How Do Title Loans Work In Gainesville
When you need a title loan in Gainesville, FL, there are dozens of car title loan companies to choose from, and most, if not all, of these licensed loan providers can get you qualified for a same day loan by accessing the cash from your vehicle. So why not start with Florida Title Loans, as we work with the best local companies? We’ll take your application online and process your loan in hours. That means you can have money in your bank account less than one business day after applying with us!
Online title loans can be an excellent way to get money fast when you have a clear title and equity available. But instant cash funding title loans can’t cover everything, and it’s important to know what they do and don’t offer before you sign up for one. The good thing about a title loan is that you don’t need perfect credit, and most lenders in Gainsville provide up to $20,000 for vehicles that are completely paid off. On the other hand, title loans have extremely high interest rates in Florida, and if you miss a payment, your vehicle can be repossessed by your lender. At that point, you have 20 to 30 days to pay all the fees and get your account current, but if you do nothing, your vehicle can be sold at auction to pay for the remaining loan balance.
Requirements For A Gainesville Title Loan
The requirements for title loans in Gainesville are simple. You need to own a vehicle worth at least $5,000 and the car has to be paid off, registered, and titled in your name. You need full vehicle insurance coverage, and you must meet with your lender so they can inspect your vehicle. An inspection is typically necessary if you want to borrow $4,000 or more, and this helps confirm your vehicle’s value and further underwrite the loan. You can schedule an inspection at your home or office; most companies offer inspections in Alachua County.
Are you looking for a title loan on a car you’re still paying for? Or perhaps you have a cosigner noted on the pink slip? While most title loan companies in Gainesville require a lien-free title, there are some ways you can get approved if you don’t own the vehicle outright. One option is to see if your existing loan balance can be rolled into the new loan terms. That means the lienholder will be paid off, and your title loan company will be the primary lienholder on the pink slip. Another option is to add a cosigner to your title loan application and see if they’ll sign off on the liability of having their name associated with a title pawn. Whatever situation you are facing with your car’s title, the team at Florida Title Loans will do our best to get your loan pre-approved and funded. Call us at 888-986-8505 to get approved for a title loan in Gainesville!
Auto Title Loans In Gainesville, FL, With Bad Credit
Bad credit is a fact of life and many of our customers first apply for a personal loan and are quickly turned down because their FICO score is under 700. Luckily, bad credit title loans are possible in Gainesville for anyone, regardless of credit issues or a lack of a credit history. All that matters is how much your vehicle is worth and whether or not you can make the monthly payments.
You can get auto title loans with bad credit, and most customers who apply for secured loans have a low credit score! Even people with terrible credit can use their vehicle as collateral for a loan. These loans are based on the collateral from your vehicle, and there’s typically no need to check your FICO score.
Here is an example of what type of loan requirements you need for a bad credit title loan in Gainesville, FL: We gave this person a title loan with bad credit because they had proof of employment and income (pay stubs) and also listed their car as collateral on the application form for a secured loan. If they had applied for any other type of loan, they would have quickly been rejected because of the credit issues.
How Much Cash Can I Get With A Car Title Loan In Gainesville?
Title loans in Gainesville have an average funding amount of $3,000; some borrowers can access up to $20,000 for well-qualified vehicles. While these amounts may seem high compared to payday loan amounts of $500 or less, it helps to remember that you can often cash out 40% or more of your vehicle’s equity value.
People are surprised when they hear that title loan companies will provide a loan solely based on the current resale value of your car! If you need more money than you can expect with a typical online title loan with no credit check, you may consider contacting multiple lenders to get more than one quote. That way, you can inform each lender of the loan amounts you’ve been given and see if any are open to increasing their maximum loan amount.
How Much Interest Is Charged On Auto Title Loan From A Gainesville Lender?
The interest rates for auto title loans are high, usually over 40% and sometimes reaching 80% in parts of Florida! But that doesn’t mean you’ll pay that APR throughout your repayment period. Instead, focus on paying off the loan quickly to save on interest and get your vehicle’s title back. Even if you’re quoted a repayment term of 2 to 3 years for a title loan in Gainesville, that doesn’t mean you need to pay it off over that period. Instead, you can repay your loan anytime and save a bundle on interest! At Florida Title Loans, we work with local companies that don’t charge extra fees for early payoff of your loan.
Apply online for a same-day estimate to see how much you can borrow with a Gainesville car title loan. Alternatively, call 888-986-8505 to complete your application over the phone.