Title Pawn Online Interest Rates & Repayment Terms
There will likely be a time when you need a title pawn, and the team at Title Pawn Online can get approved with the best rates and terms. It all starts with knowing what type of interest rates to expect with this type of secured loan. Yes, a title loan has high interest rates, with some companies charging 100% or more. However, you can apply with us online or by calling 888-370-7434, and we’ll find you the best lending rates and repayment terms with a lender near you.
The bottom line is you don’t need to settle on the first lender you come across. Interest rates and payment terms vary based on your state and your individual lender’s underwriting requirements. Work with Title Pawn to find the lowest interest rates, and you can still get approved and funded in one business day!
Title Pawn Interest Rates and Terms
The three leading credit reporting companies will check your credit when you apply for a same day title loan(online or in person). This information can be obtained once a year, for free, simply by contacting the companies. Once you receive your credit reports, you must review each bit of information to ensure it’s correct. One mistake could mean you miss out on a low interest installment loan. Available options include a payday loan or title pawns, but the lending rates will be excessive.
Expect an interest rate of 30 – 150% with a typical title pawn. Yes, that’s a broad estimate, and each company has different terms. But that shows how much you can save by shopping around for companies offering title loans with competitive APRs.
Interest rates can vary significantly in different locations throughout the US. For example, title loans in Atlanta and Tallahassee can approach 100% annually. Compare those rates to the APR for title loans in California, where most borrowers have rates under 36% for loan amounts between $2,500 and $10,000!
Are you looking for an interest rate of 30% or lower for a title loan? These loans are generally designed for people with poor credit, and it will be tough to find a lender offering bad credit title loans with rates that low, but they are possible. Title Pawn Online works with direct lenders that offer title loans with a credit check, and that means you can get a loan based on your vehicle’s value. However, the loan is also based on your FICO score; the higher your credit score, the lower the interest rate! Most unsecured loans have interest rate caps, but that’s not the case with title loans and that’s why you want to leverage your car’s value and credit score to get the best APR possible.
Boost Your Credit Score before you apply for a title pawn
If your score is below 700, you should consider paying down other bills to improve your score before applying for a loan. Many banks won’t even consider a score that is below 620. With that, you don’t need an excellent credit history to be approved for a title loan. Here at Title Pawn Online, we work with companies that may check your credit, but they’ll be more focused on the equity from your car!
Prepare for high rates and payments on your title pawn loan
Banks love it when the borrower is prepared, and many title lenders require customers to hand over the vehicle’s pink slip as security. Even if your loan lender doesn’t need it, it can mean the difference between getting a loan or not. Companies know that people are less likely to walk away from a loan if they have some collateral. It can also cut your interest rates substantially, as a lender understands they can repossess the vehicle if you fall behind on payments. Don’t quite have the 20% you need for a title loan without a credit check? Consider looking at your other options besides a title pawn. Check out a credit card cash advance or ask a friend or family member if you can borrow cash.
How To Get A Lower Rate On A Car Title Loan
It doesn’t matter if your credit score is perfect or you make $100,00 a year; the determining factor with a title pawn is how much collateral you have in your vehicle. Everything else is secondary, and the more equity you have, the better rate you can get. Contact different title loan providers and ask them if they have introductory rates or options to renegotiate the repayment terms after a few successful payments. Many large title loan providers will work with you to lower the rate or at least match what another company is offering.
Call Title Pawn Online at 888-370-7434 for a quick quote for a title loan detailing your APR and estimated payoff term. We’ll let you know how much our vehicle is worth, and most customers can qualify for a title pawn of $1,000 or more. Are you interested in refinancing an existing title pawn? We can help you with that also, and there’s a good chance your interest rate will be reduced by refinancing if you’ve made all your payments on time! Call us to learn more.
