The Four-Month Challenge: Saving Up to Avoid Repossession

Once you’ve entered a car loan agreement with a lender, you’re obligated to pay a certain sum on time. If you fail to pay your dues, your car could be up for repossession.

Not to worry, though.

When it comes to car title loans in Texas, the percentage of repossessed vehicles is low, thanks to lenders like VIP Title Loans that offer ample time for borrowers to pool funds. Our loan durations, for instance, range from 4 to 12 months, and VIP Title Loans is ready to help you manage your finances.

Here are a few ways you can build funds to settle your loan.

Focus on Needs, Not Wants

Lenders don’t compute monthly payments that would leave you with hardly any money for necessities. To top up debt funds, however, you should cut back on your expenses.

Instead of eating out, go for home-cooked meals, and pack lunch to work.

Cut back on water and electricity consumption, too.

Cancel the subscriptions you can live without.

Lastly, take advantage of coupons to score huge discounts, especially on groceries.

Look for Extra Income

While cutting costs, you should also find ways to earn a little more. For example, instead of putting the gifts you dislike out of sight and out of mind, sell them online.

Find small jobs you can do in your spare time or perform menial tasks for a loved one for a small fee.

Additionally, if you receive money as a gift or a work bonus, direct it to your debt payments.

Round-Up and Split Payments

One trick to pay off the auto title loan early is to round up the payments to the nearest $50. For instance, if you have to pay $235.76 a month, put $250.00 on the table instead.

This way, you save on interest and settle the loan sooner.

See if VIP Title Loans Can Help

It’s difficult to plan finances when you have debt but meeting your dues can steer your car away from repossession. You’ll also breathe easier knowing that your debt is paid, and you have a healthy credit score for future loans.

If you’re interested in auto title loans in Texas, contact us today.