What Is The Average Loan Amount For Title Loans?

The average lending amount for auto title loans is $1,500, but can range from $300 to $7,000. Loan amounts can sometimes be higher in Ohio versus other parts of the nation, but with higher funding amounts you can also expect larger monthly payments. The amount you can borrow depends on the value of the vehicle and your ability make on time payments. To find out the title loan value of your car it’s best to first 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 On Car Title Loans?

The interest rates for title loans can range from 36% APR up 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 off the amount owed. As with the APR, your payment term and monthly payment will also depend on many factors and can be discussed with one of our title loan specialist. Rest assured, the monthly payment will only be determined after making sure 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 most car title loans and the term can be stretched out longer if you want to have a reduced monthly payment. Some title loan companies in Ohio also offer early payoff options where you can make larger payments to pay off the loan faster 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 taking out title loans.

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

As with any other personal loan or payday loans the first step if you can’t repay your loan is to contact the lender. Unlike personal loans that unsecured , title loans will be secured with your vehicle as collateral. So if you can’t repay the title loan the lender may try to collect the debt through other means or they may repossess your car. It’s important to be proactive and reach out to the lender if you’re having trouble making payments. Most title loan lenders set up borrowers with repayment plans 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 absolutely be able to maintain possession of your car and drive it as you please for the entire loan duration. All companies in Ohio 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 auto title lender will simply 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 vehicle like with some car title loans or title pawns in other states.