walk you through how to keep your car in the best, the fundamentals are pretty simple. Maintenance is key: check the air in your tires and change your oil on a regular basis, and take your car into a reliable mechanic to get it checked up. Doing so will increase the life of your car and keep it healthy for far longer than if you didn’t.

Title Pawn

The easiest and fastest way to access the value inherent in your car is by taking out a title pawn. The idea behind a title pawn is simple: you use the title of your car as collateral for a cash pawn. Importantly, unless you default on the pawn, you’re able to drive your car as you normally would for the duration of the loan period.

The key strength of a title pawn is the speed and convenience of the arrangement, and that essentially nothing changes on a day to day basis for you during the duration of the loan. In terms of speed often the process can be completed in a half hour, and the items you’ll need are fairly simple: a state issued I.D., a lien-free title in your name, and the car you’re taking the pawn out on.

Alabama title and pawn loans can be an especially potent solution to financial difficulties if you live in said state for all the reasons mentioned above. If you’re looking for an Alabama title and pawn loan we humbly offer our own services to help you out of whatever financial challenges you face.

Drive for Uber or Lyft

Of all the options we’ve listed so far, this is by far the most work intensive and requires you to be the most proactive. Still, if you’re willing to put in the work, driving for a ride sharing service like Uber or Lyft can be very lucrative. There’s a reason that those services have largely supplanted the once ubiquitous taxi industry in most large cities and towns. A car is an expensive thing, and the truth is that for many it’s one that’s too expensive to maintain long term, and so a ride sharing service fills the gap of when they do need the service of one.

Like any other profession or form of work, becoming an Uber or Lyft driver requires dedication to reach the highest level. But, if you’re just looking to make a little extra on the side, it can also be a good option. Rideshare driving is an enterprise that can be as high or low maintenance as you want, and you can adapt it to match your lifestyle and financial needs.