Tips To Pay Off A Title Loan Quickly
If you have a title loan, then the next best thing to do after you get it is to pay it off as fast as possible! You need to know how to pay off a title loan quickly.
Here at TFC Title Loans, we are going to give you a few tips on how you can pay off your title loan as fast as possible. As we all know title loans are more expensive than regular loans, but they are a great way to get the emergency cash that you need.
Pay Off Title Loans Quickly
It is very important to know when your first title loan payment is, and what is the due date. The first thing you should do is to check your statement. You can either look up your account online or call the customer service reps.
If there is a mobile app, then you should have it, it will make it easy for you, you will be able to pay for your payment directly from the app.
Your loan statement will have all of the information that you will need to make the payment, it will let you know when it is due, how much you need to pay, and where you should send it.
You can also call or even text to find out when your payments are due. Or you can even email the request.
Keep Up With Monthly Payments
The most convenient way not to forget your payment due dates is to set up automatic payments. These payments can come directly from your bank account each month.
This is the easiest and most simple way to stay on top of your title loan payments. This makes it easy and convenient, without having to log in to your account.
Or you can make your monthly payments from the website, so you will have access to your account whenever you want to log in.
To pay back the loan, we offer many payment options:
- Mail payments
- Pay by phone with a credit or debit card option
- Set up automatic payments from your bank account
- Pay online with the My Account tab
- Pay on your phone using the app
How to Pay Off a Title Loan Tips
As soon as you have signed your title loan, you need to have a plan to pay it off immediately, plan your exit strategy, is a smart move.
See if you can set up an extra payment plan that will fit into your budget, or split your payments in half, and pay them ahead of your due date. Half on the first and half on the 15th.
This way it will help you to pay less interest and at the end of the year, you will have actually pin one extra payment, cutting down on the interest that you will be paying.
You can also add extra money to each payment, an extra $20 to $100 per month, which can really help to lower your principal balance and help you to pay off sooner.
You can also round up your monthly payments, it could be tp the closet dollar, or round up the payments to make them even, it does not really matter, but the more you add to your monthly payments, the faster you will be able to pay it off.
Doing the above ideas will help you to pay off the title loan early, but it will also help you to reduce the amount of interest that you will be paying.
When you make your monthly payments using the ideas above, you will be paying less interest, so more of your monthly payments will be going to pay down the principal balance, saving you money in the long run.
Make Early Title Loan Payments
You will never be penalized for paying early, and not on the due date, when you pay your monthly payment early, more money will go towards the principal balance, and less to the interest.
When you pay more money to your principal, you will save money on your interest payments.
Have Trouble with Your Payments?
If you are having trouble with your monthly title loan payments, the best thing to do is to communicate, it is important that we know what is going on, and how we can help you.
We will be able to refinance your title loan into a better title loan, so it does now matter what company that you are with, as long as there is enough equity in your car, we will be able to help you, get into a better payment plan.