Auto Title Loan
An auto title loan is a loan which is given to you based on the fact that you have equity in your vehicle. The amount of the loan is usually based on a portion of that equity – typically 40-70%

Credit Rating
A credit rating is a number assigned by credit bureaus to quickly determine what is the risk they place by giving you a loan or credit.

Title
A title is also know as the registration on your vehicle. This is the form that the State uses to determine ownership or leinholders

 

Interest rate

This is a percentage rate, determined against the total loan amount to you, that you are going to pay to borrow the money. Car title Loans charge this fee monthly.

APR

Average Percentage Rate. See interest rate. This number typically refers to the yearly rate. If you take the monthly interest rate and times it by 12 you will know your APR.

Prepayment penalty fees

This is the amount of money the car title loan company will charge you if you pay off your loan before the normal term of the loan.