Interest rates for title loans depend on where you live, as each state has different restrictions and caps on secured loans. Still, the average annual percentage rate can range from 10% to 175%. Remember that the APR listed here reflects a percentage on a yearly scale, and the rates can be even higher in some extreme circumstances. Therefore, paying back online title loans as quickly as possible is best to avoid excessive rates.
Hyperlend Interest Rates
Hyperlend works with lenders that offer some of the lowest interest rates available. While the APR may seem higher than other personal loans, you can be confident knowing that we check these terms often. We’ll work to get you matched with a lender that has the best rates currently available in your state!
Some states cap interest rates for auto title loans. With that in mind, we recommend using title loans only when necessary and seeking different forms of financial assistance like credit unions or short term installment lenders. Consider online title loans if you have no other choice, as these loans have some of the highest interest rates and finance charges. Check the lending disclosures with any finance company you work with.
What Percentage Of Borrowers Will Pay Back A Vehicle Title Loan
There’s no denying the fact that some title loans end up with a default. However, we’re unsurprised that over 70% of secured lending applicants will repay their loans. A big reason for this is that many customers will prioritize title loan payments over other unsecured loans as they don’t want to lose their vehicle. Still, most borrowers eventually pay back the amount borrowed and face little to no risk of a title loan default.
Make Extra or Early Payments To Avoid Excessive Finance Charges
Yes, you can always repay your loan early, and that’s always recommended if you can afford the extra payments. You save thousands in interest by repaying your lender early by shaving a few months off the lending term. Contact Hyperlend if you’re dealing with high interest loan. We’ll work with you to find a more manageable repayment term.
What Else Know About Title Lending Interest Rates
Before you agree to take out an online title loan, you must understand all the terms and conditions associated with the loan. This includes understanding the interest rate and fee structure.
Another thing to keep in mind with the interest rates is whether or not there are any prepayment penalties. The majority of lender should offer you a loan without charging fees for early payoff! Seek out the nearest title loan companies licensed in your state and willing to disclose all the costs of your initial application.