How to Repay a Title Loan Fast
At LoanMart, we strive to provide our customers with all the information they need to make financially responsible decisions about their auto title loan online. Our goal is to help you out of a hard financial situation. We want you to be able to pay off your loan just as much as you do. We even encourage you to pay it off early if you’re able to. This is why we’ve put together some tips on how to repay a title loan fast- maybe even sooner than you thought possible.
Our car title loans are almost as flexible as we are. We have variable term lengths available (typically 12-36 months) and the amount of a loan is largely decided by the borrower and what each one can reasonably repay and the market value of their car. Most importantly, while you are repaying your loan with us, you can keep driving your car.
While our loans do come with payment schedules, our customers are ultimately in control. LoanMart doesn’t have balloon payments in its loans. We also never charge fees if you choose to pay off your loan early.
The decision is up to each customer. We won’t charge you for making additional payments or more than the minimum required; you are welcome to make bigger payments each month in order to repay your auto title loan faster.
When you pay more than what was scheduled, just make sure you call us and tell us to put the additional money to the principal and not toward the next payment.
Why repay a loan ahead of schedule? The biggest benefit is that you will save money in the long-run. This is because you won’t have to pay as much in interest over time.
Here are a few tips on how to find a little extra money each month in order to try to repay a title loan fast by making bigger or additional monthly payments:
1. Make your own payment schedule
We will give you a repayment schedule, but feel free to make your own schedule if you want to pay off your loan faster. Then, stick to it.
2. Round your monthly payment up
If you want to make more than the minimum payment each month, but aren’t sure how much more you should start with, you could try rounding the amount up. For example, if your minimum monthly payment was $164.23, you would round it up and pay an even $200. Or if it was closer to the nearest hundred, round up an extra $50. (So, round a minimum of $202.33 to an even $250.) Over time this will add up. It will save you money on interest and shorten your loan term.
3. Make sacrifices
You knew this was coming. Try to think of any extra expenses in your budget that you could cut out; at least for the term of your loan. Try swapping a gym membership for workouts you can do at home for a while. Maybe get rid of your cable package and settle for only watching Hulu or Netflix for a couple of months. Try to eat at home. Invite friends over instead of going out. The money you save making these small switches can add up. Use these savings to go toward paying off your loan.
Most of the time, people justify personal expenses even if they can be cut back so get a trusted friend to go over your expenses with. Having an objective opinion helps with seeing the financial problems and optional areas you could change. Also remember, if you are hiding the loan from someone you love, maybe that’s the very thing to consider changing.
4. Make money on the side when you can
If you have spare time, there are a number of ways to pick up some extra money for paying your loan. Each time you get paid or make a sale with these options, put it toward your loan right away. Small earnings here and there can really add up and chip away at your loan. Here are our recommendations:
- Drive for Uber or Lyft
- Test search engines, online stores, games and videos on sites like Inbox Dollars and Swagbucks
- Sell your photography on Shutterstock or iStockphoto and receive a percentage of their revenue
- Sell your things or clothes you don’t need with websites and apps like Letgo, Decluttror Poshmark
- Rent rooms in your house or apartment on AirBnB
- Take paid online surveys.
- If you’re creative, sell crafts or art on Etsy
- If you’re handy, see what repairs your friends and family need done. Ask if they’ll pay you to fix or do stuff they need.
- Find all kinds of freelance work on sites like Upwork.
- Follow The Penny Hoarder blog for tons of ideas to make and save money
- If you love dogs, sign up with Rover to make extra money walking and taking care of dogs!
- If you have more time, you can build your own business and get work with a site like Fiverr.
5. Avoid late fees
With most loans, missing payment deadlines will really cost you extra. Set up automatic payments with a lender through your bank account if you have one so that you never miss a due date. If you don’t have a bank account, set up due date reminders on your web calendar or on your smartphone. Don’t pay the price of forgetting a payment.
6. Make at least one extra payment a year
If you can’t make extra payments all the time, at least try to make one a year. Consider putting your tax return money or a work bonus toward your loan as an extra payment to save on interest. This will also help you eliminate the temptation to spend it on something else before you get a chance to make your monthly payment.
7. Calculate your payoff date
Use your repayment schedule to do some simple math to find out what date you will make your last payment on your auto title loan. Each time you make extra payments, recalculate it. Having this date in mind won’t change your loan amount, but it can help with motivation to pay your loan early when you watch the date get sooner each time you make an extra payment.
With LoanMart, you will have access to your account information through the login on the main LoanMart site. This will keep you up to date with where you are with your payments and amounts still due on the loan.
We even have a mobile app! You can have the ease of knowing about your loan at any time 24 hours a day 7 days a week! Download it from the App Store on your smartphones.
Your Auto Title Loan with LoanMart
Remember, if you ever need any help or advice about paying off your online title loan as early as you can, simply give us a call. We want to make the entire loan process as painless as possible, including repayment. We are here to try to help you out of a difficult financial situation with a loan. We also want to help you with the education that you need to continue making smart financial decisions well after you sign the loan paperwork. This is the difference LoanMart makes. We encourage you to be financially responsible and to strive to pay your loan off early. At LoanMart, we succeed when you do too.
At LoanMart, we want auto title loans to be easier than ever before, including repayment. We will work with you to create a payment plan that fits your lifestyle. You can always pay early too. Get started right now by calling 1-855-422-7412 or by clicking here.