Title Loan Interest Rates from Turbo Loans Express
The title loan industry is heavily regulated by consumer protection laws in each state. From Virginia to California, different laws determine the amount of interest that can be charged to title loan customers. Applying for title loans online can confuse customers because of the complicated laws governing fees, contract duration, and interest rates.
If you are in the market for title loans in your state, learning how title loan rates work is a good idea. After all, the amount of money you will be required to repay depends on your loan’s interest rates. Your goal must be to negotiate the best terms possible for your title loan.
All Car Title Loan Interest Rates Are Not Created Equal
Regarding car title interest rates, what is acceptable in one state is outlawed in another. Legislators in some states set a limit on the auto title loan rates that can be charged, while other states allow title loan companies to determine their rates.
It is legal for residents to apply for title loans within the borders of only 40 percent of the states within the U.S. These states are Alabama, Arizona, California, Delaware, Georgia, Idaho, Illinois, Louisiana, Mississippi, Missouri, Nevada, New Hampshire, New Mexico, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, and Wisconsin.
How Title Loans Are Calculated
Title loans can become expensive if they are not paid back promptly, and understanding how title loan interest is calculated is crucial in comprehending the associated expenses.
Fortunately, we have conducted thorough research and gathered up-to-date information on interest rates for title loans. If you are currently repaying an automobile title loan, this information will instill a sense of urgency to settle your debt swiftly before the loan term concludes.
A title loan comprises three main components: the principal amount, the interest rate, and the loan term. The principal refers to the initial borrowed sum from the lender, while the interest represents the percentage charged by the lender as the borrowing cost.
Car title loan interest rates are calculated in monthly and yearly terms. Yearly interest rates are called APR or Annual Percentage Rates. Most interest rates are computed as simple interest. In some title loans, the loans are computed as compounded interest.
Simple interest is when the interest is applied to the principal only. Compounded interest accrues on the principal and interest that has been accrued. In many states, it is illegal for title lenders to offer compounded loans for their title loans.
Let’s examine the monthly and annual interest rates in a standard title loan scenario. You have an emergency expense and need to borrow $2,000 quickly. The only lender that will provide cash within 24 hours is an online title lender.
The title loan representative informs you that the monthly interest rate for your title loan is 36 percent, and the APR is 432 percent. To get the privilege of borrowing money quickly from a title loan company, you will pay $720 per month in addition to the principal amount.
At this rate, the total cost of this loan will be $8,861.40 for the year. You will pay an additional $6,861.40 to borrow $2,000. This fictitious loan’s expense gives you a sense of urgency to repay your title loan as soon as possible. You must be aware that this amount does not include any fees for the title loan.
Title Loan Information by State
This section addresses the interest rates of title loans and highlights the prevalent title loan providers in each state where such loans are sanctioned. By familiarizing yourself with this data, you will be well-equipped to make a knowledgeable choice when obtaining your subsequent auto title loan within your jurisdiction.
Alabama Title Loans
According to the state’s laws, the maximum amount of interest that a title lender can charge is 25 percent for each month of the loan.
The top three most popular lenders in Alabama are:
- TitleMax Title Loans – With over 90 stores throughout the state, TitleMax Title Loans is the most popular title lender in Alabama. The most common interest rate is about 300 percent per year, depending on the length of the loan.
- LoanMax Title Loans – This lender is another popular title loan lender that can charge up to 300 percent interest per year for title loans. The amount that customers are charged depends on the borrowed amount and the loan duration.
- Title Loan Express – In this area, title lender loans amount from $100 to $3,500. Customers can expect to pay 50 percent interest for two months when they borrow any amount of money.
What Alabama title loan customers should know – If you pawn your car’s title in Alabama, you should understand that these loans were designed to be short term solutions to your cash flow problems. If your loan exceeds the maximum amount of interest that can be charged according to the law, the lender may not be able to enforce the contract. Click here for additional information about the Alabama title loan laws.
Arizona Title Loans
Lawmakers in Arizona have enacted legislation that sets maximum title loan rates at various tiers. Here are examples of this state’s maximum interest rates for title loans.
