When You Need to Pay Back the Loan

 

How Much You Can Borrow

In some US states, you can borrow an amount equivalent to 25% to 50% of your car’s market value. So, if your car’s current worth is $15,000, then you may be able to get a loan ranging from $3,750 to $7,500.

However, some states have laws restricting the maximum amount title lenders can issue. Mississippi, for instance, sets a principal loan balance limit of $2,500 for title loans. Under this law, title lenders can only grant loan amounts of up to $2,500, regardless of the car’s value.

In Canada, each city or province also has laws limiting legal title loan amounts. For example, the folks at Easy Title Loans say you can borrow 50% to 60% of a car’s wholesale value in Vancouver. Depending on your ride’s worth, you can even take out a title loan of up to $25,000.

The Loan’s Annual Percentage Rate (APR)

The APR is the overall annual cost of a loan. It already includes the interest rate and other fees charged by the lender over the life of a loan.

Some US states allow title lenders to set an APR of no more than 36%. However, other states, especially Texas, are home to lenders who can charge an APR higher than 600%.

By contrast, the maximum legal APR for title loans in most Canadian provinces is 60%. The lone exception is Quebec, which caps the allowable rate at 35%.

With that said, it’s imperative to seek the lowest possible APR if you ever apply for a title loan. Otherwise, you may face difficulties paying back your loan on time. Failure to make a repayment, in turn, can lead to the seizure of your vehicle.

When You Need to Pay Back the Loan

Title loans are short-term loans because they usually require repayment within 30 days. However, some title lenders may allow you to roll over or extend your loan due date for two to four weeks.

That extension comes with an additional garden , though. You’d then pay that on top of your outstanding balance. So, as much as possible, pay back your loan on time and in full.

Consider Title Loans if You’re in Dire Need of Emergency Cash

As you can see, a title loan is one of your options if you’re in a pinch and don’t have enough emergency cash saved up. However, it can be expensive, so it’s best to apply for one only if you don’t have other sources of funds. Lastly, be sure to compare offers from several lenders so that you can take out the one with the lowest APR.

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