Should You Repay Your Kansas City Car Title Loan Quickly?

Kansas City car title loans are short-term secured loans. The amount you can receive is based on the equity in your vehicle and what you can afford to repay, not your credit. Despite its short-term nature, a Kansas City car title loan may have a term of anywhere from one month to years. As with any loan, you have the option of following your payment schedule — whether it is bi-weekly or monthly payments — or working to pay off your loan early.

Unfortunately, not all car title loan providers are equal.

Some car title loans penalize borrowers with a fee for making additional payments or paying more than the minimum due. Some even have balloon payments that make it almost impossible to pay off your loan fast. As you shop for a car title loan, it’s important to choose a lender like Waldo Financial that values customer service and allows you to repay your loan early without penalizing you. After all, you shouldn’t be forced to pay a fee for being financially responsible!

If you don’t get a car title loan with a prepayment penalty, there is one major advantage to repaying your loan quickly: you can save a substantial amount of money by reducing the interest you need to pay. Paying off the loan ahead of schedule also frees up more of your money each month so you can start building an emergency fund to plan for life’s surprises in the future.

There are several steps you can take to repay your loan early with additional monthly payments or paying more than the minimum due. Here are some tips:

  • Reduce your expenses. You probably have many expenses that are slowly draining money from you each month. Do you stop for a morning coffee? The average person who buys coffee regularly spends $36 a month. You may also have a gym membership you don’t use to save about $35 a month. Switching from cable to a streaming service like Netflix can also save you around $50 per month.
  • Save 10% from each paycheck. The easiest way to pay off your loan is putting aside 10% of every paycheck toward an additional monthly payment.
  • Pick up a side job. If you’re serious about paying off your loan fast or getting debt-free completely, consider a side job. You may be able to sell produce at the farmer’s market, cut grass on the weekend, or babysit kids to earn extra money.

The best way to get your Kansas City car title loan paid off quickly and save money is working with a reputable title loan provider like Waldo Financial that offers flexible terms that work best on your schedule. You may be able to change the terms of your loan as well to switch from monthly payments to bi-weekly payments. Even if the payment amount each month is the same, your loan will still be paid off early because some months have five weeks.

How to Get a Car Title Loan in Kansas City

Car title loans are a popular way for Kansas City consumers to get cash on short notice. Car title loans are typically available to consumers who own a vehicle, regardless of credit score, with one-day processing.

Borrowers must own a vehicle to obtain a car title loan. There is no background check or credit check performed. Instead, the vehicle serves as collateral for the cash loan. Borrowers can keep their vehicle and continue driving throughout the loan repayment term.

Waldo Financial allows borrowers to apply for a Kansas City car title loan online, over the phone, or at their physical location and receive an immediate approval. Customers can borrow between $500 and $5,000 with each loan, which is contingent upon the borrower’s income, the vehicle’s value, and other factors. The application will require relevant information, including information about the vehicle and the borrower’s contact information, employment information, driver’s license, and bank accounts. After the application is approved, borrowers can pick up the cash at Waldo Financial’s convenient Kansas City car title loan location.

Loan repayment terms vary from 12 months to 24 months, with no penalty for paying the car title loan off early.

Before obtaining a car title loan, Kansas City lenders are required to meet certain requirements set forth by the Missouri Department of Finance, which regulates car title loans in Kansas City and elsewhere in the state.

The following guidelines apply to Kansas City car title loans:

* Customers must be provided with clear, concise disclosures that are easy to understand.

* Loan renewals and terms must have limits in place to protect customers.

* Lenders must keep car title loans within a set rate for finance charges.

These state regulations will apply to the ongoing relationship between the lender and the customer once the contract is signed. Borrowers who become delinquent on a loan will always be notified before repossession. Waldo Financial makes every effort possible to help borrowers avoid a default.

Waldo Financial takes pride in its transparency, meeting and exceeding state regulatory requirements to provide borrowers with all of the information they need before signing a contract.

Do you need a car title loan in Kansas City? If so, call us today at (816) 333-6800. Or apply online now for a kansas city car title loan to get your car title loan cash.