- $500 or less is 17 percent per month
- $501 – $2,500 is 15 percent per month
- $2,501 – $4,999 is 13 percent per month
- $5,000 or above is 10 percent
The top 3 title lenders in Arizona are:
- TitleMax Title Loans – With nearly 100 stores in Arizona, TitleMax Title Loans is the top lender in the state. Although the website states that it offers competitive title loan interest rates, it does not provide an exact amount of interest charged per loan. For loan amounts above $5,000, the maximum amount that can be charged in interest rates for the year is 120 percent. For amounts under $5,000, the loan interest rate can range from 130 percent per year to 150 percent per year.
- Phoenix Title Loans – This title loan company offer loans on commercial vehicles, boats, and recreational vehicles. Phoenix title loan states that they can offer loans for as little as 5 percent, depending on the amount and the duration of the loan.
- Southwest Title Loans – This title loan company provides title loans for recreational vehicles, boats, cars, trucks, trailers, and commercial vehicles for amounts up to %50,000. The interest amounts vary. They are not disclosed until customers apply for a title loan with Southwest Title Loans.
What Arizona customers should know – According to the Arizona State Legislature, Arizona title lenders must provide customers with a contract that provides the amount of the loan and the interest that will be repaid when the loan is repaid. Click here for additional information about Arizona title loans.
California Title Loans
In California, interest rates for title loans are capped at 30 percent per month for amounts borrowed under $2,500. State maximums do not bind loan amounts that exceed $2,500. For this reason, many title lenders that operate in California only provide loans for amounts that exceed $2,500.
What you should know about title loan laws in California – Click here for additional information about California title loan laws.
Delaware Title Loans
Delaware is a state that gives title loan companies the flexibility to charge any amount of interest. There is no maximum amount of interest that a lender can charge.
The top title lenders in Delaware are:
- TitleMax Title Loans – With 3 locations, TitleMax in Delaware offers competitive interest rates for title loans. The company’s loan interest rates vary according to the length and amount of the loan.
- Capitol Title Loans – This company offers competitive title loan interest rates that are fixed throughout the loan term. To get an accurate estimate of the interest rates that will be charged, you must apply and speak with a representative.
- LoanMax Title Loans – The annual percentage rate for title loans in Delaware is 300 percent per year.
What customers should know about title loans in Delaware – Since interest rates are not capped on title loans in Delaware, it is a good idea for you to shop around. You might be able to find competitive rates with online title lenders. Click here for additional information about Delaware title loan laws.
Georgia Title Loans
Title loans in Georgia have interest rates that vary according to the length of the loan.
- For the first three months of the loan, the interest rate cannot exceed 25 percent per month.
- After three months, the maximum amount to be charged is 12.5 percent per month.
Top title loan companies in Georgia:
- Atlanta Title Loans – The interest that Atlanta Title Loans charges is based on the amount and duration of the loan.
- TitleMax Title Loans – There are over 200 TitleMax Loan stores in Georgia. This company offers rates that are competitive with the rates of other title lenders in the industry. You must apply for a loan to get the title loan rates.
- LoanMax Title Loans – Interest rates at LoanMax vary. You can expect to pay a triple-digit yearly interest rate for your loan.
What customers need to know about title loans in Georgia – Interest rates for title loans in Georgia can be as much as 187.5 percent. Click here for additional information about Georgia title loan laws.
Idaho Title Loans
Lawmakers in Idaho have opted not to set maximum interest rates for title loans.
Top title loan companies include:
- LoanMax Title Loans – LoanMax title loans charge triple-digit interest rates for their loans. The actual amount you will pay depends on your loan amount and the length of your loan.
- Idaho Title Loans – When you apply for a loan with Idaho Title Loans, you will be provided with the loan valuation and interest rates. The company claims to offer competitive interest rates with similar title loan companies in Idaho.
- Northwest Title Loans – This company provides triple-digit title loan interest rates that are on par with title lenders in Idaho. You must apply for a title loan with Northwest Title Loans to get an exact interest rate quote.
