Monthly payment: This is how much you will pay toward your loan each month. It includes principal and interest repayment.
Total interest paid: The interest amount you’ll pay over the lifetime of the loan depends on the interest rate. Interest rates for solar loans usually range from 6% to 36%. Your credit score, income, existing debt, and other factors determine what interest rate you get. People with high credit scores and little debt often get the lowest interest rates.
Total principal paid: This is the original loan amount.
Total repaid: This is the amount you’ll pay by the end of the loan, which includes the loan principal and interest.
A title loan is a type of secured loan where borrowers can use their vehicle title as collateral. Borrowers who get title loans must allow a lender to place a lien on their car title, and temporarily surrender the hard copy of their vehicle title, in exchange for a loan amount.
The amount you can borrow depends on the value of your car, but it can be as high as $5,000. Title loans have high interest rates, so they should only be used as a last resort. If you can't repay the loan, you could lose your car.
Lenders usually give borrowers 30 days to repay the loan. If the borrower does not repay the loan in full, or if they default on the loan, the lender may repossess the vehicle and sell it to recoup their losses.
If the borrower is unable to repay the loan in full, they may be able to extend the loan or roll it over into a new loan. However, this will likely result in additional fees and charges.
Title loans are generally much more expensive than other types of loans because they are high-risk loans. Lenders offset this risk by charging high interest rates and fees.
Borrowers should only consider taking out a title loan if they are confident that they will be able to repay the loan in full within the specified time period.