While a title loan is mean to be a 30-day transaction, you are not required to pay the full amount back within 30 days. Although, like any other financial obligation, the longer you extend your title loan, the more you will end up repaying. With a title loan, you have the option to pay the full balance within the first 30 days or you have the option to extend it for another 30 days by paying the minimum payment. You are able to keep the account open as long as you need, but bear in mind that the longer you the account remains open, the more interest you will accrue for this transaction. At Lake Title, we encourage our customers to pay over their minimum payment in order to lower their principle balance as well as their additional 30-day finance charge and total payback amount.
Here at Lake Title, we also offer an awesome 30-Day Interest Free* program which could be an awesome thing for our first-time customers! The awesome thing about our 30-day interest free program is that we offer the promotion for the entire life of the loan, not just your first 30 days like some companies! If you are unable to pay it all back within the first 30 days, you can make your minimum finance charge and at the end of your next 30 days, you can still pay off without paying your interest charge for that month!
*30-Day Interest Free: Not all customers will qualify for the 30-Day Interest Free Promotion. In order to qualify for the 30-Day Interest Free Promotion, you must meet the following criteria: 1) Have a lien free title to your vehicle that is valued at least $1,000; 2) Have verified, documented income of at least $1,000 a month after taxes; 3) Provide an acceptable proof of residency such as a service bill or bank statement in your name. You must open an account with Lake Title in order to receive the promotion. Promotion must be requested to a Lake Title representative prior to the completion of your Motor Vehicle Pawn Transaction in order to qualify. Promotion only valid (1) time per customer.
Have additional questions regarding a title loan or the 30-Day Interest Free promotion? Please reach out to one of our friendly representatives in the office at (352) 692-2274 and we will be happy to assist you!