What Is a Car Title Loan Calculator
A car title loan calculator is a financial tool developed to help borrowers compute any loan amount, interest rate, monthly payment, and full payment schedule. Borrowers can then use this information to decide whether or not a title loan is the best option for their situation.
A car title loan calculator is capable of computing and displaying both the monthly and annual percentage rates (APR). This tool is suitable for those who need quick loans to settle unexpected expenses but do not have the wherewithal to get the funds from traditional sources like credit unions and banks. The car title loan calculator is usually located on the site of a lender or a loan broker.
What Are the Features of Car Title Loan
A car title loan calculator is an important financial tool that you can use to determine the amount of money to borrow. It comes with the following features:
- Instant title loan estimate: You can use a car title loan calculator to get the estimate of a title loan.
- Loan amount and interest rate: You can also use a car title loan calculator to determine the exact loan amount and the potential interest rate payable on a loan.
- Repayment duration: Borrowers can use a car title loan calculator to estimate a loan repayment duration and the amount to repay each month.
- Compare loan terms: When looking to borrow money, you can use a car title loan calculator to compare different loan offers to know the amount involved, interest rates, and repayment terms.
How to Use a Title Loan Calculator
Using a title loan calculator is easier than ever. The calculator is usually available on a lender's website and can be accessed through a computer or handheld devices. Once you access the calculator, enter the following information to quickly calculate your title loan amount:
- Car make
- State of residence
- Car model
- Car style
- Current car mileage.
Once you have submitted the above information, the calculator will provide your title loan estimate on the spot. If you are satisfied with the loan amount, you can then proceed to apply for the loan. To prequalify for a title loan, you will need to provide the following information:
- Your first and last name
- Email address
- ZIP code
- Mobile number.
And that's it! You can see how easy it is to use a title loan calculator. Once you obtain the loan, you can use the money for personal expenses, vehicle maintenance, tuition fees, and to fund a vacation overseas.
How a Title Loan Calculator Can be Useful for You
The need to get much information before applying for a title loan cannot be overemphasized. First, a title loan calculator can help you determine a loan's repayment amount, interest rate, and repayment duration. Secondly, it can help you compare different loan offers so that you make the best possible deal decision. Other clear cut benefits of a title loan calculator are:
Quick Emergency Funds
If you are looking to take a title loan to settle unexpected expenses, you can use a car title loan calculator to get an estimate of the loan amount for quick loan approval. The process is less than 5 minutes.
Superior Customer Service
One of the benefits of using a car title loan calculator is that you will have the opportunity to work with a team of experienced customer service agents that will hold you by the hands and walk you through the process of taking out a title loan with quick approval.
Competitive Interest Rates
In the US loan market, title loans come with competitive interest rates. It is important that you research the loan market or review existing lenders to get the best and competitive interest rates that suit your financial situation. One way to achieve this is to use a car title loan calculator. The rates you will get from the calculator are up-to-date; meaning, you'll be getting a good deal.
Explaining Important Title Loan Calculator Terms
To understand the workings of a car title loan calculator, it is imperative that you have a working knowledge of all the terms associated with the calculator; otherwise, you might get confused in the long run when looking to take same day loans. The terms to learn about include:
The loan amount is the amount of money you want to borrow, including all the fees associated with the loan like administrative fee and a fee to add the lien holder on the title.
The interest rate on a title loan is the extra money added to the requested amount that's payable at the end of the repayment plan. Failure to know the interest rate on a loan will make the total amount payable to quickly add up. One thing you should know is that the higher the interest rate on a title loan, the more you will pay for taking out a title loan.
Loan Term Months
This is the duration that a loan repayment will last. Typically, car title loans last between 24 and 48 months depending on the lender and your state of resident. You need to be familiar with the loan term months to help you plan your finances so that your family won't suffer untold consequences.