If you own a car and you have to pay off a costly bill soon, know that a title loan could help you obtain some quick emergency cash! By using your car title as collateral, you could potentially get financial support–even with bad credit.1
Learn about the benefits of using your car title for emergency funding and why ChoiceCash Title Loans remain one of the best options!
How to Pay Off My Loan Early and Get My Car Title Back
If you want to get your car title back and pay off your loan, try a debt crushing method! There are two popular methods for quickly paying down debts, which are:
- Snowball Method
- Avalanche Method
The debt snowball method means focusing on a singular loan with the lowest balance. You will pay as much as much as you possibly can toward that one loan, while making minimum payments on all other debts. This method allows you to see quicker results on your overall debt balance, and motivate you to keep making extra payments on loans.
The debt avalanche method is the complete opposite of the snowball method. Instead of focusing on the loan with the lowest balance, you shift focus to the loan with the highest balance or rate. This method could help borrowers pay less interest in the long run.
How is My Car Title Used for Title Loans?
Title loans are secured loans, which allows eligible borrowers to obtain better terms and benefits. A person could be approved for emergency funding through title loans by using their car title as collateral.1
Once a qualified borrower is approved for a title loan, a lien is placed on the car title. A lien is a financial hold over an asset for a set period of time until the debt is repaid. The title loan lender becomes the lienholder during the repayment process, which gives them temporary ownership of the car.
By using an asset as collateral, you could get flexible qualification requirements, more time to pay off the loan, affordable terms, and more. The risk is lowered with secured loans, which is why qualified borrowers could reap more rewards.
Do I Get to Drive My Car while Paying Off My Title Loan?
During the title loan repayment process, the car title is held onto and used as collateral. This is not entirely surprising, as a lot of secure loan options require the borrower to leave their asset in hands of the lender. For example, with registration loans and auto pawn loans, the car is left at a secure lot until the loan is completely paid back.
You may think you have to give up use of your car, but you don’t! With ChoiceCash Title Loans, you could keep driving your car while paying off your title loan!
A lot of people only have one car, which means they cannot afford to give up ownership of their main mode of transportation for long periods of time. With a title loan, you don’t have to. You can keep driving to work and running errands while working toward paying off your title loan.
How Do I Get My Car Title Back After Paying Off My Loan?
The car title is held onto until the title loan is completely paid off. Once a qualified borrower makes their final title loan payment, they will get their car title back!
After a title loan is repaid, the lien can be removed from the car title! The removal of a lien signifies the completion of a debt and gives the borrower complete ownership of their car once again.
Typically, the borrower will receive a letter from the title loan company they conducted business with. That letter could then be taken and shown to an agent at the Department of Motor Vehicles. A new car title is then issued without the lien.
Can I Pay Off My Loan Early to Get My Car Title Back Sooner?
Interest is essentially what borrowers pay to obtain emergency funding. If you want to save money on interest, you could do so by paying off your title loan early!
However, there are loans that come with prepayment penalty fees. The title loan industry loses money through early repayment. By paying off your loan sooner than agreed upon, the title loan company you work with loses out on that extra money. Ensure you ask about early repayment before making a final financial decision.
ChoiceCash Title Loans do not come with prepayment penalty fees. That means you get the freedom to pay your title loan back as early as you want without fees! You shouldn’t be financially burdened for being a diligent borrower and getting your car title back!
Side Jobs to Pay Off My Loan Early and Get My Car Title Back
If you’re looking to pay off your loan early and get your car title back as soon as possible, then it’s recommended that you increase your income! Increasing your income is one of the best ways to speed up the repayment process and get your car title back.
There are numerous side job options to choose from, such as:
Working for a Ride Share Company
By signing up for a rideshare company, such as Lyft or Uber, you could set your own hours. Not only could you get paid by the hour, you could even earn extra money in tips! To get started, you would need to sign up through the website or the app, though the approval process could take a few days.
Working as a Delivery Driver
There are companies you could work for as a delivery driver. You could choose to fulfill shopping trips at the grocery store and deliver the products, or travel to restaurants and deliver meals. Similarly to working for a rideshare company, there is the opportunity to earn extra money in tips. Some delivery companies include Uber Eats, DoorDash, Grubhub, Postmates, and more.
Selling Used Items Online
Instead of working a yard sale, which may only attract local shoppers, try selling your items online! Fashion sites such as Poshmark and Depop allow people to sell used or like new clothing online! All you need to do is set up an account and take clear photos of any clothing or accessories you want to sell. You could also sell electronics, collectibles, and other miscellaneous items through eBay or Craigslist.
Sell Handmade Goods
If you have a hobby, such as painting, crocheting, or miniature building, consider marketing it! You could earn some extra cash each month by selling handmade or custom items on sites such as Etsy. Start by making an account and taking images of your handmade goods. Check out what similar items sell for and start running your very own small business!
Rent a Spare Room
If you’re comfortable with the idea of sharing a living space, know that you could make some extra money by renting out a spare room on Airbnb! There are a lot of protections and resources for renters, so don’t be intimidated by the thought of renting out your living space to a stranger. Payment is due 24 hours before check in, which allows you to avoid scams. You could even set boundaries, such as how long guests can stay and whether they can bring pets.
There are so many tasks that people are willing to pay for through sites such as TaskRabbit. If you know anything about putting together furniture, mounting TVs, painting, yard work, and more, you could earn some money to get your car title back faster! In addition to getting paid for the completed task, you could also earn tip money.
How Do I Inquire for Title Loans that Allow Early Repayment to Get My Car Title Back?
If you are currently stressed about an upcoming bill or expense you need to make, consider a title loan. ChoiceCash Title Loans allow qualified borrowers to pay off their title loan early without any prepayment charges. As a borrower, you could get the freedom to choose how soon you want to repay your loan.
ChoiceCash Title Loans are unlike other title loan options because by making on time payments, qualified borrowers could get beneficial rewards! Low monthly payments and rates could keep getting lower and lower!2 By the time a borrower makes their final title loan payment, that payment could be half as much as the first!
If a title loan borrower ever runs into a financial hiccup during the repayment period, they could inquire for additional funding at their current low rate!2 In addition, there are no hidden fees or balloon payments to worry about! Borrowers are given complete transparency from start to finish.
If you currently have low credit, you may be worried that your credit history will deter you from obtaining approval. But ChoiceCash Title Loans have flexible approval requirements, which could allow individuals with low credit to be deemed eligible as long as they have a qualifying car!1
To get started on the inquiry process and find out if you are preapproved, just complete the online title loan form or call 855-422-7402 to speak with an agent!