As much as critics talk down on taking title loan because of the possibility of buyers losing their vehicles to lenders, it is actually one of the most convenient loan structures. The payment solution on title loans are also quite easy because buyers can choose to payoff early without incurring any early payoff fees which bank loans usually demand from borrowers. Paying off early will actually help borrowers to pay less than waiting the whole time stipulated in the title loan. Below are three simple tricks that will help you to payoff early.
Pay More Every Month
This is the simplest trick from the book, if you are scheduled to pay $236, make sure you round it up to $250. Do this every month and at the end of the year, you would have covered a lot of your debt. So don’t be worried about the total you owe, just focus on your monthly payment, and pay more every month.
If you owe money, whether from title loan or you borrowed from your friend, this is not the time to be living large. Don’t spend as though you are the richest man from Babylon. Cut down on your expenses, really this is a good trick to stay above the ground on your financial status generally. So cook more – don’t buy food, walk short distances, take a bus, don’t go to the movies, work out at home – don’t go to the gym, etc.
Never Miss Your Payment
If you ignore this, your interest rate will increase and you will have more money to pay, so avoid missing payment deadlines like a plague. Doing this will relieve you of the worry and will make you pay up faster.