It doesn’t matter how well you’re able to budget money; from time-to-time, financial emergencies may arise. If you don’t have a financial backup plan, you may stress and worry – don’t. There are ways to sort through financial messiness. This doesn’t include borrowing from family or friends or pulling out your credit card.

If you own your car outright, a car title loan may be the solution to your short-term financial crisis. But, what is the best way to go about getting it?

1. Don’t panic: If you have more bills than money, the first thing you might do is panic. However, panic doesn’t help the situation – it makes it worse. Take a few minutes, breath and reassure yourself that everything will be okay. Remember, you’re not the first one to have money problems, and you won’t be the last.

Getting a car title loan is easier than bank loans, primarily because these lenders do not require credit checks nor do these loans involve a lot of paperwork. Steady income and a car title is typically all you need to get approved.

2. Determine how much you need: Before meeting with a lender to apply for a loan, determine how much you need. Car title loans feature flexible repayment plans, but to keep the loan simple and easy, only borrow what you need. It’s tempting to borrow more, and then blowing the money on unnecessary things. Understand, however, that this is not the purpose of a car title loan. These loans typically have higher interest rates than the average bank loan, therefore, it’s best to keep your loan amount to a minimum, and repay the loan as quickly as possible.

3. Apply for a loan: Getting a car title loan is fairly simple and there are several reputable loan companies. Make sure you familiarize yourself with the lender’s application process. This varies by lending company.

For example, some companies will lend up to 100% of the value of your car, whereas other companies only lend a percentage of the value. Additionally, one company may require three months of steady income,  whereas another company requires six months. But for the most part, the application process is easy, and most title loan companies respond within a few hours. You can have funds in as little as one day.

4. Make plans to repay the loan: The sooner you repay a car title loan the better. Understand that the lender will take possession of your title, and the lender will not return the title until the loan is paid in full. Default on the loan and you risk losing your vehicle. This is a serious matter. Only apply for a car title loan if you’re confident in your ability to repay the lender.

Don’t let money problems cast a dark cloud over your life. A car title loan not only alleviates late bills and late fees, it can provide a measure of peace during a financial emergency. And unlike cash advances or payday loans, you don’t have to pay off a car title loan in two weeks. In most cases, you can repay the loan over several months, which creates low, affordable monthly payments.