Title Loan Calculator

A car title loan is quoted as a fee rather than a rate, so this tool converts it. Enter the amount, the fee charged each term, the length of a term and how many times you expect to renew, and it returns the annual percentage rate, the running total of fees, and the point at which the fees paid overtake the amount borrowed while the balance sits unchanged. Add what the vehicle is worth and it shows the equity the title puts at risk, which is normally several times the debt. A second mode works backwards from a quoted monthly payment to the rate behind it. These loans routinely carry triple-digit APRs and end in repossession, and the figures here are meant to be compared with what a credit union or a payment plan would charge.