Although title loans are meant to be short-term 30-day transactions, you are not required to repay the full amount borrowed plus the accrued interest within your first 30 day as long as you pay at least your accrued interest by your due date. While we do recommend paying the title loan in full within your first 30 days to have the lowest cost they will receive with a title loan, we understand that life happens and you may not be able to pay it off that quickly. We always advise our customers to pay over their minimum accrued interest if they are needing to extend the transaction for an extra 30 days, as you will lower your future accrued interest, your principle balance and your total payback for the transaction.
Most people are unable to repay the entire title loan back within the first 30 days, so if you find that you are unable to do so yourself, there’s no reason to worry and you are not alone! At Lake Title, we will work with you for as long as you need to keep your account open, but please keep in mind that paying only the minimum accrued interest with any title loan is not going to reduce the principle balance that you owe. Lake Title highly recommends paying above your accrued interest.
If this is your first time borrowing with Lake Title, you may qualify for our 30-Day Interest Free Promotion* which is valid for the entire life of your title loan, unlike other companies! This means if you are unable to pay your title loan back within the first 30 days, you will still receive your interest free promotion when are you are ready to pay your account out. When you are ready to payoff, Lake Title will waive the accrued interest due at that time (up to 30 days) for your final payment, which allows you to only pay back your current principle balance and receive your title back! While most companies may offer similar promotions, they do typically require the account is paid off within the first 30 days in order to receive the promotion, while Lake Title understands that may not always be possible which is why we offer this promotion and allow our first time borrowers to have this promotion valid throughout the life of their transaction with us.
*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!