By John Campbell

If you’ve taken out an auto title loan and have gathered up enough money to pay it off ahead of time, waste no time in making your payment! The sooner you can pay off a title loan, the more money you’ll save.

As a consumer, you have the right to prepay an auto title loan without paying any penalty fees. With annual percentage rates (APRs) often running well above 300 percent, title loans should be paid off as soon as possible. Once you’ve dealt with whatever financial emergency may have prompted you to obtain a title loan your next priority should be paying off the loan as soon as possible.

Even if prepaying a title loan will tighten your finances for a short time, the money you’ll save will positively impact your long-term financial outlook.

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John Campbell is the writer and editor of CashBuzz, A financial portal for the rest of us. Check out cashbuzz.com for the latest articles on money management and tips and tricks that can help improve your finances. This article may be reprinted on your Web site if the copyright, author information and active link are included.