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Amortized Title Loans Or Interest Only Title Loans?

When you are looking to get a car title loan, it is important to understand that there are amortized title loans and interest-only title loans, and it is important to know what the difference is.

When you are getting a car title loan, there are many different qualifying factors that go into determining the details of it. The equity value, monthly income, ability to repay the loan, and the terms of the loan.

With our large referral network we only offer amortized title loans, some other companies will only offer you interest-only title loans, it is important to understand the differences, and what will be better for you.

Amortized Car Title Loans

getting an amortized car title loan means that the monthly payments over the term of the loan will include both interest and principal amounts.

The monthly payment will be made up of the principal part of the payment will go towards the original balance, and the interest part of the payment will go towards the interest owed.

With an amortized title loan, the loan will be paid off over the term of the loan, so if you have a 24-month loan, at the end of your 24 months with on-time payments, you will have paid off your title loan balance.

All of the equal monthly payments will slowly pay off the loan, including the interest, which will leave you with no large balance at the end of the loan term.

TFC Title Loans will make sure that you have all of the information about the interest, your monthly payments, and an amortization schedule, so you will understand your monthly payments, and the breakdown of the payment.

Interest-Only Title Loans

With interest-only title loans, the monthly payments will be lower, as there will be no principal amount in the payments, only interest payments.

The principal balance, or the amount that you borrowed, will need to be repaid at the end of the loan term, the balloon payment as it is called, will need to be paid in a lump sum at the end of the loan term.

Some people like the idea of smaller monthly payments compared to amortized payments, and they might be more attractive if you only need the loan for the short term, or be planning to pay it off fast.

With interest-only title loans, the principal balance will need to be paid back at the end of the term, if you do not have the full principal balance, you will need the lender to do a rollover title loan, and this is where the lender will extend the loan for a longer term.

The problem with a rollover title loan is that it can be a debt trap, because, you can end up paying interest only, with no end insight.

Conclusion

It is important to understand what type of title loan you are getting and to know the difference between an amortized title loan, and an interest-only title loan.

If you already have an interest-only title loan, you can contact us, and we will help you to refinance your title loan into an amortized title loan so your monthly payment will also go towards lowering your principal balance.

We can get you an amortized title loan from 12 to 36 months, so your monthly payments will fit within your monthly budget, no matter where you are living, we can help you to get a loan using the equity that you have in your vehicle.

Disclosures

DISCLAIMER: As our policy to make sure you know what we do and what are our limitations, we offer you these disclaimers. We are NOT A LENDER and we do not make short term cash loans or credit decisions. We are a referral service and work only with licensed lenders/brokers.

We may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. We do not offer or service student loans.

*Loan amounts by the lenders vary based on your vehicle and your ability to repay the loan.

*Since we do not lend money directly we cannot offer you a solicitation for a loan, except in the state of California. In all other serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans and Auto Title Loans are not available in all states and all areas.

*Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan.

*All lenders are responsible for their own interest rates and payment terms. TFC Title Loans has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

*The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you.Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically larger loans or higher risk loans use a GPS.

*In some circumstances faxing may be required. Use of your cell phone to receive updates is optional.

*Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

*Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

*Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.

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