How long do I have to make payments on a title loan?
- Depends on which title loan company you used.
- Typical title loans range from 1 year to 3 years.
- Most title loans have fully amortized payments.
- Most title loans have no pre-payment penalties.
You should be aware that the longer you take to repay the loan the more you will pay in interest. You are “renting” money and there is a daily “rental” charge (interest rate payment). So the longer you have the title loan out, the money you end up paying back.