While traditional loans may offer benefits such as tax-deductible interest, personal loans do not have that benefit. The interest on a car title loan is not generally tax deductible; however, LoanMart has competitive interest rates and long repayment terms, so you can pay off your loan FAST which can be a much better benefit. The faster you pay off your car title loan, the less you will pay in interest.
When you get a car title loan with LoanMart, we will work with you to come up with a payment plan using our convenient terms and competitive rates. This makes your payment plan benefit YOU, so you can pay off your car title loan balance and not accumulate a ton of interest fees.
Overall, paying off your title loan faster can play more to your advantage than receiving tax deductions on your interest rates, which are already competitive to begin with.