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How Much Interest Will I Pay on a Car Title Loan?

By Jenny Williee | March 13 2019

High-interest rates are what scare people away from taking car title loans. There are those who would, for this reason, advise you to avoid title loans completely.

But with Car title loans what you do get is the money you need instantly. So if you know you have money coming in and it is just a cash flow problem, then getting a title loan will work for you.

Plus remember that our title loans have no prepayment penalties. So when you need to pay us off, there will be no additional fees.

Sometimes paying a high-interest rate might not be what we want to do, but getting the money that you really need it can be worth paying the high rate.

So, what’s the actual interest rate on title loans?  The interest rate really does depend on the strength of your application. We will get you the best rate for you but until we have your application, we will not be able to let you know what the exact rate will be.

What are the consequences of not paying them off on time? It is always cheaper for you to pay off your car title loan as fast as possible. The only consequence will be is that you will be paying more interest.

Is it advisable to apply for it even with the high rates? If you need to get your money really fast, then we can do same day funding. So if it is urgent, and you need a few thousand dollars, then it just might be a good move for you to get a car title loan, even though it will be more expensive than a traditional loan from a Bank of America or Wells Fargo.

How Much Interest Will I Pay?

A report reveals that title loans have about a 25 percent interest rate over a 30-day period. This means that you’ll have to pay a large additional amount of interest if you don’t pay your bill on time.

But here in California that is not the case at all. All car title loans are structured much different than what is describing. All car title loans  California are anywhere from 24 to 48 months long. With equal monthly payments. So there will be no lump sum payment.

Interest rates in California start at 25% and can go over 100% but the average is somewhere in the middle. The interest rate is lower than the other companies and we offer you a no prepayment penalty option, so you can pay us off at any time.

There is a lot of false information out there about title loans. We are not interested in repossessing your car. The only way we make money is when you make your monthly interest payments.

Repossessions do happen and in general, we end up losing money. We have to pay the repo fee up front, we have to pay the auction fee, the cleaning of the car, transportation fees and we have to go to the auctions.

So to say that we want to repossess peoples cars is just not true. We are in the lending business and we want to lend to you but not repossess you.

So the longer you have your title loan with us, the more money we make. This is the same with all loans, all lenders do not want to pick up the cars.

You are only responsible for the monthly interest or the daily interest rate. If you have the loan for 27 days, then you will only pay interest for the 27 days that you used the money for.

Supposing your rent bill is due but you don’t have money to pay for it. You will need some quick cash to keep the landlord from posting a 3-day pay or quit notice on your door.

To solve this problem, you take a title loan of $2,500 hoping to pay it back within 30 days with your salary or if you have any additional money coming in.

Being able to pay your rent and wait for your commission check or tax refund to come in so you can pay off your auto title loan is a great use of the equity of your car.

Sometimes you just have to juggle your finances but knowing you can get at least $2,500 from the title of your car, can give you peace of mind, and some flexibility until you get the rest of your money in.

Using your pink slip as collateral, while you pay us back is a simple way to get the emergency money that is required to take care of your emergency situation and can take a lot of pressure off you.

The Importance of Paying Your Loan on Time

Let’s look at the following scenarios:

You paid your loan back on time; you pay it 1 month late, and you pay 2 months late etc.

Is there any consequence? Yes, if you always pay late then more of your payment is going to go to the interest and very little if any at all will go towards paying your principal balance down.

We will call you to remind you when your payment is due so that you can make your payments on time with us.

We always encourage you to pay us on time, so you can save some interest and pay off your car title loan with us as soon as you can.

If you can pay a few days early, that will help you pay more principal and less interest. Your first payment with us will be 30 days after you sign your contract with us.

Your monthly payments will be determined by the amount of the loan and the monthly interest rate. We will not know what either one of them is until we book out the car using the Kelly Blue Book and look at your full credit application and proof of income to determine how much you can afford to pay.

Is a Title Loan Worth It?

I’m sure after reading the information above, this will be the question on your lips. You are likely looking for a title loan because your efforts in getting a loan from the bank were not successful, or you know that your credit is not good and they will not lend you any money.

Taking an auto title loan can only be worth it if you’re positive that you can pay it back on time. In other words, if you’re expecting some cash very soon but just need some cash to get by on, then taking a title loan won’t be a bad idea.

In this case, your car title loan can be your lifesaver, where you can hang onto till you get back on your feet. The biggest benefit of getting a car title loan from us is that you can get your money the same day that you apply to us.

We are not lending to you based on your credit, but the equity that you have in your car, plus your income will be your credit with us. As long as you have a solid income, we will be able to help you with a pink slip title loan.

With our car title loan program, you can pay us off at any time with no additional fees. So if you are waiting for a larger sum of money to come in, but you have some bills that need to be paid, then getting an auto title loan is a great short-term option for you.

It is critical that you pay your car title loan on time as just a month of extra fees and interest will pile more money on the already-huge debt that you have with us. So here’s the drill: get the loan, pay off your urgent bill, treat your car title loan repayment as a top financial priority and return the money to us as quickly as possible.

Anything short of this could land you in deep financial trouble. Make paying off your car title loan with us, your number one bill to pay off before any of your other bills. You should know that we give car title loans at rates that are way below the rates shown by

Another interesting fact is that we give you up to a 5-year span to pay up. This way, your monthly payment will be very minimal and you will be able to afford to pay all of your bills on time.

When we are qualifying you, we will look at your income to make sure you can pay us back. We do not want to lend to people who cannot pay us back or do not even have the ability to pay us back. We want to make sure that your car title loan experience with us is a positive one and that you can afford the monthly payments.

By us lending in a responsible way, we want to make sure that we can only help people that have the capability to repay us. We do not want to repossess anyone’s car. We want all of our clients to make their monthly payments to us on time.

We work with all of our clients if they are having a hard time paying. So if you are going to be late with your monthly payment, we always ask you to call us and let us know when you will be making the monthly payment.

If you have any questions, please call us at 844 242 7467 and we will answer all of your title loan questions.