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How do you pay off a car title loan?
I took out a car title loan a little over a month ago, and I could barely make the first payment. I’m not sure if I’ll be able to keep up with future payments, and I don’t want to lose my car. What’s the best way to pay off a car title loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m relieved to hear you were able to make your first payment and keep your vehicle! That said, car title loans are notoriously difficult to pay off, so you’re not alone in this struggle. Fortunately, paying off the car title loan is manageable by cutting expenses, refinancing, or using alternative types of debt.
To pay off your car title loan and make repayment more manageable, you can:
- Negotiate with the lender. Lenders are not obligated to negotiate with you, but if you are struggling to repay, the first thing you should do is speak with them.
- Refinance. If the lender isn’t willing to negotiate or the payments are still too high, you can refinance the title loan. With a refinanced loan, a new lender takes over the debt and offers better terms and a more favorableAPR.
- Pay with a credit card. Credit cards often have lower interest rates than car title loans, and you won’t have to worry about losing your vehicle.
- Consult a debt management organization. Many of these nonprofit agencies can help negotiate with your creditors and set you up on a repayment plan you can afford.
Not all refinance lenders or debt management organizations are the same, so shop around and compare multiple offers before signing any agreement.
If you want to save money on car insurance to pay toward your title loan, the
Jerry
app is a good place to start. As a licensed broker, Jerry
helps you find and compare quotes from over 50 top providers in minutes. When you find a better rate, Jerry can help you buy your new coverage and even cancel your old policy!View full answer
- Gregory R.
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