Car Title Loans: Multi-Payment versus Single Payment

Car title lenders have begun making car title loans structured as multi-payment rather than single-payment loans. Some examples:

In Texas, according to the OCCC, in the third quarter of 2013 more than 20% of borrowers refinanced their car title loan in the same quarter the loan was made.

In Virginia, there is a minimum loan term of 120 days with loans repayable in installments. In 2012, the average loan term for Virginia car title loans was 339 days, and the average APR was 229%. In 2012, 20% of Virginia car title loan borrowers failed to make a monthly payment on their car title loan for at least 60 days and 9.8% of these borrowers had their car repossessed (13,007 cars repossessed out of 132,691 borrowers).

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