I used a car title loan to buy an energy efficient home water heater.  The amazing thing is I was able to save more than five hundred dollars and I am unemployed, have bad credit and can’t even qualify for a home equity loan.  

And this is something that will save me energy AND water expenses over time. A year ago I figured out my water heater was 12 years old and would probably need to be replaced soon.  Which was a little worrisome when my job was cut in February. I’m green, always trying to do things the right way for the environment, so naturally I was aware of “tankless” water heaters – they reduce energy consumption by 34% and water use by about six or seven gallons a day.

Long term, that’s the technology I want, given the state of energy costs and water shortages.  Also, the IRS will give you a $300 credit in 2009 for installing this type of system.

On top of all that, a store near the Lakewood Center Mall is selling them at a one-quarter discount if you place an order on one now, in 2008.  Make a $300 down payment with your order now, then get the full discount on delivery next year. The total cost for the heater with installation will be $1300, but savings and tax credits brings it to $800.  

OK, great.  So that took me back to the no-cash, no-credit dilemma.

The Internet knows all, fortunately. I searched for “title money” and “loan against car title” and found Car Title Loans in Long Beach, where I was eligible for a $6000 loan against my three year old Series 300. Their online application completely helped me avoid going to a storefront operation on Long Beach Boulevard. There is no credit check, which really speeds things up.  I was approved in an hour, and able to make the $300 down payment the next day.

Whoever thought to get a title loan when you’re trying to help the environment?  

              - Kevin L.