For many Florida residents, the internet has allowed them to apply for a title loan from the comfort of their homes. True to form the process is quite simple if you live in Ocala and want to use a car as security for a loan. It’s never been a better time to apply for loans online if you have a vehicle to use as collateral. Title loans are no exception. While you may get a loan through your car dealership, or through your bank, if you maintain a certain bank balance, a vehicle title loan is a wonderful alternative if you own your vehicle outright.
What’s required to apply for a title loan in Ocala
When you are applying for your title loan in Ocala, you will have to go through the same process as when you go for a vehicle loan from a dealership in Florida. You will have to fill out an application. Most of these require you to be at least 18 years old and have a steady job.
Also, you will need to supply at least 4 references who know you well. You will be required to fill out a couple of forms. One of them is a form that will get you pre-approved for the loan. The second is a form that will allow you to retrieve your loan money. These are standard loan forms that are used to prove your ability to pay back the car title loan.
You will also need a photo of a vehicle that you own, along with the VIN, if you have the car title you will have to give the lender your car title number. You will also need to supply private information like your banking information, address, phone number, and your employer.
How quickly can I get cash when I apply for a title loan?
If you happen to be in a situation where you need your money now, then the process is much different. This loan is much different than when you go to a car dealership in Central Florida or South Florida. You will need to come into a local title lending office in Ocala at the time of the loan application. It won’t take long to apply for a title loan and you can talk to a loan officer who will assess not only your car title loan requirements but also your financial situation and specifically what type of loan you need. Since all the information is taken together prior to getting a loan, the actual process can take quite a bit less time than when you go through the dealership. The person that you are borrowing the money from can explain the terms that best fit your needs. You will usually be able to borrow between $300.00 and $600.00 for a period of between one and five years with final amounts based on state and city regulations. If you find a title lender in Ocala, FL that can extend you more money, you can have more than five years to repay the loan.
Lending restrictions to consider in Ocala
One of the things that you will benefit from choosing a car title loan is that you get to choose when you want to have the money. When you choose this, you can have the money direct deposited into your account through an automatic withdraw. This way, you can also have the money right away and not be stuck waiting for it. This is also a good option for those who have poor credit because if you set up the payments automatically, your payment will be timely. For those who need money for things that are not immediate, this type of secured loan may be what you were looking for as it has interest rates that can approach 100%. Therefore you’ll be best served to see if any local banks on Ocala can help you with a personal loan or credit union loan before you turn to a vehicle equity lender