Qualify For A Title Pawn Near Me
Besides a car title loan or equity loan, one option to get quick cash is with a title pawn. A title pawn is when you borrow money against the title of your car. You can use the title pawn to quickly get cash and repay the loan with interest over time.
The first thing to do is find a title pawning lender near you in Florida. Many companies offer title pawns, so there’s a good chance you’ll find a licensed Florida lender you can meet with in person. Besides looking for a company in your neighborhood, you can conveniently apply to pawn your car title online. By applying online, you can get things submitted quickly, and there’s no hassle driving around and looking for the best lender. Another option is to call us at 888-986-8505 and get pre-qualified over the phone.
To qualify for a title pawn online, you must meet a few basic requirements. You must show proof of paid-off vehicle with no cosigners or lienholders on the title. You need to provide income verification or some proof of employment. This usually means providing pay stubs or other proof of income showing the lender you earn enough money each month to make the required payments. Most lenders will also want proof that your vehicle is registered and has full insurance coverage in case of an accident or if the vehicle is stolen. You need a newer car or truck with fewer than 100,000 miles to qualify as collateral, and we can also help you pawn a motorcycle or boat in Florida.
Loan Funding Amounts & Interest Rates With A Title Pawn
Loan amounts vary and are based on the vehicle’s resale value. Most title pawn companies will lend you anywhere from $400 to $5,000. Title pawn companies in FL will offer loans that start at $500 and go up to $15,000 for customers with high value vehicles. Generally, you can borrow around half of the value of your car with a title loan. Some states outlaw title pawn loans or have interest rate caps that severely limit the amount you can borrow. Others, like Florida, have regulations that limit loan amounts.
Interest rates with a title pawn in Florida are high but not as extreme as what you see with a payday loan or cash advance. As of 2024, new laws are in place that limit the amount of interest a lender can change in Florida. Now, title loan companies in Florida must adhere to House Bill 1347, which limits interest rates on title pawns to 36% for loan amounts under $10,000. The interest rate for amounts over $10,000 will vary between 25% and 30%. These interest rate caps are a big relief to customers as just a few years ago interest rates approached 100% on certain title pawns. The only downfall is that underwriting requirements have tightened with this cap in interest rates, and now it’s a bit harder to get approved.
How Long Does It Take To Get My Cash With A Title Pawn?
The timeframe to get your cash depends on the title loan company, but most title lenders can fund your loan within 24 hours or less. Sometimes, you may get the money you need in as little as one hour if the title pawn lender is near you and offers quick cash pickup. If you need fast funding, it can be helpful to search for title pawn lenders near you that offer same day cash payments. Otherwise, it will take 1-2 business days to have the cash sent through ACH or direct deposit.
Do you need your money in less than an hour? It’s easier than ever to get your cash with a title pawn in Florida, and you have a decent chance of being approved for any newer vehicle. Call Florida Title Loans at 888-986-8505 or apply online, and we’ll immediately get to work processing your application. Even if you apply after hours or on a holiday or weekend, we’ve got you covered as we work with local lenders in Miami, Tallahassee, and Orlando that fund loans anytime!
Can I Get A Title Pawn With Bad Credit?
One of the great things about title pawn loans is these loans are possible for anyone with bad credit. That’s because title pawn companies don’t focus on your credit score when underwriting a loan amount and repayment terms. Anyone with a lien free title should qualify for a title pawn, including those with a bad credit history! Even if you have a car or truck with more than 100,000 miles, you’d be surprised at how much money you can borrow without a credit check!
Are you worried about applying because you don’t want to pawn your vehicle? Title pawns used to require the keys to your vehicle as collateral, but that’s no longer necessary, as most lenders in Florida will now accept a pink slip as collateral. You still risk losing your vehicle if you miss payments and default on the loan. However, these bad credit title pawns are great for someone who can’t qualify for an unsecured loan because of credit issues and still wants to keep driving their car. Contact Florida Title Loans at 888-986-8505 to pawn your vehicle today!