What would be the monthly repayment amount?

The amount of money you pay on a monthly basis will depend on three main aspects; the amount of loan you are taking home, the car Title loan interest rate and the period within which the loan is to be paid. An amortization calculator is used to calculate the exact amount that you’ll pay every month and cumulatively, how much you’ll have paid back upon completion.

If I decide to sell my car, what happens?

A car title that is tied to a loan facility can be sold as per the owner’s wish. However, you need to inform the title lender of your decision to sell the car. You need to negotiate for a selling price, which is higher than the loan balance because, when you choose to dispose of that vehicle, the requirement is that you’ll have to clear your loan balance before you’re given the title. Inform your financier in advance, so that they can prepare the title and immediately you clear the loan balance, you get your title and then transfer to the new owner.

Can I get a car title loan without a credit check?

Financial institutions carry out credit checks to ascertain your ability to repay the loan and thus give you what you can pay comfortably. A credit check is not a hindrance to your getting the loan facility but would help the lender in determining the exact amount you can pay without strain. Thus, when you have repaid, you’re are a satisfied customer and can benefit more.

What is the maximum amount that I can get from my car?

The amount of loan you qualify for depends on the value of the car. Usually, the amount is a certain percentage of the market value. This can be 80% of the value or 50% if the lender is that stringent. The higher the value of the car the more you can get. The most important thing here is to consider your budget; how much of the total budget can you finance from your savings? Get an amount equivalent to your deficit. This will lessen the repayment burden.

Can I change the car title midway?

At times, you may want to change the car title and substitute with another. This is possible if the title has an equivalent value to the existing and the car is in perfect condition. Although this is not very common, the Title Loans Orlando lender will have to order for an inspection and a valuation report at your cost before replacing the title. As much as possible and unless you are under pressure avoid changing the title because it is a costly exercise which may not be very necessary.

How do I get my title back?

As soon as you clear your loan balance, you’re at liberty to get your title back. Walk to the nearest lender’s contact office and make a formal request of the title, then they’ll get it for you- it can be the same day or a different date as you agree.

Frequently Asked Questions on Car title loans