What to expect when I take out a title loan in St. Petersburg
To apply online or over the phone for a title loan, simply fill out the application and provide the needed information. At any time you will be able to pick up your money in person if needed at one of our locations. Some Florida title loans are used on newer vehicles and others intend to access the equity in older paid-off vehicles.
Fees and rates for title loans in St. Petersburg
All title loan companies doing business in the City of St. Petersburg will charge a fee initially, however, most will only charge a fee based on the value of your vehicle after they receive an appraisal. These title loans can be very costly and should only be used by a responsible borrower. There is usually a higher interest rate because the cars are older on average.
Rates are determined by a number of factors, including the loan amount; the value of your vehicle; your credit score; the condition of your title; and the time to repay the loan. Every title loan company will have a different package for their loan and the interest rates will be dependent on the individual companies and how well the vehicle qualifies.
Much like a payday loan can keep you from getting manually or economically trapped in another cycle of late payments. A title loan is a tool designed to help consumers achieve short-term strapped short-term financial goals. Any way you approach it, a title loan lender in Florida will need the pink slip for your car. This loan is available to those who do own a vehicle and are in danger of losing it. If you are behind in your payments you can lose your vehicle in as little as 3 days. This loan will help you stay on track, get back on time with your payments, and keep your car by providing quick cash without a cosigner. This loan does require a post-dated check within the St. Petersburg city limits. As with any post-dated check, this check will not cover the loan amount because there will be no proceeds until after the loan due date. This check will have the debt owner’s signature on it as well and will need to be deposited at the loan proceeds bank. Vehicle equity amounts from Florida Title Loans typically range from 50-70% of the wholesale value of the vehicle.
What happens to my vehicle when I work with a local St. Petersburg title loan lender?
Car title loans, like all other short term loans, are very expensive for those who borrow them. Generally, title loan fees are between $50 and $100 for most state licensed lenders. These loans should only be considered by those who can afford recommended high-cost loans. This is also not an avenue for those who want to get caught up in payment obligations, because to secure this loan they will pay high interest. When one completes this type of loan, they will be replacing their vehicle with a newer one. When this loan is repaid the used vehicle will be legally theirs, assuming no further violations are made.
What if I don’t pay or fall behind on a title loan in St. Petersburg?
When you cannot afford to pay your loan the vehicle will be seized through a repossession with a licensed Florida company. When a law enforcement agency arrives on your doorstep to seize your vehicle, it will be tagged a repossession, which will end your chances of ever receiving another loan. This may sound scary, but relax, most lenders are very professional and would rather just take your car to another lender. Title loan lenders will use the title loan to assume your contract. This is a win-win situation for all involved and usually, the only encounter between lender and borrower will be on the loan. A payoff sheet will be supplied when you take out the loan to ensure there are no tax liabilities or liabilities resulting from the sale of a vehicle or the lease of it. You will sign these documents in the lender’s office in Florida and they will take possession of your vehicle.
If you don’t pay, the loan will appear on your credit report, although, the damage will be minimal because your vehicle was taken over and through legal means, you are merely trying to find a way to make reasonable back-due payments on your title loan. Depending on the lender you work with in St Petersburg, you may be able to skip one or two payments on the loan. Again, most of these loan companies are reputable companies that are willing to help you become financially solvent as well as pay off the amount owed to them.
How much can I borrow with a St. Petersburg car title loan?
Most reputable car title loan lenders will be able to offer you any kind of loan including mortgage loans, automobile loans, personal loans, credit cards, payday loans, home equity loans, home equity line of credits, home equity line of credits, revolving loans for a home, or personal vehicles. The amount that you can borrow depends on the value of your vehicle as well as certain variables of each individual loan company.