- Melanie Ernst
Options for Paying Off Your Car Title Loan
Below you'll find an article from the internet about options for paying off a title loan. It contains some sound advice, but it doesn't cover all your options. Take a look at it and then read on to learn about another route you might want to consider.
"But what if you already have a car title loan? Is there still hope? Well, yes! There are definitely ways to pay off your car title loan, and the best method depends on your particular situation. If you have a good credit score, you will have some good options available to you. For example, you may be able to get a consolidation loan to replace the title loan. Just be sure to work with a reputable company, including a local credit union or bank.
Another option if you have a car title loan already is to revamp your budget so you can allocate more money toward paying it off every month. Hopefully, this way you could pay if off very quickly and limit the amount of interest you must pay. To revamp your budget, first make sure you've created a realistic budget that covers all your expenses, then start looking for ways to save money and reduce expenses. While it may seem hard at first, you might be surprised how much you can save if you really try.
Finally, if the two options above will not work, consider downgrading your vehicle. This is obviously a complicated step to take, for various reasons. But if you're not able to meet your monthly obligations, it might be the only choice. Let's say you have a car that you bought new, which is now valued at $10,000. You used the car to get a title loan for $2000 but you can't pay the amount back. If you can sell your car for $10,000 and buy a used vehicle for $6000 then you would have more than enough cash to pay off the title loan and any fees or extra charges. One complication is the lender may have the title to your car, so you'd need to communicate with them if this is the path you choose to take.
Whatever happens, stay focused on getting the car title loan paid off and try to avoid paying those exorbitant interest rates."
I think anyone would agree that the above article contains some good ideas. But what if none of those options will work for you? Do you let your car be repossessed? Not necessarily!
Have you considered doing some research to see if there are other title loan businesses with lower interest rates? I'll even make your search easy. Tri County Title Loans offers some of the lowest rates in the Madison County, Commerce, Athens
areas. If possible, we will buy out your title loan from the current lender and help you save some money by offering you a lower interest rate.
Come by or call one of our two (2) locations:
Tri County Title Loans - Store 1
560 General Daniel Avenue
Danielsville, GA 30633
Tri County Title Loans - Store 2
1112 Hull Road, Suite B
Athens, GA 30605