Considering applying for an auto title loan? Before you do, be sure to try our easy to use title loan calculator to get a breakdown of exactly what your monthly payments will look like. When considering applying for an auto title loan, it is important to have a good idea of what type of loan payments you can afford by using a title loan calculator. Title loan calculators are great tools that allow you to see exactly how much your monthly loan payment would be based on the loan amount and title loan interest rate. Once you look through our suggested title loan lenders and find one that you find appealing, you should check out our title loan calculator to get a rough estimate on monthly payments.
Title Loan Calculator
Why use a title loan calculator?
- Calculating your interest rate.
- Calculating your monthly title loan payments.
- Estimating your repayment time and options.
- Calculating if you will be able to pay off your title loan early.
- Comparing different title loan interest rates and monthly payments to pick the one that best works for you.
- Find payments that you are comfortable making for the entire loan period.
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Why use a title loan calculator?
Our title loan calculator also breaks down your monthly payments in an easy to read amortization schedule that shows exactly how much of your payment will be going towards the interest of the title loan, and how much will be going towards the principle. This is important because you will know exactly how much of your payment is actually going towards paying off the remainder of the title loan, rather than just the title loan interest which can build up rather quickly.
Title loan interest rates vary depending on the type of vehicle that the customer is trying to get a title loan on, as well as the customer’s monthly income. The loan amount on the vehicle is based on the year, make and mileage. Have ever asked yourself, “How much can I get on a title loan?” If you have, you should check out our list of lenders on our home page and pick the title loan lender that fits your needs based on your state, vehicle type, or whether or not you want an online title loan option.
Many title loan calculators don’t break down the monthly payments for you, so you don’t realize that much of your payment is going towards the title loan interest. By seeing the schedule of monthly payments, it will give you a better idea of your title loan repayment.
What to know before applying for a title loan
When using the title loan calculator, it is important to think about the fact that most title loans offer a no pre-payment penalty option. If you have no pre-payment penalties, that means that you should look into an affordable monthly title loan payment that is easy to pay off so that you can add extra to each months payment, which will go straight towards the title loan principle. This way, you can pay off your title loan faster and save your hard earned money on interest rates.
Before you get an auto title loan or use our title loan calculator, make sure that you are comfortable with the interest rate of the loan. Remember that the title loan lenders are fighting for your competition, not the other way around. If you don’t feel comfortable with the title loan interest rate, then simply try a different company or let the lender know that the interest rate is too high. You’d be surprised that many title loan companies will drop the interest rate or monthly payment if you simply express your concerns. Why? Because they want your business.
How do you use a title loan calculator?
The way our title loan calculator works is simple and easy, and can be completed in 4 easy steps:
1) Enter the title loan amount that you are looking for.
(Remember to be reasonable with the amount you are looking to receive and always keep in mind that title loans are meant to be ‘short term’ loans. Title loans can range from as little as a few hundred dollars, to tens of thousands of dollars, depending on the vehicle and customer’s income.
2) Enter the number of months you wish to have the title loan out.
Title loans typically range anywhere from 6 months to 24 months. The larger the title loan amount is for, the more months the customer can chose to pay the loan back in. (Remember, the quicker you pay off the title loan the better, as many title loan companies offer no pre-payment penalties.)
3) Enter the annual interest rate that you were quoted for your auto title loan.
Annual interest rates for title loans can range anywhere from 36% to upwards of 200% when applying for an auto title loan. Interest rates vary based on the type of vehicle the customer has and customer’s credit. (If the loan is a high amount and the customer needs a credit check to be approved)
4) Hit calculate.
You will now be shown your monthly payment, the total amount of interest that you will be paying over the course of the title loan. This number may be high, but remember that title loans are meant to be paid off sooner rather than later. Make sure you can afford the monthly payments so you can pay it off and save money on interest. The final total is the amount of both principle and interest would have been paid if you kept the loan out for the maximum loan period.