What title loan customers in Idaho should know – It is not unusual for title loans in Idaho to have triple-digit interest rates. Click here for additional information about Idaho title loan laws.
Illinois Title Loans
In Illinois, title lenders may charge any interest that fits their business model. No maximum interest rate can be charged for title loans in this state.
Top title loan companies in Illinois include:
- Illinois Title Loans – Exact loan interest rate quotes can be obtained after you apply for a loan with Illinois Title Loans. With this company, you can expect to pay triple-digit annual interest rates for title loans.
- TitleMax Title Loans – TitleMax has interest rates usually aligned with local standard interest rates. Since title loans in Illinois are not capped, you can expect to pay triple-digit annual interest.
- Midwest Title Loans – Midwest Title Loans provide interest rates according to the length and amount of the loan. To obtain additional information about this company’s title loans, you must apply for a title loan with them.
What Illinois title loan customers should know – It is quite common for Illinois title.
What Illinois title loan customers should know – It is common for Illinois title lenders to provide loans with a triple-digit annual interest rates. Click here for additional information about title loan laws in Illinois.
Louisiana Title Loans
According to Louisiana law, the maximum interest rate that can be charged per month is 36 percent for loans under $350 and two months. For loans that exceed this amount and duration, there is no cap on the maximum amount of interest that can be charged for title loans in Louisiana.
Title loan companies in Louisiana include:
- CashCow Title Loans – Title loan representatives at CashCow provide information about their title loan interest rates.
- ACE Cash Express – At this title loan company, you can apply for a title loan of up to $1,000. ACE Cash Express does not provide title loans for amounts under $500. For $500, you can expect to pay 131 percent APR. If you borrow $1,000, you can expect to pay 83 percent APR.
- American Title Loans – This title loan company does not publish information about their loan interest rates. You will access their interest rates after applying for the title loan.
What Louisiana title loan customers should know – If you borrow title loan money in Louisiana, it is best to get a short term loan for an amount under $350. In Louisiana, many title lenders do not provide loans that fall within the terms of the minimum amount of money that can be charged. Click here for additional information about title loan laws in Louisiana.
Mississippi Title Loans
Mississippi laws state that title lenders can charge up to 25 percent for title loan interest rates for each month of the loan.
Top title loan companies in Mississippi include:
- LoanMax Title Loans – Detailed interest rates will be provided at the time of the application. If LoanMax charges the maximum amount for interest rates, you can expect to pay up to 300 percent in interest annually.
- Mississippi Title Loans – Mississippi Title Loans offers competitive loan solutions with other title loan companies in Mississippi.
- TitleMax Title Loans – To get additional information about the interest rates at TitleMax, you must contact the company. They do not publish information about their interest rates on their website.
What Mississippi title loan customers should know – The average interest in Mississippi is triple-digit. Many lenders charge up to 300 percent in interest rates for the year. Click here for additional information about title loan laws in Mississippi.
Nevada Title Loans
Nevada has no cap on the amount of interest that can be charged for title loans.
Top title loan companies in Nevada include:
- Nevada Title and Payday Loans – Interest rates are determined based on the duration and amount of the title loan. This information is provided when you apply for a title loan.
- TitleMax Title Loans – The interest rates are available after you apply for a title loan with TitleMax Title Loans.
- US Auto Title Loans – This company offers title loans with interest rates from 8.9 percent to 28 percent per month.
What Nevada title loan customers should know – It is not uncommon for title loans in Nevada to have triple-digit annual interest rates. Click here for additional information about title loan laws in Nevada.
New Hampshire Title Loans
Title loans in New Hampshire may be assessed at a maximum interest rate of 25 percent per month.
Top Title Loan Companies in NH
- New England Auto Finance – Title loan interest rates at this company are available by speaking with a title loan representative.
- TitleMax Title Loans – You can get additional information about the interest rates at TitleMax in New Hampshire after you apply for a title loan with them.
