Interest on a title loan is accrued every 30 days based on the amount of the outstanding principal balance. The interest fees are accrued at $25 per every $100 borrowed for each 30-day period there is a balance on the account. The total cost of the loan can vary depending on the amount of the loan you receive and how long you need to pay back the loan. Keep in mind paying more than your accrued interest will reduce your principal. You are only charged on the outstanding balance, so each time you lower your principal balance, the accrued interest will be less. At the end of the 30 days, you can choose to make your interest payment or pay the loan in the full. If you pay the accrued interest, your loan will extend for another 30 days.
Have you heard about Capital Title’s 30-day interest free program? Capital Title offers a 30-day interest free promotion to our first-time borrowers. Are you wondering how does this work if you cannot pay the loan back in 30 days? No problem! This promotion is valid for the life of your loan at Capital Title. This means you can pay your accrued interest by your due date, which will extend your loan for another 30 days. You can make your interest payment as each month until you are ready to pay your loan in full and at that time we will waive the accrued interest, leaving just the outstanding principal balance due to get your title back!
30-day Interest Free; Not all customers will qualify for 30 Days 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 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.
Still have questions? Call our knowledgeable Capital Title staff at (850) 297-2274 with any questions you may have.