Your Source For Car Title Loans In Florida

What Is A Title Loan And How To Qualify

You can borrow cash using your vehicle’s equity with an online title loan. Finding a lender near you is easy, but you must also know what to look for regarding a quality company. You can always go online and find a legitimate company that offers online title loans. But many prospective borrowers feel more comfortable meeting with a lender at a local office. In an ideal situation, applicants will have researched their financial options and decided that an auto equity loan is the best option. Beyond that, they need to feel comfortable with their lender and loan terms. Unfortunately, this is only sometimes the case with people who apply for car title loans in Florida.

Requirements For A Title Loan In Florida

Unlike the majority of personal loans and bank loans, there are minimal paperwork requirements for online title loans, and most customers can qualify in less than an hour. The documents required are a lien-free vehicle title, proof of employment, or bank records. You will also need a current driver’s license or Florida ID. Some companies will ask for a copy of the vehicle’s registration and an updated insurance policy that shows you have enough coverage on your car in case it’s in an accident or stolen.

Can I Get Online Title Loans In Florida With Bad Credit

Bad credit should not be an issue when you apply for a secured loan. Title loan companies are more concerned with your car’s resale value and how much collateral it provides. It’s imperative to protect yourself from unscrupulous lenders and research any company you want to work with. Work with a direct lender that discloses the principal amount borrowed and the interest rates. Does your lender have a prepayment penalty if you decide to pay off the loan amount in full? Do they allow you to drive your car for the life of the loan, assuming you stay current on monthly payments? All those details matter; knowing every detail when you take out a car title loan is essential.

Once Approved For A Title Online, Can I Keep Driving My Car

 Yes, any legitimate lender should allow you to drive your car without restrictions after taking out a title loan. Instead of using the actual vehicle as collateral for a loan, a secured lender will hold onto your car title while you make the monthly payments. You add the title loan company as a lienholder to your title, and that’s the security for your loan amount. Stay current on your payments because a licensed lender can repossess your car if you fall behind and miss payments. Since you signed over the car title to them, they have a right to your vehicle, and that’s why you should reach out if there’s ever a concern about missing or falling behind on payments.

Title Loan Loan Rules & Rates In Florida

 The APR and lending terms for auto title loans in Florida will vary and are often based on your vehicle’s value and lending profile. Payoff terms typically run from 12-24 months, and there’s no penalty for paying off your loan early. The Florida Office Of Financial Regulations regulates vehicle equity lenders within the state.

Please contact us with questions about the title loan regulations in FL or if you need help applying online. Also, Florida’s statutes and financing regulations for vehicle equity loans are bound to change yearly, so check back for new updates.