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Typical Rates and Terms of Title Loans

State legislation determines what annual percentage rates (APR), fees, terms and amount of rollovers can be offered. Some states are much more strict than others. When borrowing a title loan for emergency cash research the company’s APR and fees and make sure you pay your payments on time to avoid additional fees or rolling over which may also tack on debt to your loan.

The APR is based on the amount of money you borrow and may also vary by state. Generally, interest rates range from 120 to 240%. In other words you are paying $10 per $100 borrowed per month up to $20 per $100 per month. Restrictions may include certain model years for each term as well.

Here is an example of a title loan lender’s fee schedule on a $1000 loan at a consistent 120% APR for both 12 and 24 month terms. Some title loan lenders offer 36, 48 and 60 month terms as well. Choose a term that will allow you to make timely payments that are within your budget. APR, terms, payment dates, and loan amounts will vary by lender and by state.

12-Month Term:

Payment Principle Interest

Total Payment Amount

1 $46.76 $100.00 $146.76
2 $51.44 $95.32 $146.76
3 $56.58 $90.18 $146.76
4 $62.24 $84.52 $146.76
5 $68.46 $78.30 $146.76
6 $75.31 $71.45 $146.76
7 $82.84 $63.92 $146.76
8 $91.12 $55.64 $146.76
9 $100.23 $46.53 $146.76
10 $110.26 $36.50 $146.76
11 $121.28 $25.48 $146.76
12 $133.48 $13.28 $146.76
Total $1000 $761.12 $1,761.12
24-month Term: 
Payment Principle Interest Total Payment Amount
1 $11.30 $100.00 $111.30
2 $12.43 $98.87 $111.30
3 $13.67 $97.63 $111.30
4 $15.04 $96.26 $111.30
5 $16.54 $94.76 $111.30
6 $18.20 $93.10 $111.30
7 $20.02 $91.28 $111.30
8 $22.02 $89.28 $111.30
9 $24.22 $87.08 $111.30
10 $26.64 $84.66 $111.30
11 $29.31 $81.99 $111.30
12 $32.24 $79.06 $111.30
13 $35.46 $75.84 $111.30
14 $39.01 $72.29 $111.30
15 $42.91 $68.39 $111.30
16 $47.20 $64.10 $111.30
17 $51.92 $59.38 $111.30
18 $57.11 $54.19 $111.30
19 $62.82 $48.48 $111.30
20 $69.11 $42.19 $111.30
21 $76.02 $35.28 $111.30
22 $83.62 $27.68 $111.30
23 $91.98 $19.32 $111.30
24 $101.21 $10.09 $111.30
Total $1000.00 $1671.20 $2671.20

(Resource: http://www.turbotitleloan.com)

 

 

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