The repayment of a title loan will ultimately depend on how long you have an outstanding balance for your title loan. Since a title loan is meant to be a short-term option, the total cost of borrowing is dependent upon the borrower. Title loans are meant to be 30-day loans but can be extended or renewed with the borrower paying the accrued interest for the transaction to extend the transaction for an additional 30-days. This can be done as long as the borrower needs. At Jacksonville Title, we always encourage our customers to pay more than their minimum payment every due date to reduce their outstanding balance and the finance charge for the additional 30-days.
With title loans, the standard finance fee for a 30-day period is $25 for every $100 that you borrow so if you borrow $500, you will have a finance fee of $125 for every 30-days. At the end of the 30-day period, you can pay the $625 in full to payoff your account, pay the $125 interest accrued or pay more than the $125 to reduce the balance of your title loan. Whatever you pay over the interest of $125 will reduce the principal balance and in return reduce the finance fees that you would accrue for the following 30-day period. For example, if you pay $225 instead of the $125 minimum, you will reduce your principal balance of your title loan to $400, the finance charge on the new principal balance of $400 is only $100 and your payoff would be $500 for the following 30-day period.
At Jacksonville Title, did you know that we also have a 30-day interest free program? This is a great option for first-time customers! What is great about the 30-day interest free program at Jacksonville Title is that the promotion is valid for the life of the loan so you do not have to pay off within the first 30-days to take advantage of the program, it is valid for the life of your loan and we will waive the last 30-days of interest when you pay off your title loan!
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 Jacksonville Title in order to receive the promotion. Promotion must be requested to a Jacksonville Title representative prior to the completion of your Motor Vehicle Pawn Transaction in order to qualify. Promotion only valid one (1) time, per customer.
Have questions? We have answers! Call now to speak to a Jacksonville Title representative at (904) 880-2274 or get preapproved over the phone or if you prefer, you can submit your information on our website to get an instant email quote for your title loan!