What Is The Average Loan Amount For Vehicle Title Loans?

The average lending amount for an equity loan is $1,500, but these amounts can range from $300 to $7,000. Funding amounts can sometimes be higher in Ohio versus other parts of the nation, but you can also expect larger monthly payments with higher funding. The amount you can borrow depends on the vehicle’s value and your ability to make on time payments. To determine the title loan value of your car, it’s best first to get an estimate of your vehicle’s resale value based on the car’s make, model, and mileage.

What Are The Interest Rates And Monthly Payments To Expect?

The interest rates for title loans can range from 36% APR to 200% APR. The actual rate depends on the title loan company, state regulations, and the length of the loan. In general, longer loans will have higher interest rates, and it may be more difficult to quickly pay down the amount owed. As with the APR, your payment term and the monthly payment will also depend on many factors and can be discussed with one of our underwriting specialists. Rest assured, the monthly payment will only be determined after ensuring it fits into your budget and works for both the lender and borrower.

What Are The Typical Title Loan Repayment Terms?

Most title loans online are set up on a monthly repayment schedule; however some lenders may offer longer terms. Expect a payment term of anywhere from 3 months to 2 years for an equity loan, and the time can be stretched out longer if you want to have a reduced monthly payment. In addition, some companies may offer early payoff options where you can make larger payments and save on interest and the best part is there’s often no pre-payment penalty or other fees if you simply want to get out of the loan early. Be sure to ask about all payment options before signing a contract.

What Happens If I Can’t Make My Payments Or If I Default?

As with any other personal or payday loans the first step is to contact the lender if you can’t repay your loan. Unlike unsecured personal loans, title loans use your vehicle’s equity as collateral. So if you can’t repay the initial amount, the lender may try to collect the debt through other means, or they may repossess your car. Therefore, it’s important to be proactive and reach out to the lender if you’re having trouble making payments. A lender will set up a borrower with a repayment plan, or come up with other ways to help them get through tough financial times without losing their vehicle.

Am I Able To Keep My Vehicle After Getting Approved For Car Title Loans Online

Yes, you will be able to maintain possession of your car and drive it as you please for the entire loan duration. All companies that offer title pawns will title the loan in your name only, so your vehicle will remain in your name and under your control throughout the loan process. The lender will place a lien on the car’s title until the loan is paid off in full. You won’t need to give up your keys or have a GPS tracker installed on your vehicles like with some companies in other states.