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 and we’ll find you the best lending rates and repayment terms with a lender near you.
Title Pawn Interest Rates and Terms
The 3 main credit reporting companies will check your credit when you apply for a same day title loan(either 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 need to review each bit of information to ensure it’s all correct. One mistake could mean you miss out on a low interest installment loan. At this point 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 wide estimate and each company has different terms. But that goes to show you how much you can save by shopping around for companies offering title loans with competitive APR’s.
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!
Be prepared for high rates and payments on your title pawn
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 require 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 they have some collateral with. It can also cut your interest rates substantially as a lender knows 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 traditional 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 Title Pawn Loan
It doesn’t matter if your credit score is perfect or if 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.
