- Title loans can be expensive the interest is usually around 24.6% a month which comes out to ~ 300% APR a year.
- The max interest rate on a loan including a Georgia title pawn is 16% on loans from $2,999 – $249,999 says the Georgia Department of Banking and Finance laws.
- In GA you can go to jail if you attempt to hide your vehicle from a car repossession see law O.C.G.A. 16-9-51.
- Believe it or not but yes you can pawn a salvage title vehicle in Georgia as long there is enough equity
- Repossessions get reported to credit bureaus and lower your credit score for 7 years
- A rebuilt title vehicle loses 19% – 39% of the Blue Book® Value so a rebuilt titled vehicle will get less cash for a title pawn or car title loan
- Vehicle repossession is a private matter and cannot involve police officers by law.
- The Georgia Department of Revenue’s DMV does not record title pawn statistics or facts between lenders
- A title pawn is the same as a title loan in theory but can only be done in the state of Georgia
- The average borrower extends the payback of title loans 8 times (often called payoffs, buyouts or refinancing)
In the field of banking, refinancing is an often-used term. As often as it’s used, refinancing can also be a distressing event to those unfamiliar with the process. With a refinancing, there are often common misinterpretations. It’s crucial to understand the basics of how the refinancing process works in order to minimize stress or concerns.
To explain briefly, when a client decides to refinance, it satisfies the remaining title pawn. Once the current loan is satisfied, a new loan is created to cover any additional account balance. If someone were to pay to refinance their title loan, there would be a few reasons why. Lowering payments, switching payment due dates and changing loan types are just a few of those reasons. Vehicle registration or (title) loans are loans that can be refinanced from another lender.
These loan types are beneficial due to lower interest rates among the competition.
With minimal interest rates, you will be reducing your lowest payment. This allows you to pay less back in the long run. Refinancing your loan also allows you to make lower monthly payments. One of the central ideas of refinancing is to minimize frequent payments, and your remaining balance determines your new loan amount. If you have paid a considerable amount down on your current loan, your minimum payments will reflect lesser amounts.
At Title Pawn, you can expect to make a payment 30 days from the time your loan is dispersed. If your schedule, pay date or job changes, your initial due date may no longer work for your circumstances. TitlePawns.org desires to provide loans that are as suitable as possible. This allows you to refinance your loan around a schedule that benefits you. So, your new due date will coincide with your financial situation.
If you still have questions about the benefits of refinancing, give us a call. Our friendly customer service agents will help guide you through the process!