Yes, you generally can but that’s completely dependent on which lender you chose your title loan (or title loans) from. The problem that may occur is that some title loan prepayment plans may come with a cost. When looking at your payment plans, always be sure to check to see if there is a title loan prepayment penalty.
This penalty occurs when you want to fully pay for your title loan early and could raise the cost of the loan to a point where you cannot possibly pay for it. But how do you know if you are attempting a title loan prepayment?
Well anytime you are paying more on a monthly loan payment, you could trigger the title loan prepayment penalty.
What are some options that you could take to avoid title loan prepayment penalties? Here are some important tips:
- Avoid them all-together: There are many title loans that could be using title loan prepayment penalties when offering title loans, so looking them up online or researching their title loans is a good way of avoiding them in the first place.
- Communicate with your lender: Always talk to your lender and ask them if title loan prepayment is possible without any charges.
- Look for prepayment plans: With a wide array of title loan companies in the market, there are plenty of lenders that do not charge title loan prepayment penalties, or even have alternative ways of paying for your title loans.
Now that you have a good handle on prepayment for title loans, LoanMart is transparent enough to let you know what exactly comes in the details of our payment plans. To answer the question, NO! We do not charge title loan prepayment penalties. In fact, we offer title loan payment plans that could be flexible for you1. Perhaps after reading this, you may consider our title loans.
Title loan prepayment with LoanMart
Title loan prepayment may be something that still incurs extra fees at other lenders, but here at LoanMart, we accept them because we have the feeling that you want to get rid of the title loan as early as possible!
Paying off title loans with LoanMart can be extremely easy because there are no prepayment penalties, so the borrower can pay off the entire loan as early as they want. The benefit of paying the auto title loan also applies because If the borrower pays the lender back early, then there will be less interest that could have accrued if they continued through our monthly payment plan options.
With that title loan prepayment, the payments on the auto title loan are also amortized, which is just another way of saying that the borrower is paying off the auto title loan in both ways: they are paying down the interest and the principle payments of the title loan all-together. This also means that there is no balloon payment involved in the process.
At LoanMart you could either provide a title loan prepayment to pay off title loans early, or you can try other ways to pay off the title loan through our multiple options.
LoanMart’s other payment options
At LoanMart, we offer favorable options in paying off your title loan. There are many ways of paying, and a borrower that borrows from LoanMart is permitted to choose whichever way is the most beneficial, as well as the most convenient for them.
As a matter of fact, LoanMart customers do not need to have a bank account to pay for LoanMart title loans unless the funds from title loans are needed through a bank account that allows it to be wired or transferred over in this manner.
As a result, the manners of pay for a title loan from LoanMart include ones that do not even need a bank account. With that in mind, options that monthly payment plans that can be made each month are listed as the following:
- Mail payments: Title loan payments can be mailed through a participating payment center at LoanMart
- Pay by phone: Yes, LoanMart can even let you pay by your smartphone, all you need is a credit card or a check
- Electronic payments: With the technology that we have today, you’d think all auto title loan lenders would let you pay online. Luckily at LoanMart, we kind of are the future of title loans. You can choose to make monthly electronic payments from any type of checking account
- Pay online: Paying online could be easy with LoanMart. By using the MyAccount tab in our site, you can make monthly payment online, where you can make your title loan prepayment!
- Visit: If you can travel, we have a variety of stores that are proud to provide our LoanMart payment services. We have a comprehensive list to the stores that offer our services and can allow you to pay for your auto title loan. Otherwise, you can go to our licensed location to pay for your auto title loan as well!
With all these types of payment systems, we would also like to let you know that using some of these payment methods may apply or incur fees. With so many options in payment plans for title loans, it’s no wonder that over 150,000 people2 have chosen LoanMart when it comes to competitive deals on title loans.