SALT LAKE CITY, April 1, 2014 /PRNewswire/ -- Citing the desire to better serve consumers, change the perception of auto title loans, and create an equitable lending relationship, TurboTitleLoan.com has changed their business model, and is offering customers auto title loans with drastically reduced interest rates. The new rates are the lowest in the industry making TurboTitleLoan.com's new product more accessible, affordable and convenient, setting a new standard for the industry.
TurboTitleLoan.com has lowered their interest rates to a range of 18-36% APR. In states that have no regulation imposing a cap on interest rates, TurboTitleLoan.com's rates will never exceed 36% APR. This pricing has never been available for an auto title loan product. Leading competitors charge rates up to 372% APR. The company is able to offer the new rates due to the low overhead associated with doing business online.
The saving to consumers is substantial. For example, a $2000 loan with a 12 month term at the highest interest rate TurboTitleLoan.com charges (36% APR), carries a monthly payment of $200.92, rather than a payment of $645.26 per month at competitor's rate of 372% APR. That results in a savings of $444.34 per month or $5,332.08 over the life of the loan. There are no hidden fees or "teaser rates". Combined with the convenience of a 100% online process and next-day funding, TurboTitleLoan.com is positioned to offer consumers the most affordable, reputable and convenient auto title loan product available.
"We want to provide consumers the opportunity to access the equity in their vehicle at a reasonable rate; unlike physical title loan stores that take advantage of individuals needing short term loans," said a TurboTitleLoan.com spokesperson.
TurboTitleLoan.com is a vehicle equity lender. They have helped thousands of satisfied customers across the United States gain access to needed funds in a timely manner. TurboTitleLoan.com revolutionized the auto title loan industry by moving the entire process from application to funding onto their secure online platform. Transparency, security, affordability and customer service are the cornerstones of their business.
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