Interest rates, terms, APR, fees – there’s a lot to try and understand when you are looking at getting a title loan of any kind. But when you are searching for a title loan, you probably don’t have time to learn up on all of the necessary lingo and best practices.
That’s exactly why VIP Title Loans wanted to share our latest Title Loan Interest Rate article that can give you all the information you’ll need, right in one place!
From the difference between APR and interest to how it’s calculated, we think an informed customer is a good customer!
Read on to learn more about title loan interest rates and when a title loan might be a good idea for you!
How is APR Calculated?
Did you know that APR for payday loans can be over 400%? And title loans can have an APR over 300%? Of course, at VIP Title Loans, our APR is just 6%, but how is this calculated?
Here is the formula used to calculate APR:
The formula for APR is fees and interest divided by the loan term, multiplied by 365, and 100.
This means that APR includes all fees and interest and is the full number you will be paying back, in addition to the loan amount. This makes it more important than interest alone, which can be misleading as it ignores fees and therefore alludes to a lower payback amount than it truly is.
Additionally, having a longer-term means a better APR, as the term lets you have more time to pay back your loan.
VIP Rates & Benefits
With VIP Title Loans, your title loan has an APR of just 6%, with a term of up to 12 months – so you have the time you need to pay back your loan.
Most title loan companies have terms of just 30 days – which means every month you need to go in, sign more paperwork, rollover your title loan, and start paying all over again with more fees.
Between our considerably longer-term limits, our much lower APR, and our easy, online application, VIP Title Loans is truly the best title loan option, or title loan buyout, for your needs.
Speaking of our easy process, see how simple our application process is below.
The Easy VIP Application Process
VIP Title Loans makes getting a title loan as simple as possible, in fact, all we ask is that you bring the following with you to one of our convenient 6 Texas title loan locations:
- Your Vehicle for Inspection (to determine the value)
- Your Texas Title (if available)
- Proof of Income (bank statements, paystub, etc.)
- Proof of Residence (anything with an address on it)
Fill out our application online, or come into one of our area locations and have our staff help. We are here to make whatever immediate money troubles you have go away – and then give you the long term you need and the low APR you deserve so you can pay it back in time.
Contact VIP Title Loans of Texas for a Title Loan With the Lowest Interest Rate, APR, & Longest Term!
We can’t wait to help you get the title loan you deserve! Contact us today or stop into one of our six area locations in Arlington, Dallas, Garland, Hickory Creek, Colleyville, or Richardson.
We hope to see you soon!