You’re a Florida resident who needs cash – fast. You’ve heard of something called a title loan, which calls for you to temporarily relinquish your ride’s title in exchange for a short-term loan. It sounds like something that might suit your situation. But how do you get a title loan in Florida? Let’s look.
What is a Title Loan?
These are short-term secured loans that let you borrow against your vehicle’s value. The lender will hold your title as collateral, so you must be sure to make your loan payments, or else your vehicle will be seized and sold.
Common Uses for Title Loans?
You can use your loan however you like, but common uses include to pay college tuition, to repair a home appliance, to cover a wedding, to fix another vehicle, to buy back-to-school supplies, or to renew car tags. The possibilities are infinite.
What’s So Great About Vehicle Title Loans?
Each state and lender have their own particulars, but in general, benefits include the following:
You Can Keep Your Ride
Many pawnshops make you leave your vehicle with them until your loan is paid off. That’s not the case with title loans. The company will simply hang on to your title until you’ve repaid.
Further, a loan will keep you from having to sell your vehicle, an asset you likely need, to raise cash. Besides, the process of selling your ride is a major pain.
You don’t have time to wait for the days – or longer – it can take for a bank to decide whether to give you a loan. That is, if you can qualify. In most cases, with a title loan, you can have cash in hand within 24 hours.
You Can Apply from Home
Most title lenders will allow you to apply and send required documents digitally. If you have questions, you can always call a lender representative. Likewise, a rep will call you if the lender needs more info.
Minimal Paperwork Required
If only makes sense that title lenders want to see proof that you will be able to pay them back. To that end, they generally want to see documents such as pay stubs or bank statements. You will also need quality photos of your vehicle, a government ID, proof of residence, and the make, model, and year of the car you wish to put up as collateral.
Depending on the state or company involved, your loan repayment will either be due in 30 days or in a year or so if you have an installment loan. With the latter, you’ll make monthly payments, including interest. You also may be able to make frequent payments and to erase your balance early, sans penalty.
Title Loans in Florida
As we’ve noted, each state is slightly different, in terms of title loan regulation. For a Florida title loan, for instance, specifics include:
- You can get an installment loan, as opposed to one due in 30 days.
- You must own your vehicle outright and it must be in safe working condition.
- You still may be able to qualify even if you’re still paying off a vehicle loan.
- You’ll need references including personal, professional, or both.
- You can get your cash in as little as one business day.
- There are no hidden fees or balloon payments at loan’s end.
- Proof of income can include paystubs, social security or retirement account statements, or tax records.
- You’ll need to show proof of residence, which can include a bank statement, utility bill, lease agreement, or voter registration card.
Getting a title loan in Florida just may be the ticket to getting you out of your predicament unscathed. It’s worth emphasizing, though, that you must first be certain that you can repay the loan within the timeframe to which you agreed.