Title loans are meant to be a 30-day loan but can be extended by paying the finance charge instead of paying the loan in full at the end of the 30-days. The total cost of the loan will depend on how long the outstanding balance is unpaid. We do encourage our customers to pay more than the minimum interest with each payment to reduce the outstanding balance and shorten the length of the loan.
There is a standard fee with title loans of $25 for every $100 that you borrow. For example, if you borrow $400, you will have a finance charge of $100. You have the option to pay the account in full by paying $500, the $400 that you borrowed plus the finance charge of $100, or you can pay just the $100 will allow for another 30-day period. Anything you pay over the finance charge will reduce the original amount you borrowed. If you were to pay $150 that would reduce the $400 by $50. You will only be charged interest on the balance. Reducing your balance to $350 will make your new finance charge only $87.50, saving yourself $12.50 in finance fees for the following 30-day period.
Be sure you ask about our interest free program! Capital Title offers first time customers 30-days interest free promotion, which is valid for the life of the loan. What does that mean? If you pay your account in full within the first 30-days, you will only pay the amount you borrowed. If you decide not to pay the balance in full and just pay the first finance charge, the interest is waived when you are ready to pay the loan off!
30 Days Interest Free; Not all customers will qualify for 30 Days Interest Free Promotion. In order to qualify for the 30 Days 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 Capital Title in order to receive the promotion. Promotion must be requested to a Capital Title representative prior to the completion of your Motor Vehicle Pawn Transaction in order to qualify. Promotion only valid one (1) time, per customer.
Would you like one of our representatives to explain the terms of the loan over the phone? Call today at (850) 297-2274 to have one of our knowledgeable team members get you the answers you need.