4 Ways to Get Out of a Title Loan in Phoenix

Let’s face it, no one wants to be in debt. Many people do have a title loan in Phoenix and it should come as no surprise that many want out. Perhaps you took out too much money, bought something a little frivolous or had your hours at work cut down. Whatever the case might be, there are true legitimate ways to get out of your title loan in Phoenix. Here are four ways that you can be done with your title loan.

1. Simply Pay it Back

The most basic way to get out of your title loan in Phoenix is just to pay it back. This might mean making some sacrifices to your budget. Maybe for a few months you can forgo those extra special lattes or dinner out on the town. You might even need to pick up a part-time job. Remember, this is only temporary. If you scrape a few extra bucks together by working extra hard, it can be paid off.

This might also be a time to explore your budget a little deepers. Perhaps if you are working extra hours, you can cut off some of your streaming subscriptions, even if just temporary. This could be time to pay extra attention to sales and coupons for your grocery shopping or to take a break from fast food. All these little things can add up quickly.

It might even be smart to take a break from social media during this time. If you are in the age range of a Millennial, you are strongly influenced by social media. Nearly 75% of Millennials are influenced by a brand’s social media presence. Your savings could be huge by taking a short social media break.

Additionally, you could ask for support from your friends and family. You could have someone pay off the rest of the loan for you and then make the payments back to them as your lender instead. It can be a tough and sticky situation, but it does work for some families. This way, you can reduce the amount of interest you are paying on your title loan in Phoenix.

2. Sell Your Car

This might be a little tricky and requires some work, but you can sell your car with a title loan in Phoenix still attached to it. Essentially, you will need to have some trust with the buyer. When the buyer pays you for the vehicle, you must use those funds to pay off your title loan so that the car has a free and clear title. After paying off the loan, you must file the correct paperwork with both the lender and the Arizona MVD. This whole process could take a few weeks to be completed.

This could be an option if you are selling your vehicle to a friend or family member that trusts that you will do the right thing. In some cases, you might have enough money to downgrade to another vehicle without adding a car payment to your budget. You might even be able to get away with using a rideshare program for the interim.

3. Negotiate

The saying goes that the only dumb question is the one that is not asked. You can always try to negotiate new terms with your lender. It literally does not hurt to ask. When you have trouble making a payment, go directly to your lender for help. Title loans in Phoenix can be negotiated. Your lender might be able to provide additional options that they do not announce on their website.

4. Refinance

Lastly, you might have the option to refinance your loan altogether. You should begin by checking with your current lender to see if they will be willing to provide you with a refinance option. Next, you can check other lenders for more options. For example, your bank or credit union might have a personal loan option.

Final Thoughts on Title Loans in Phoenix

Being debt free is a very liberating experience and you have the power to pay off your title loan in Phoenix. This might mean making some sacrifices and working extra hard by taking up a part-time job or pausing your streaming service subscription. You might even be able to refinance your loan to get into a more comfortable payment for your current budget. There are lots of options when you do a little research.