How do you qualify for a title loan in Orlando?
Title loans are popular in a large state like Florida. Nowhere more so than in Orlando, where you can get cash with the equity in your vehicle First, you must have proof of your ownership in your vehicle. An ownership confirmation is not always necessary, but in some cases, a vehicle will need to be owned free and clear. You will need to verify ownership through the Manufacturer’s Service manuals or the warranty card. You have to also have passed the Florida inspection website to ensure compliance with State and local regulations. At this time, lenders require a vehicle to be completely paid off with no active liens.
If your car is financed, you will need to check the V Barbara finance company and their website. The company provides the same type of loan that we have, a closed-end loan. These title loans are good for people who need a couple of hundred dollars for day-to-day expenses or other necessities. The amount you make is not as huge as the loans from online lenders. If the amount is too high, you may not qualify.
When you have a real estate security deed attached to your title, you can use the title as collateral for a Florida title loan. However, we strongly recommend that you avoid using your vehicle to collateralize the loan. The reason is that if you get into an accident and cannot make payments, the car could be repossessed by the lender and then its worth could go way down. The title loan is not something where an accident cannot happen.
Documents required to apply for a title loan in Orlando
When applying for a car title loan in Florida, you will need the following:
Driver’s License, Social Security Card of the borrower, proof of employment (Employment Verification Letter or Form), proof of residence (Utility Bills or contractual agreements). Lenders also require the following:
1. Guarantor Information: The application asks for the names, addresses, and signatures of the borrowers and the borrowers’ Employment information, bank account information, credit report.
2. Vehicle Information: When the loan is disbursed, the lienholder will sign a Power of Attorney granted by Florida State Law. This document allows an authorized person to act as the beneficiary of the lien.
3. Errors and Omissions: Florida Title Loans require you to sign a contract that when requested to provide any requested documents, the information you provide is true and correct. Borrowers have the utmost responsibility in verifying any information before signing the loan document. If you have any doubt that the borrower holds false or false information, ask for the proof and retain the document for your own protection.
Steps to follow if you are ready to be approved for a car title loan in Orlando
After you are ready with all of the documents, if the application asks for a few signatures, go ahead and write a check. If the application does not include a signature, write a postdated check to the title company to cover the title loan along with any applicable interest in the transaction. If your title loan company does not authorize electronic signatures, an application agent can authorize signatures over the phone. Otherwise, the application can be completed online or by mail. Mail your application to the address or place where the application was completed. The documents will be processed and returned within a few business days. Orland title loan companies are committed to a 45 day processing time requirement. That means borrowers can get their funds in as little as 45 days from the time they close the application.