pay off a title loan

How To Pay Off A Title Loan: 4 Quick Tips

Paying Off Your Auto Title Loan Early Saves You Money

Whether you needed to borrow money to afford your college tuition, make a rent payment, or start a business. There are few things more liberating than the feeling of paying off a loan. Auto title loans, also known as auto equity loans, are one of the many options available to vehicle owners. Vehicle owners who need to borrow some quick cash. And, if you know how to pay off a title loan fast. You will surely benefit from taking out a loan of this kind.

What Is An Auto Title Loan?

Auto title loans are sometimes referred to as auto equity loans, pink slip loans, or car collateral loans. This is a loan where the borrower’s car, truck, SUV, RV, or motorcycle is used to secure a cash loan. The maximum loan amount is based on the value of the vehicle. The borrower gets to keep driving their vehicle. The lender becomes a lien-holder on the car until the loan and interest are paid off.

Are you unable to get approved for a bank loan due to bad credit, bankruptcy, or unemployment? Taking out a loan on your vehicle is an easy and fast way to borrow the cash you need. CFS always goes the extra mile when providing you with excellent customer service via our car title loan representatives.

Why Should I Pay Off A Title Loan Early?

The number one reason to pay off any loan early is that you will end up saving money on interest. Interest is the extra money you have to pay the lender for giving you the loan. It is usually charged as a rate, or percentage of the amount owed. Interest rates vary widely depending on the lender and the type of loan. Be sure to find a lender who will charge you the lowest possible interest rate on your auto title loan.

Additionally, many reputable loan providers, like Champion Financial Services, will not charge any prepayment penalties. This is good for those who pay off their auto title loans before the end of the loan term. On top of the financial savings, there is a huge sense of satisfaction. This comes from knowing that your loan has been paid off and that you own your vehicle free and clear. Here are a few of the top tips for those who would like to save money on interest. Read below how to pay off your auto title loan early:

Round-Up Your Scheduled Payment Amounts

Rounding up your scheduled payments to the nearest $10, $20, $50, or even $100-dollar increment. This can be a great way to pay down your loan amount. Therefore, you can save on interest and pay off your loan sooner. Remember, the sooner you pay off a title loan, the less you will pay on interest. People who fail to pay off their auto title loan often end up paying more interest fees!

Make One Big Lump Sum Payment Each Year

It can help you pay off your loan quicker and save you money on interest. Whether it be unemployment insurance, court earnings, the lottery, etc. It would be prudent of you to use that cash to pay down your loan …

Don’t Miss Any Loan Payments

Missing payments on a loan should be avoided at all costs. It will cause you to fall behind on your scheduled payments. It will possibly subject you to penalties and will result in you eventually paying more money in interest. If you aren’t able to pay off your loan, your car could be taken away from you. CFS never wants to repossess a car. We always do our best to work with you to pay off your title loan.

Make More Frequent Loan Payments

Try making payments of half the monthly amount once every two weeks if your lender allows. For example, if you are paying $400 a month, try splitting that payment into $200 payments every two weeks. On the months that have five weeks, you will end up paying one-and-a-half times your monthly payment. This will help you pay off your loan in a shorter amount of time and save you money on interest. For more finance tips, click here!

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California: All loans are made or arranged pursuant to a California Finance Lenders Law License Number: 60DBO-35846.
Arizona: Loans made pursuant to Arizona Department of Financial Institutions Sales Finance Company License SF-1005405.

*Our loans can be up to $50,000 depending on certain factors. Depending on the time when the application is submitted, the funds could be given the same day or next day.

**Loans with an annual interest rate of 36% are limited to loan amounts between $2,500 to $9,999.00, while supplies last. The actual loan amount, term, and Annual Percentage Rate of the loan that an applicant qualifies may vary by applicant, lender, and the law requirements of those terms. Minimum loan amounts, terms, and rates may vary by state. Consumers need to demonstrate the ability to repay the loan.

THIS LOAN (Auto-Tile or Personal Loan) IS NOT INTENDED TO MEET LONG-TERM FINANCIAL NEEDS. Loan proceeds are intended primarily for personal, family, and household purposes. This service does not constitute an offer or solicitation for consumers in all states. This service may not be available in your particular state. The state of this site services may change from time to time without notice.

The actual loan amount, term, and Annual Percentage Rate of the loan that an applicant qualifies may vary by applicant, lender and the law requirements of those terms. Minimum loan amounts may vary by state. Consumers need to demonstrate the ability to repay the loan.

CFS Investments is licensed or registered as a finance lender as required by applicable state law and does not offer or service student loans. CFS Investments is not providing financial advice and does not warrant the accuracy of information as it subject to change without notice about its current product guidelines.

*CFS Investments may act as the broker for the loan, and may not be the direct lender or servicer of your loan. All loan applications are subject to meeting underwriting and credit criteria, which includes providing acceptable property as collateral. The actual loan amount, term, and Annual Percentage Rate of the loan that an applicant qualifies may vary by applicant. Minimum loan amounts may vary by state. Consumers need to demonstrate the ability to repay the loan. Credit Approval is subject to the credit criteria standards. A bank account is required as a condition and in order to obtain a Persona Loan. Loan proceeds may need to be disbursed via Automatic Clearing House (“ACH”) to the borrower’s bank account. The actual availability of funds can vary based on bank processing times, daily ACH deadlines, and weekends and holidays. Inquiring for a personal loan and its minimum requirements does not impact your credit score, however, completing a full application may affect your credit score.

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