4 Tactics to Paying Back Your Henderson Title Loan ASAP
Title loans can give you the money you need quickly when you fall short or you are faced with an unexpected expense. These loans can help you weather the storm after a job loss or an injury, or they can help you come up with the money you need when a branch comes through your roof or you find out that your kid needs braces.
But title loans are still loans, and you don’t want to compound your problems by having too much debt hanging over your head, so it’s best to pay these off as quickly as possible. You should look closely at the terms of your loan to know what your interest rate is, how it is compounded, and so on, and then consider one of these four tactics to pay back your Henderson title loan as quickly as possible:
Make Bi-Weekly Payments
Most debt repayment plans are on a monthly schedule. However, there’s nothing to say that you can’t pay off your debt faster. If you get paid bi-weekly, why not pay toward your loan bi-weekly? Just divide your monthly payment and pay half every two weeks.
The reason this will help you pay down your debt faster is that the interest is compounded monthly, so paying at least some of the balance before the month is up will reduce the amount of interest you pay. Not only will you pay off your title loan faster, but you’ll also save yourself a bit of money.
Snowball Debt Payments
Many people use the snowball method to pay down all kinds of debt more quickly. Here’s how it works: Pick the debt with the lowest balance – presumably your car title loan. Take all the extra money you have in your budget and put it towards that payment. Do this every month until the debt is paid. Then, take the minimum you were putting toward that debt and add it to the minimum for the debt with the next highest balance plus whatever you have extra each month. Repeat the process until your debts are all paid.
You save money with the snowball method by reducing the amount of interest you pay. You also build up a sense of momentum that will help you save and tackle debt more quickly.
Make Extra Payments When You Have Extra Money
Too many of us get extra money and decide how we’re going to spend it. We get extra cash and decide to buy a new couch or to go on a weekend trip. Or we take ourselves out to dinner or buy a new outfit. We could save that money, but we rarely do. And if you have any debts, you have no business putting the money in savings anyway.
Instead of spending extra money when you get it, resolve to pay it toward your Henderson title loan. Any extra bit you pay will save you on interest and help you resolve your debt faster.
Get a Loan with a Lower Interest Rate
After paying toward your title loan and other debts consistently and on time, you will start to improve your credit. When that happens, you’ll start to qualify for other loans that come with lower interest rates. Consider taking out another loan to pay off your higher-interest rate title loan. You’ll still have the debt, but you’ll be able to pay it off faster since your interest rate will be lower.
Getting the money you need to deal with a financial emergency shouldn’t have to mean getting into more financial trouble. You can get great Henderson title loans by shopping around to find the best terms with the best title loan center. Once you get the right loan, you can then use these tactics to pay off the debt more quickly and maintain control over your finances.
Title Loans 365 offers the best title loans in Henderson, North Las Vegas, Las Vegas, and the surrounding areas. We offer car title loans, RV title loans, and more. You can apply in person or for online title loans. We try to make it easy for you to get the money you need quickly. Visit us online or in person to learn more about our title loan services or to apply for a loan.