How to Pay Off a Title Loan Quickly?
If you are a smart borrower, you probably want to know how to pay off a title loan quickly. This is a question we are eager to help answer. At TFC Title Loans, we have always loved to watch our clients succeed because when you succeed we do as well. You may have stumbled across this page because you have just taken out a title loan and would like to strategize well so that you can pay it off as quickly as possible. On the other hand, you may have come across this page because you are considering getting a title loan and want to determine whether you will be able to pay it off quickly. Either way you have come to the right place.
Ever since we opened our doors in 1994, we have strongly believed that we have a responsibility to our clients, to help them through the lending process by giving them helpful tools and strategies to that they might be able to pay down their loan as quickly as possible. We are the oldest title loan lender in California and we work hard to put all of that experience to good use by educating our clients and answering any questions they may have about the title loan process. We want to you to have the answers you need so you can have a brighter financial future for you and your family. In this informational resource page, we will explain why it’s a good idea to pay off your loan early and give you ten helpful tips on how you can accomplish that.
Over the last 25 years, we have assisted thousands of individuals in financial need by getting them approved for an auto title loan in California, New Mexico, and Arizona. We have also spent all those years prioritizing lender transparency and customer success. If you wish to learn more on how to successfully pay off a title loan quickly, then continue reading. However, if you haven’t gotten a title loan with us yet and would like to, then fill out our simple online application or give us a call today!
Why is it a great idea to pay off your title loan quickly?
Since TFC Title Loans charges absolutely no prepayment penalties, you can pay off your title loan as fast as you would like to. It’s a great idea to pay off your title loan quickly because the faster you pay it off the less interest you need to pay on the loan. There are innumerable reasons why paying off a title loan early is wise but here are just a few of our favorites:
- Your credit score could improve immensely, making you a more reliable borrower. When this is reflected on your credit report, you become financially stronger allowing you to do more with your finances in the future.
- By paying a loan off early, you avoid paying a large percentage of the interest that you had originally thought you might have to pay. You save a lot of money when you don’t end up paying the entire allotted APR.
- Paying off your title loan early will greatly reduce your stress and you don’t have to think about monthly payments anymore. Many people love the weightless feeling of being complete debt-free. That could be you if you follow our tips for strategizing your loan repayment.
How to Pay Off a Title Loan Quickly: 10 Strategies and Tips
If you are able to plan out how you are going to pay off your loans beforehand, you will most likely find it much easier to pay off your loan quickly and with ease. There are countless ways to pay off your loan early when you utilize both determination and discipline. Try out these strategies and tips to get ahead of the game:
- Make sure to calculate the monthly loan payments into your budget so you always have enough money left over to make the scheduled payment. If you are not already budgeting, it would be a great idea to start now.
- When you have extra resources available, try to pay more than the monthly requirement. By doing this you will decrease the interest you will need to pay on the loan.
- Make sure to stay up to date with all of your billing statements so you can keep track of how much is paid and how much is still to be paid. By doing this you will also ensure that you always know when your next payment is due.
- If ever you have questions concerning your payments, call us right away so nothing gets lost in translation.
- Give us a call to check in on a regular basis. This will make you feel more secure and less worried. An open communication line with your lender will make it easier for you to reach out to us if you need help.
- If you want to be really ambitious, then you could calculate the interest on your own and make a personalized payment plan to pay the title loan off earlier than the scheduled date. That way you could follow your own schedule rather than ours and avoid a lot of interest.
- Research new ways to make extra income on the side; such as driving for Uber or making passive income.
- Pay more often, if you can, than the monthly schedule requires. You can pay every two weeks then you won’t be tempted to spend the money before the scheduled payment date.
- Make a large payment every year or biannually that is well above the regular amount. This can help your balance decrease greatly in just one payment.
- Round up your scheduled repayment amounts to the nearest $10 or $20 or $100 to reach an even number. You will see the balance go down significantly faster, saving you on interest.
We hope that, after coming to the end of this article, you feel more equipped to pay off your title loan as quickly as possible. Paying your title loan off early, if you are able, will make your finances a lot easier to handle in the long run. If you have any unanswered questions about the strategies that we have provided you with above, then we encourage you to give one of our friendly customer service representatives a call. We always want to help in any way we possibly can. If you do not already have a title loan or are interested in refinancing one with us, then fill out our online application or give us a call today!