Car Title Loan Calculator

The Car Title Loan Calculator lets you calculate the interest, fees, and payments for any car title loan. FTL Title Loans is a proponent of cost transparency, something that many lenders do not provide. To help title loan customers determine the real costs of a car title loan we developed two car title loan calculators. The first calculates the cost, interest rate, and payment schedule for single payment title loans.

The second car title loan calculator is for loans with monthly payments, also called monthly term loans. The type of title loan depends on the state you live in. Some states have single payment loans, others monthly term loans. It is also possible to get an auto equity loan with monthly payments in a state that has single payment loans.

Car Title Loan Calculator Instructions

First, you will need the interest rate that the title lender charges. This is sometimes difficult to find; not many lenders advertise their interest rates. Next, you will need your loan amount, and any lien fees associated with the loan (if they are to be added to your loan, this is true for most title loans). For single payment loans sometimes lenders charge a fixed fee. Finally you will need the length of the loan in months. The Car Title Loan Calculator processes this information and provides you with both a summary of costs with an estimated payment schedule.

Car Title Loan Calculator

Single Payment Title Loan Calculator

The single payment title loan calculator will show you the cost of a single payment title loan with interest and fees. It is important to note that many states allow you to rollover the loan without paying the principal. These fees can quickly add up. For single payment title loans make sure to repay them in full to avoid excessive costs associated with rolling the loan over.

Title Loan Calculator Input:

Loan Amount:
Lien Fee:
Monthly Interest Rate %:
Loan Length (days):
Calculate

Title Loan Calculator Output:

Your Total Loan Payment:
Monthly Rate:
Your APR:

The above shows your payment and approximate due date for a single payment title loan. For title loans with monthly payments, use the title loan calculator below.

Monthly Term Loan Title Loan Calculator

The car title loan calculator provides the results instantly, showing you your payment schedule for the loan information you entered. Typically when you get a title loan the lender will record their lien on their title. The fee associated with this is usually added to the principal loan amount. While it is usually a small amount; it does have an affect on the total loan payments and estimate. This is one of the typical additional costs for car title loans.

Title Loan Calculator Input:

Loan Amount:
Lien Fee:
Monthly Interest Rate %:
Months:
Calculate

Title Loan Calculator Results:

Your Monthly Payment:
Monthly Rate:
Your APR:

Car Title Loan Calculator Benefits

Using the car title loan calculator helps provide insight into what certain title lender costs actually are before you visit them for the loan. All you need to get an accurate title loan estimate is their interest rate. Most title lenders quote their interest rates in monthly terms, so the title loan calculator is set up to input the monthly rate.

Monthly Interest Rates versus Annual Percentage Rates (APR)

Most loans use the more common APR to communicate the interest rate to the borrower. Car Title Loans, however, usually advertise the Monthly interest rate. There are a few reasons for this. When title loans began, most were for a single month, so the monthly rate made sense. It was easier to calculate the loan using the monthly rate. For example, borrowing $1,000 for 1 month at 10% per month, resulting in interest of 10% of $1,000; or simply $100. Since then car title loans have inceasing moved to monthly term loans, but have primarily kept the monthly interest rate.

When comparing loans it is important to compare the same interest rate term. For example you need to compare monthly to monthly and APR to APR. Luckily, it is very easy to convert monthly to APR and vise versa. To convert the title loan APR to monthly rate simply divide the rate by 12. For example, 120% APR is 10% Monthly Rate (120 / 12). To convert the monthly rate to APR simply multiply by 12. For example, 15% per month is 180% APR (15 * 12).

Use the Car Title Loan Calculator to find the Best Title Loan Company

An obvious use for the title loan calculator is to find the best title loan company with the best rates. They should be able to provide a loan amount that meets your needs with a monthly payment you can afford. Finding an affordable title loan is key to making sure a title loan is a solution that fits your needs.

Online Title Loans

The calculator works the same for online title loans as for in person title loans. The process for calculating costs and estimates is the same. Use the title loan calculator to find out how much an online title loan will cost.