Calculate your monthly payment and a real-time estimate. Why do I need a title loan calculator? Well, deciding to get a car title loan is one thing, but it is another to know how much you are getting and what costs are involved in the process.
What does a title loan calculator do?
A title loan calculator is as simple as it sounds. All you have to do is enter the required data into the fields of the calculator, and it tells you your monthly payments, and the cost of interest which will help you make a better-informed decision about whether or not acquiring a title loan is right for you.
If you find that the results are favorable and the payment you’re shown works out for you then apply online when you’re ready. It is that simple. Keep in mind that you can always find a title loan alternative that meets your need. MVP experts are here to provide you with as much information as possible.
Title loan calculator features & benefits:
Customers that use a title loan calculator are given the benefit of planning ahead and determine a loan amount that suits them best. It is easier to compare loans from other lenders once you know the actual amount and terms you’ll be dealing with.
The benefit of transparency related to costs is what separates lenders from each other. Use the interest rates to compare the maximum allowable rates on loan and choose the best lender that gives you the best title loan quote.
A car title loan calculator includes features that give you a quick and easy way to calculate your monthly payment, interest rate (monthly and APR), and full repayment schedule.
What is a car title loan quote?
A car title loan quote is what lenders give you when they’re given your data. A title loan calculator gets you an accurate quote when you simply enter a loan amount and the number of months.
How does a title loan calculator work?
The title loan calculator provides the customer with a payment estimate along with the entire re-payment schedule that shows them how each loan is amortized in real-time. Real-time calculations allow anyone to see each monthly payments broken out into both principal and interest rate.
The amount you want to borrow and the number of months you want it for is what the calculator needs in order to generate results that show each month’s payment, interest, and principal, along with totals at the end of the table.
The interest rate you will pay varies on this calculation, which will be higher if your credit rating is low or if it takes a longer period to pay the money. You will also have to pay a higher interest rate for a used car loan than for a new car loan.
The calculations of your monthly payment of the car are done using the following formula, in which L is the loan amount, R is the interest rate, and T is the number of years it will take you to pay the loan: Monthly Payment = L (R / 12) / (1 – (1 + R / 12) ^ (- T * 12).
Some lenders provide misleading information such as “low rates guaranteed” that allow you to wonder if you can get a loan without having to pay much. Well, you need to qualify first before you can get a low rate. If you don’t have good credit, you probably won’t qualify for the rate; which is a bit misleading because most title lenders do not check credit. It is always good to do your homework so you can compare the rates easily.
Know the difference between Monthly Payments and Annual Percentage Rate (APR)
You can compare loans using the same interest rate term, but before you do, you should know the difference between monthly payments and annual percentage rate (APR.) If you have APR, you need to compare it to APR, and if you have a Monthly Rate, you need to compare to Monthly Rate. This is where the title loan calculator helps you the most.
The monthly rate can be converted to APR simply, just multiply by 12. APR can be converted to the Monthly rate similarly by dividing by 12.
To get an estimate of the APR, when you have the monthly rate, you can multiply the monthly rate times 12 (for 12 months in a year). For example, a loan with 8% monthly rate has a 96% APR (8 x 12 = 96). A loan with a monthly rate of 17% has an APR of 204% (17 x 12 = 204). Similarly, a loan with a 180% APR has a monthly rate of 15% (180 / 12). It is important to know which rate (Monthly or APR) the lender quotes when comparing loans.
Receive your cash today
If you need quick money for your emergency bills or other financial aid, consider car title Loans at MVP. MVP Car Title Loan has developed a standardized procedure that provides you with the necessary funding within a short period of time (24 hours), and we have implemented a generous and lenient repay policy that allows you to pay the borrowed amount according to your ease. You can apply for the car, truck or motorcycle loan as follow:
- Apply online
- Send the required documents
- Collect your funds