Title pawns are meant to be short term 30-day transactions but are not required to be paid back within the first 30-days. In order for your account to remain in good standing and not be considered in default, payments of at least the minimum payment are required to be made every 30-days. Failure to make at least your minimum payment of the interest every 30-day period could result in the repossession of your vehicle.
Like any other interest baring loan, a title pawn will cost you more the longer that your account remains in an active status so although you do not have to pay back your title pawn in 30-days, you will end up paying more in interest on your title pawn the longer that the account remains in active status. Only paying your minimum payment every 30-days is just covering the interest on the title pawn and not reducing the amount of money that you owe to pay off your title pawn at a future date. At Panhandle Title, we always recommend paying more than your minimum payment every 30-days. The amount that is paid over the minimum payment will be applied to reduce the principal balance of your title pawn and in return, reduce the amount of interest that will be owed for the following 30-day period.
When you open your account with Panhandle Title, our staff can help you to come back with a recommend repayment schedule of your title pawn that will amortize the repayment of your title pawn for a set number of payments that you may feel may be more ideal. Although the amortization payments on your title pawn is not required, we can help you determine what you will need to pay on your title pawn each month to pay back the title pawn within the ideal length of time that you would like to pay back your title pawn.
At Panhandle Title, we have an exclusive promotion available to first time borrowers that you could qualify for a 30-days interest free title pawn! The great thing about our 30-day interest free promotion is that the promotion lasts the life of your title pawn, as long as you follow the terms and conditions of the promotion! This allows for the 30-days’ worth of interest to be forgiven on your final payment to Panhandle Title, so you do not have to pay your account out in full within the first 30-days to take advantage of this promotion! To learn more about our 30-days interest free promotion requirements, please read more about the promotion here or call our friendly staff at (850) 785-2274! We look forward to assisting you!