Title loans offer quick and easy funding for borrowers by using the collateral of a borrower’s vehicle. Title loans are available all across the United States including the state in Missouri. If a resident of Missouri is thinking about getting a title loan they may be wondering about fees associated with car title loans. Here is more information with title loans and title loan fees in Missouri.
Fees Associated with Missouri Title Loans
When it comes to obtaining a title loan in Missouri, there may be a fee associated with the title lending process. Take a look at some of the fees that come along with title loans:
· Late Fees with Title Loans
If a borrower misses a payment for the month, some lenders have a late fee they charge borrowers. This fee could give the borrower a few more days to make a full loan payment.
· Rollover Fees with Title Loans
In the title lending industry, some lenders may allow for a rollover. A rollover is an extension of the loan due date for a fee. The fee and the extension will all depend on the specific lender.
Keep in mind that that during the extension, the loan may accumulate interest. The interest will need to be paid back once the rollover ends.
· Repossession Fees with Title Loans
If a loan defaults, the the lender has the right to repossess the car. In Missouri, after the loan defaults the lender lets the borrower know and waits 30 days to repossess the vehicle. Any fees associated with the repossession process may be charged to the borrower—this will be dependent on how the lender works.
· Early Repayment Fees
Because title loans could have short duration periods, typically a month, there are some lenders that will charge their borrower’s a fee for paying back the loan early. These fees are known as prepayment penalties.
· Inquiry Fees
Some lenders have an inquiry fee associated with their loans. When a potential borrower receives a loan quote, they could be charged a fee. There could also be a fee if the borrower decides to obtain the loan offer.
Whether or not these fees will be applied depends on the lender. Before getting a title loan, it may be helpful to create a budget to help avoid these fees.
Interest: The Largest Fee Associated With Title Loans in Missouri
Many people don’t think about interest as a fee when it comes to title loans. Although technically interest is not a fee but more of an expense, it will usually be the most expensive factor associated with title loans. Here are a few things to know about interest rates with title loans:
· MPR and APR
Interest rates with title loans can be broken down into two ways of expression: the MPR (monthly percentage rate), and the APR (annual percentage rate). The MPR is simply the APR broken down, and most title loan lenders will show a borrower interest rates expressed in those terms. As a borrower, it is extremely important to calculate the APR and really consider what the total amount of interest will cost.
· No Caps for Interest on Car Title Loans in Missouri
This is an important factor to think about, as some lenders may take advantage of this lack of regulation. Before accepting to work with a lender, it may be a good idea to compare the national averages for interest rates and speak with several lenders.
How LoanMart Could Help Limit Fees Associated with Car Title Loans
LoanMart has been helping people across the United States obtain title loans for over a decade. We make the process easy and quick1. In addition to this, we limit the amount of fees that are associated with title loans.
Because of the flexibility we offer, many borrowers find that the amount of fees are limited, especially compared to other lenders. Here are a few things that LoanMart offers customers that may help minimize fees1:
- Competitive rates
- Personalized terms
- Superior customer service
- A three day trial4
- No prepayment penalties
To get started with a title loan from LoanMart, get in contact with us via phone: 1-855-277-4847 or email us at firstname.lastname@example.org.
Before getting a title loan in Missouri, many potential borrowers may be wondering about the fees that come with title loans in Missouri. Although fees depend on the flexibility of the lender, a few major fees depends on the financial habits of the borrower.
One of the largest fees/expenses associated with title loans is the interest rates. It is extremely important to look over the MPR and APR carefully. Consider how fees fit into finances before signing up for a title loan. At LoanMart, we offer our title loan borrowers a lot of flexibility and personalization to help them avoid additional fees onto their loan1.