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Family/Friend Loans – Love money or blood money?… that is the question. lol If you decide to go this route, it would be wise to put your financial arrangement in writing by drawing up a promissory note and a formal repayment schedule. Treat it just as you would any other loan, and stick to it.

Having an old vehicle that does not run not only takes up space but is also an eyesore. Many people have no idea that getting them removed is a phone call away. Auto salvage yard and scrap metal recycling centers want your vehicles and have a network of towing companies they can call to pick them up.

Now, however, many people are realizing the disadvantages of keeping a very old car. From hygiene issues to financial ones, there is nothing that favors the ownership of such a car. Therefore, either to free the space being taken up by a junk car or to make some money off the old vehicle, many people are now looking for potential buyers. There are many people wondering, ‘How do I junk my car?’ The good news is that there are several options. You can now find buyers online who will come to your house to tow the car away. The problem, however, is that the amount you will get will be very low. This confuses several people. Why would a car, even if it is very old, sell for such a meager price?

If you are planning to sell junk car for cash, one of the most powerful medium is internet. In fact, you will come across thousands of websites that exclusively buy old and wrecked cars for cash. Sitting on your laptop, you can fill the free quotes. Once you have sent your quotes, the companies would approach you with the offer. Now, it’s your prerogative to decide which one is offering the best price. Some companies give cash on the spot which is perfect in case you need money urgently. Some take 24 hours to process your application as they want to verify the title and other documents before paying money. There are others genuinely interested to recondition your car and use privately. Under such situations, they might take a couple of days to work out details before making the payment.

In talking to several people this week, I found that I am not alone. Now that the stuff is gone, I must replace it with healthier options. If not, I will be headed out to eat or grabbing junk on the run again. Make it easy, portable and accessible. Try packing your lunch too!

My suggestion to those that qualify is to take the cash back and then apply for a loan at a local credit union. Their rates are very low and with the cash back, you will have paid off $1,500 + $4,500 + $2,500 = $8,500 of the new cars price. This leaves very little principle left and the credit unions will give you a loan for 6 years because of the new car status. The payments would be extremely low for most vehicles…under $200 a month. And the interest you pay should be under the cash back you received. And let’s not forget the increase in gas mileage you will attain. This will save you thousands over the life of the vehicle.

Most junk yards that offer cash for cars quote will pick up your vehicle for free, as it is in their financial interest to do so. If a salvage lot that pays cash for junk cars says that it must subtract a towing fee from the price of the vehicle, you should find another buyer that will tow the car for free.

If you’re particularly fond of your old clunker and would hate to see anything happen to it, this is not the program for you. All vehicles traded in will be stripped of parts and the engine block rendered inoperable. Once you trade in that old clunker, say goodbye to it’s legacy.

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