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How to Pay Off Title Loans
A car title loan is a secured loan option that can provide a qualified borrower with a convenient way to access emergency cash. If you have an existing title loan and want to get out of debt, you may be searching for more information about how to pay off a title loan.
Here’s what you need to know about paying off title loans:
- Consider the Penalties (if Applicable): Although not all lenders charge prepayment penalties, if you want to pay off your title loan before the loan term ends, it is important to do your research and read through the terms of your loan contract. If you will be charged a prepayment penalty, consider weighing the pros and cons of completely paying off your title loan before you make a decision.
- Get a Payoff Quote: If you’re ready to pay off your title loan, make sure to contact your lender or loan servicer and ask them to provide you with a payoff quote. This will help you learn more about the exact amount of money you will need to pay off your car title loan completely.
- Pay Off Your Title Loan: Depending on the payment methods offered by your lender or loan servicer, you can pay off your title loan online, over the phone, or in person at a participating money transfer location. Once your title loan is paid in full, the lien on your car’s title is released, and your title will be mailed back to you by your state’s respective Department of Motor Vehicles. It will usually take up to 15 business days or more to receive your car title in the mail, but the number of days it takes to process a lien release varies from state to state.
Got any questions about how to pay off a title loan? Call 855-422-7412 to speak to a LoanMart title loan agent and learn more about how to pay off title loans!
How Long Do I Have to Pay Off a Title Loan?
Depending on the terms of your loan, you could have a few months or a few years to pay back your title loan. The length of your loan term is usually based on these factors:
- The Lender You are Working With
- Your State of Residence
- Your Loan Amount
Before you sign a loan contract, it is incredibly important to review your loan terms and consider the long-term commitment associated with getting a loan. You should think about your current financial situation and determine whether or not you have the means to handle a monthly title loan payment. If you have any questions about the terms of your loan agreement, do not hesitate to discuss them with your title loan agent before you sign your contract.
Can You Pay Off a Title Loan Early?
Yes, you can pay off a title loan early if you have the means to do so! Some lenders will charge prepayment penalties if you pay off your loan before the loan term ends.
However, with title loans serviced by LoanMart, you can take advantage of several different benefits, such as competitive interest rates, a flexible application process, and no prepayment penalties or hidden fees.1 5
With LoanMart, you will have access to your account information through a login on the LoanMart site. You can access a lot of different information through the online portal, including:
- Payment History
- Current Balance
- Basic Account Information
- Important Messages About Your Loan
- Payment Methods
Additionally, we have a mobile app on Google Play and on the Apple App store! With a convenient mobile app and online customer portal, it is easy to stay on top of your loan at any time of the day or night! Download the app for Android or from Apple’s App Store on your phone.
How to Pay Off a Title Loan Fast
Now that you know more information about how to pay off title loans, you might be searching for the quickest way to get out of debt.
So, how do you pay off a title loan fast? If you want to avoid paying interest as much as possible, it is important to prioritize your loan payments, explore different repayment strategies, and create an effective budget. Here are a few tips you should keep in mind if you want to pay off your title loan quickly:
- Pay More Than Just the Minimum Due: Paying more than just the minimum amount due each month and paying more than once a month can help you shorten the overall length of your loan.
- Get a Second Job: If you are not able to pay more than the minimum amount due each month, you may want to consider getting a second job on the weekends. Having a second job allows you to save some money for a rainy day and give yourself some financial flexibility. Once you have a little bit more money to spare each month, you can make larger payments on your loan. If you are going to pay more than once a month or more than the minimum amount due, you should carefully review your budget to ensure that you can afford it.
- Implement an Effective Budget: Every person has a unique financial situation, but a budget can help almost every individual learn how to effectively manage their finances. By creating a budget and mapping out your monthly income and expenses, you can gain a clear understanding of where your money is going and identify certain areas of your budget where you can cut back on spending.
How to Get Out of a Title Loan?
If you’re searching for more information about how to get out of a title loan, you may be struggling with your monthly loan payments. The most effective way to get out of a title loan is to pay it off completely. However, if you can’t manage your current payment schedule, here are a few options you may have to get your loan back on track:
- Communicate with Your Lender: If you can’t handle your title loan payments and are concerned that you may end up defaulting on your loan, it is important to reach out to your lender or loan servicer and discuss your situation openly. You may be able to negotiate with them and obtain a new payment schedule that is based on your current financial situation.
- Explore Title Loan Refinancing: Consider refinancing your title loan if you want to obtain better loan terms and more manageable monthly loan payments. Refinancing your existing title loan with your current lender or with a new lender can be an option to consider if your loan is still in good standing.
- Seek Financial Assistance: Are you searching for help to pay off a title loan? If you’re facing financial hardship, you may want to consider meeting with a debt counselor in order to learn more about managing your finances and getting out of debt. It can be tough to handle everything on your own, so don’t hesitate to ask for help if you are struggling to make ends meet. Meeting with a debt counselor can be an important step toward achieving financial stability.
Thinking about refinancing your current title loan? Some title loan borrowers will refinance their loans because their monthly payments have become too difficult to keep up with. Call LoanMart at 855-422-7412 today to speak to a title loan representative and learn more about title loan refinancing.1