- TitleCash – All title laws at TitleCash are subject to New Hampshire’s laws. This means that you can expect to pay triple-digit annual interest rates.
What New Hampshire title loan customers should know – If a lender charges the maximum interest rate of 25 percent, you can expect to pay 300 percent per year interest. It is best to get a title loan in New Hampshire for a short period to pay the least amount of interest.
New Mexico Title Loans
There are no interest rate caps in New Mexico. Lenders are free to charge any amount of interest.
Top title loan companies in New Mexico include:
- New Mexico Title Loans – Interest rates at this company are competitive with other title lenders in New Mexico. To get an actual interest rate company, you must apply for a title loan with them.
- LoanMax Title Loans – This lender charges annual interest rates in the triple digits annually. The actual interest rates are not published on their site.
- TitleMax Title Loans – This popular title loan company does not estimate online interest rates. You must contact a representative to get information about their interest rates.
What New Mexico title loan customers should know – It is not uncommon for title loans in New Mexico to have triple-digit annual interest rates. Click here for additional information about title loans in New Mexico.
South Carolina Title Loans
In South Carolina, loans under $600 are subjected to a cap. There is no maximum amount of interest for loans that exceed $600.
Top Title Loan Companies In South Carolina
- Carolina Title Loans – This company discloses rates after an application is submitted.
- Auto Money Title Loans – This title loan company provides interest rate quotes based on the car’s value and the loan’s duration.
- LoanMax Title Loans – LoanMax does not publish interest rates.
What South Carolina title loan customers should know – Most title lenders only provide loans that exceed $600. When they operate in this manner, they do not have to adhere to the state-mandated cap. If you are allowed to borrow under $600, you may be charged additional fees that inflate the loan cost. Click here for additional information about title loans in South Carolina.
South Dakota Title Loans
South Dakota title loans are not subject to maximum interest rates. Lenders may charge any amount of interest.
Title Loan Stores in South Dakota include:
- Dakota Auto Title Loans – According to their website, a title loan from this company can be higher or lower than 240 percent depending on the loan terms.
- North American Title Loans – Title loans at this company are based on the valuation and length of the title loan.
- Dollar Loan Center – If you borrow $500, you can expect to pay an annual interest rate of 240 percent.
What South Dakota title loan customers should know – South Dakota does not have laws that prevent title lenders from giving loans with triple-digit annual interest rates. Since the interest rates are not capped, you may be able to get a competitive rate by speaking with representatives from different title loan companies. Click here for additional information about title loans in South Dakota.
Tennessee Title Loans
Title loans in Tennessee are limited to interest rates of 2 percent each month in addition to one-fifth of the car’s value.
Top title loan companies in Tennessee include:
- Tennessee Title Loans – Title loan rates are provided after a loan application has been submitted.
- TitleMax Title Loans – This company does not provide information about interest rates until an application has been completed.
- LoanMax Title Loans – Interest rates and fees are disclosed after an application has been submitted.
What Tennessee title loan customers should know – Tennessee allows title lenders to provide title loans to customers at triple-digit annual interest rates. Some title loan companies provide customers with higher vehicle valuations to charge them more money for the loan. When you get a title loan in Tennessee, be certain you have received an accurate estimate of your car’s value. Click here for additional information about title loans in Tennessee.
Texas Title Loans
In Texas, title loans are capped at 10 percent per month. However, interest rates may vary depending on the city of residence.
Title loan companies in Texas include:
- Loan Star Title Loans – Depending on the title loan amount, monthly interest rates can range from 24.99 percent to 29.99 percent. Yearly interest rates range from 320.46 percent to 382.80 percent.
- Texas Title Loans – Loans up to $10,000 have an annual interest rate that ranges from 130 percent to 300 percent.
- TitleMax Title Loans – This company provides interest rate information after submitting an application.
What Texas title loan customers should know – Title lenders often exceed the state interest rates. Some lenders charge up to 500 percent in interest for title loans. Title lenders can do this because they register as Credit Access Businesses. When they register as these types of companies, they can conduct business as loan brokers and justify charging excess fees for the transaction because they are not operating as lenders in the transactions. Click here for additional information about title loans in Texas.
