The accrued interest on the title loan is based upon the length of time the account has an unpaid principal balance for the transaction. Title loans are typically done on 30-day terms, but at the end of the 30 days the borrower has the option to pay the full amount back or they can pay at least the minimum accrued interest to extend the pawn transaction for another 30 days. The standard finance fee for a pawn transaction is typically $25 to every $100 that is borrowed, and this is for each 30-day period the pawn transaction is active. However, the total cost of repayment is unique for each customer as it ultimately depends upon the borrower and how long they choose to extend the pawn prior to paying it out. If you are unable to repay the full balance within 30 days, we highly recommend paying above your minimum payment each time as you will lower your accrued interest, your principle balance and your total payback for the transaction.
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 the interest rate 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!