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How do I pay off a car title loan faster?
I was approved for a car title loan, but the interest rate is nearly 20%. I don't think I can afford to pay that much money! How can I pay this loan off faster so that I don't have to pay so much interest?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Whew—that’s a high interest rate, and a great question! To pay your car title loan off early, you have several options:
- Getting a side hustle or gig to earn more money
- Paying money toward the principal each month on top of the monthly installment
- Make payments more frequently or double up each month
- Don’t miss any payments, as this can add penalties to your balance
In the future, you may want to apply for a personal loan with a lower interest rate or get a
car loan
, which acts as a secured loan with a lower interest rate, even if you’ve already paid off your vehicle.To get more money to put toward your car title loan, you may also want to shop around for a lower interest rate. Thea easiest way to do this is with the
Jerry
app—we’ll get you customized quotes from different providers in seconds so that all you have to do is pick the plan that works best for you! Best of luck, and hope you’re able to pay the loan of quickly!
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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