I just saved about $550 and will save thousands more over time as a result of a car title loan.  And, it’s good for the environment.

Here’s how I did it.  The water heater in my house is going to konk out very soon. I was thinking about the “on demand” water heaters because they reduce by a third your energy costs and cut water consumption by around six gallons a day because you run the water less.  With the way energy costs are going long term, and possibly a water shortage too with climate change, that’s the technology I want.

Add to that, there is also going to be a $300 tax credit for buying one in 2009.  Now, a store near the Highland Mall is selling them at a 25% discount if you order yours before 2009.  You just pay a $300 down payment now, then get the full discount on delivery in 2009. The total cost for the heater with installation will be $1250, but savings and tax credits brings it to $700.  

One little problem.  I’m not working since April, my bills are not all paid, my credit is bad, and I can’t get a home equity loan.  So where is the fast cash for grabbing a good deal like this?  

Mr. Internet always has the answers. I did a search for “car loans” and “fast cash” and found Car Title Loans in Austin, where I could get up to a $3000 loan against my 2002 Corolla.  It has an online application, a real relief because I could avoid those storefront car title places like you see on Manchaca Road.  The online application was a breeze and I got my approval in an hour (there is no credit check, which really speeds things up). I was able to make the $300 down payment the next day.

I only borrowed $500 because I think I can save the rest with odd jobs between now and January – but if I need more I can go back and get it.  Who knew automobile title loans could help stop climate change?

              - Heath J.