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How can I pay off a car title loan early?
How can I pay off a title loan early? Recently, I used my vehicle as collateral because I needed some money to pay off debt. Now that I have paid those debts, I want to pay off my title loan.
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Great question. Paying off your title loan can ensure you no longer owe money and maintain ownership of your vehicle. To pay off a car title loan early, consider these options:
- Budget your money: If you have an extended repayment period, budget every month to ensure you have some extra cash put aside to pay off the loan. This may require having to sacrifice some unnecessary expenses.
- Talk to the lender for options: Find out if they haveprepayment penaltiesfor paying off a loan early.
- Take out a personal loan. If you struggle to come up with the money to pay off the car title loan, consider taking out a personal loan through a bank or credit union. The benefit of this loan type is better terms and an extended repayment period compared to a title loan.
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