Utah Title Loans
Title loan interest rates in Utah are not capped at a designated amount.
Title Loan Companies in Utah include:
- Utah Title Loans – Title loan rates are not disclosed until you apply for a title loan.
- TitleMax Title Loans – This company does not provide interest rates until a title loan application has been submitted.
- Easy Title Loans Utah – This company claims its interest rates are 70 percent less than comparable title loan rates. In order to get an accurate interest rate quote, you must apply for a title loan with Easy Title Loans Utah.
What Utah title loan customers should know – Title loans in Utah have been known to have rates up to 500 percent. Shopping around and getting your guaranteed interest rate in writing is best. Click here for additional information about title loans in Utah.
Virginia Title Loans
Legislators in Virginia have opted for a tiered approach to regulating interest rates for title loans in Virginia. Here are the interest rate amounts for title loans.
- Amounts up to $700 are 22 percent per month.
- $701 – $1400 is 18 percent per month
- $1,401 and above is 15 percent per month
Title loan companies in Virginia include:
- LoanMax Title Loans – The monthly and annual interest rates are not readily published on their site.
- TitleMax Title Loans – You must apply for a loan with TitleMax to get information about their loan interest rates.
What Virginia title loan customers should know – Title lenders in Virginia title lenders have created various ways of getting around the maximum interest rates in the state. Some title lenders use third-party companies to act as intermediaries to justify charging interest rates that exceed the state-mandated interest rates. Click here for additional information about title loans in Virginia.
Wisconsin Title Loans
In Wisconsin, there are no maximum limits for title loans provided to state customers.
Title loan companies in Wisconsin include:
- Wisconsin Auto Title Loans – This company offers competitive title loan rates. Although they do not provide loan interest rate quotes online, they guarantee to beat competitors’ interest rates.
- LoanMax Title Loans – To get an interest rate from LoanMax, you must apply for a title loan.
- TitleMax Title Loans – This company only offers interest rate quotes once you apply for a title loan.
What Wisconsin title loan customers should know – Title lenders in Wisconsin must include the interest rate amount on your title loan contract. The loan contract must also include the full amount that you will pay at the end of the loan contract. Click here for additional information about title loans in Wisconsin.
Resources for Title Loan Information
Many factors may affect your title loan interest rates. You have plenty of help to make sense of all the info about these interest rates. Here’s a list of reliable sources about title loan interest rates.
- Mortgage Calculator helps you calculate the true financial cost of your title loan in any state.
- The Federal Trade Commission provides consumer information about title loans in the United States.
- This car title loan chart provides information about title loans in every state.
Car title loans are serious contracts with expensive terms and major consequences. These loans are designed to be short-term loan instruments. In some instances, loans that last for long periods can cost thousands of dollars in interest alone. It is best to use title loans wisely and repay them quickly.
The information provided in this article is not intended to deter you from or encourage you to get a title loan. We hope you have enough information to choose a title loan carefully and carefully.
Title loan legislation in each state changes frequently. Every attempt was made to provide accurate information for you to make informed choices about title loans. It is a good idea for you to conduct further research on any topic covered on this page.
You may direct any questions concerning these Terms to:
The information you provide on this platform and to our consultants serves the exclusive purpose of identifying potential lenders from our affiliates based on your individual needs and location. Please be aware that submission of your documentation does not automatically guarantee approval. Our service does not impose any fees or additional charges upon you. However, it is important to acknowledge that we will share pertinent information regarding lenders within our affiliates network to enable direct communication between you and the lenders. Please note that we do not act as your representative in any financial affairs or transactions with the lenders. By utilizing this website and availing our services, you express your consent to abide by the terms, conditions, and policies outlined herein. Moreover, we kindly request your awareness of the fact that certain states may not have access to the services provided by lenders in our network. Finally, we strongly advise familiarizing yourself with our privacy protocols and other disclaimers prior to engaging with our services.