How Long Do I Have To Pay Off A Loan?


A common question we hear from people who apply for any type of online loan is them asking how long it will take to pay it off. You need to understand, most applicants have never taken out a cash advance or car title loan. They either saw an advertisement online or simply searched for a specific title loan related term. The customer was likely asked how much they need and filled out the application. Only after they’ve been approved for a loan will they be presented with different payoff terms. Some companies will have a set payoff term and set rate that is not negotiable. Set terms are becoming less common over the past few years however. As more direct lenders open up shop online, we see more transparency from companies when they disclose the rates and terms for a vehicle title loan.

To get to the question of how long a consumer has to pay off a loan, the answer is never going to be easy or definite. With a bank loan or personal loan you often have set financial terms across the board with each loan offer. how long do I make payments on a loan That’s not the case with a title loan service. Loan offers and financing rates are often going to be dynamic and determined by your individual financial situation. As you use the vehicle’s pink slip as collateral the amounts you borrow can range from a few hundred dollars to tens of thousands! You will see huge differences in payoff times with the difference in loan amounts. Another factor to consider is that some states have specific requirements and limits on the payoff time you can expect with a car title loan. Take Delaware for example. State regulations in Delaware currently set a term limit at 180 days or 6 months. This payoff is not allowed to include rollovers. Other states like Idaho and Georgia allow car title loans but they cap the payoff time at 30 days. One month may seem like a short amount of time but those states also allow extensions or rollovers in certain situations.

If we were going to put a set time on how long you have to pay off a title loan we would put it as a matter of months instead of weeks or years. Because each state has different restrictions and each loan product can be tailored to fit your situation it’s hard to come up with an exact time period. Some of the larger lenders will go with an estimate of 12 – 36 months.  Here at Highway Title Loans we don’t give you or set any specific length or term for a payoff.  It all comes down the vehicle value and other qualifying factors like employment and credit issues.  Another positive development with car title loan payoff times is that you are not necessarily set in with your payment period. Most reputable companies will allow you to pay off the full loan amount early. By making early payments you can avoid significant finance charges and get out from under the car title loan.