Loan Details
$
Enter the amount you wish to borrow (between $100 and $100,000)
%
Typical title loan rates range from 10% to 36% annually
months
Title loans typically range from 12 to 60 months
$
Estimated value of the vehicle being used as collateral
$
Any upfront payment to reduce the loan amount
$
Additional payment each month to pay off loan faster
Calculation Results
Monthly Payment
$254.96
Principal + Interest
Total Interest
$1,119.04
Cost of borrowing
Total Cost
$6,119.04
Loan + Interest
Payoff Time
24 mo
With extra payments
Loan Breakdown
Comparison Scenarios
See how different terms affect your payments
| Term | Monthly | Total Interest |
|---|
Loan-to-Value Ratio
Loan Amount
$5,000 / $15,000
Vehicle Value
Good: Loan is 33.33% of vehicle value
Quick Actions
How to Use the Title Loan Calculator: A Complete Guide
Our Title Loan Calculator helps you understand exactly how much you'll pay for a title loan based on the loan amount, interest rate, and term length. Here's how to make the most of this tool:
Step-by-Step Instructions
- Enter Loan Amount: Input the amount you plan to borrow. Use the slider or the preset buttons for common amounts.
- Set Interest Rate: Enter the annual interest rate offered by your lender. Use the comparison buttons to see how rates affect payments.
- Choose Loan Term: Select how many months you'll take to repay the loan. Shorter terms mean higher payments but less interest.
- Provide Vehicle Details: Enter your vehicle's value and type for accurate loan-to-value ratio calculations.
- Add Optional Payments: Include any down payment or extra monthly payments to see how they affect your loan.
- Review Results: Check your monthly payment, total interest, and overall loan cost in the results section.
Pro Tip
Always compare multiple scenarios using the comparison table. Even a small decrease in interest rate or a modest extra payment can save you hundreds of dollars over the life of the loan.
Understanding Key Metrics
- Monthly Payment: The amount you'll pay each month including principal and interest.
- Total Interest: The total cost of borrowing over the entire loan term.
- Loan-to-Value Ratio (LTV): The percentage of your vehicle's value that you're borrowing. Lower LTV ratios are generally better.
- Payoff Time: How long it will take to fully repay the loan, especially with extra payments.
Title Loan Tips & Best Practices
Title loans can be helpful for short-term financing needs, but they come with risks. Here are some tips:
- Always shop around and compare offers from multiple lenders
- Consider the loan-to-value ratio - don't borrow more than your vehicle is worth
- Make extra payments when possible to reduce total interest costs
- Read the fine print carefully, especially regarding late fees and repossession terms
- Have a repayment plan in place before taking out the loan
- Consider alternatives like personal loans or credit cards with lower interest rates
Important: Title loans use your vehicle as collateral. If you fail to make payments, the lender can repossess your vehicle. Only borrow what you can afford to repay.