Life doesn’t often stick to your schedule, with unforeseen circumstances throwing a wrench in even the most carefully laid plans. These unexpected events may not only be inconvenient but expensive as well, draining your bank account and leaving you reaching for cash fast.
A car title loan, or title pawn, is one solution. You’ll get the money you need, without the hassle of borrowing from a traditional bank. As with any type of loan, though, the money you borrow must be repaid. Paying off your title loan early is always recommended, saving you money, and getting your financial future back on track.
We’ve provided some helpful tips for paying off your car title loan fast, so read on to learn more! Then, stop by Auto Money Title Loans to get started!
What is a Title Loan?
A title loan or title pawn is a loan that uses your vehicle’s title as collateral. Title loans are a great option for borrowers with bad credit or no credit at all – especially when a quick approval and fast cash is needed!
To qualify for a secured title loan at Auto Money, you must meet the following requirements:
- Own your vehicle
- Provide a car title free of liens or outstanding debts
- Have a government-issued ID
- Verify your income
For car title loans, also known as secured title loans, the loan amount is based on your car’s appraisal value. Here at Auto Money, you’ll get same-day cash when you need it most – no credit check required! Plus, you’ll be able to keep driving your vehicle while you repay the loan!
Top Seven Ways to Pay Off Your Title Loan Fast
You’ll get your vehicle’s title back as soon as you pay off the loan – but doing so will likely require some sacrifice. Saving as much as possible and putting it toward repaying your loan is ideal, but it’s certainly not easy! Here are some tips for fast title loan repayment:
- Always Round Up: Because every dollar counts, we recommend rounding your monthly loan payment up to the nearest hundred. Even if there’s not much wiggle room in your budget, rounding up can help shorten your loan term – and ultimately save you some money.
- Don’t Suffer in Silence: If you’re facing a particular challenge, be honest with your loan specialist. We’ll help however we can, but we can’t offer financial solutions if we don’t know your struggles!
- Only Borrow What You Need: While it may be tempting to take the full amount offered, keep in mind that you will have to pay back every penny – plus interest! The car title loan amount is determined by your vehicle’s appraised value, but you should only take what you need, or ideally, a little bit less.
- Create a Monthly Budget: Making a budget is a good place to start, but sticking to it is even more important! Include your fixed expenses (rent, mortgage, etc.) and variable expenses (groceries, entertainment, etc.) to keep track of your spending habits, and trim unnecessary spending where you can.
- Prioritize Saving: Paying off your car title loan early will require some sacrifice, so be prepared to take a hard look at your spending! Sure, you may have to pack your lunch or skip the salon, but saving a bit each month and putting it toward your loan could result in significant savings on interest over time.
- Consolidate Debt: A consolidation loan involves the bank buying all of your debt, so you’ll make just one payment. This not only eliminates some hassle but may save money if your consolidation loan has a lower interest rate. This type of loan is a good alternative for borrowers at risk of defaulting on a title loan and potentially losing their vehicle.
- Time to Sell: If you can no longer afford your monthly payment, selling your vehicle may be the wisest solution. Depending on its value, you could receive a significant sum for your vehicle. Swapping it for a cheaper vehicle may allow you to pay off your title loan and avoid some very costly consequences. If you’re not sure whether selling your vehicle is the best option, visit an Auto Money Title Loan office near you! Our loan specialists would be happy to answer any questions you have.
Questions? Contact Auto Money Today!
After securing a car title loan, repayment can seem daunting. But it doesn’t have to be! As long as you’re willing to rethink and revise your spending habits, you’ll be well on your way in no time. Our loan specialists can help, ensuring you don’t need to face the future alone!
We’re proud to serve our neighbors throughout the region, with Auto Money Title Loans locations throughout South Carolina and Georgia! Find the title loan office near you, then come see us today to get started!