Car title loans are not always available in every state. Check with your individual lender for their complete listing of rates and fees for each specific state. GoTitleLend is committed to providing updated information on interest rates and fees in each state. But keep in mind, that these amounts are always changing and it’s best to check with your lender and individual state regulation before signing a loan contract. Listed below are some example costs for title loans or personal loans in a few states.
Car Title Loan Interest Rates & Fees
Arizona: Title loans and registration loans are allowed in the state of Arizona with a few limitations. The biggest is that the maximum amount you can borrow cannot exceed $5,000. The rate you’ll pay on your loan will be about 17% per month which works out to be an APR of 204%. So, if you were to borrow $1,000 for 30 days you would owe the lender $170 plus the original $1,000 when the loan becomes due.
California: A cash advance or payday advance will cost roughly $18 per $100 that you borrow. As an example, if you borrow $200 that becomes due in two weeks you’d be looking at a payback amount of approximately $240.00. Title loans fall under the same restrictions and the amount you can borrow will range between $300 and $15,000 per State of California Regulations on secured loans.
Colorado: The total amount you borrow with a payday loan will determine the payments and APR. Most lenders in Colorado do not issue title loans. If you take out a $250 payday loan in CO with a 115% APR you can expect to make a payment of $55 every other week.
Florida: A title loan taken out in the state of Florida will have similar fees and costs to what you would see with an unsecured loan. The exact APR will vary with each lender but expect a loan cost of around $33 for every $200 that you borrow. Title loan companies are not restricted in charging fees and interest in FL.
Georgia: In GA, the maximum amount you can borrow with a title loan is capped at around $5,000. The loan must also be paid back within the timeframe that’s noted in the lending contract. The finance rate that lenders are allowed to charge will start at around 30% per year which works out to be an APR of about 2.5% per month. So, if you were to take out a $500 loan that was due in one year then you can expect to pay a significant amount of money over the lift of the secured loan.
Idaho: A typical cash advance or title loan will cost $37.00 for every $200 that you borrow. Let’s say you borrow $400 that becomes due in full within 14 days. The total repayment amount would be $245.43.
Michigan: The state of Michigan has placed some limits on title loans. Lenders in Michigan are only allowed to charge a maximum finance rate of 30% per year. This works out to be an APR of about 2.5% per month. So, if you were to take out a $1,000 loan that was due in one month your payback amount would be approximately $1,025.
Ohio: Title loan lending rates and fees in Ohio are constantly changing. Check with the State of Ohio’s Department Of Finance for the latest regulations and limits regarding secured loans in Ohio.
Texas: In Texas, there are no legal limits placed on title loan amounts so lenders can charge whatever fees they deem necessary. Interest rates also tend to be very high in Texas with some companies charging as much as 300% APR. This means that if you borrowed $1,000 for 30 days you could end up owing the lender as much as $3,000!
Wisconsin: A typical payday loan and title loan in the State of Wisconsin will run you $45 for every $300 you borrow. As an example, if you borrow $300 that loan will have a total payback amount of $365 that’s scheduled to be paid off within 14 days.
Know What The APR Is For Your Auto Title Loan Before Applying
