The processing of applying for a car title loan with a legitimate lender is not at all difficult. You can either apply online, over the phone or in person. In most situations you can complete the application in less than five minutes. Most lenders will require additionally documents to be submitted but the whole process can typically be finalized within an hour. That’s why it’s important to note that the most difficult aspect of getting a title loan is having to decide if you need one at all! Let’s get right into the different scenarios on what you should expect when it comes to deciding on a loan and what happens next.
We have found that most Florida residents who come to this site know they need an online title loan. That doesn’t mean everyone is in this same situation. Hopefully you understand the different finance options. In Florida you have access to many different types of funding that are often a better choice than working with a title loan company. Can you apply for a home equity loan? Or can you get a early advance on your next paycheck? Will your credit card allow you to take a cash advance? Will you be able to get approved with an installment loan lender or bank that provides low interest loans. All these options are better than online title loans. Most have lower finance charges and you don’t run the risk of losing your vehicle. Unfortunately, many applicants won’t qualify because they either don’t own a home or can’t qualify because of a bad credit report or score. If you fall into this scenario you need to find a decent and licensed title loan company. Many borrowers will simply find a lender by searching Google. This method can work, but you need to know what to look for. Is your title lender fully licensed in Florida? Do they only accept applications online or can you apply at any of their Florida based locations, say in Miami or Jacksonville? Are they willing to work with you on the finance terms? Finding a lender that works with you is critical as you want a company that’s flexible on payoff time and finance charges. Will they allow an early payoff, otherwise known as a prepayment? There’s no reason to work with a firm which assesses a prepayment penalty. Florida title loans carry huge finance charges and it’s critical that you pay them off as early as possible.
Once you choose a Florida title loan company you will then need to decide how to best apply. Some people choose to apply in person as they gain a trust factor of seeing someone face to face. Most borrowers these days will apply for a Florida title loan online. When you apply with an online company you know that the process will be streamlined. An online equity lender will typically walk you through the application and detail the exact documents that need to be sent in. The list of documents can include, your vehicle’s pink slip, information to confirm current residence and employment and they may also require recent pictures of your automobile. Once a lender has all these documents they can make an informed decision on your lending terms. By applying online, you’re able to speed up the process and most companies can give you a decision in 10 to 20 minutes.
After the title loan company has reviewed the information they should let you know by email or phone what the finance terms are. At this point you will be instructed to sign off on final paperwork and contracts if you agree with the lending terms. It’s much the same if you apply in person. There are dozens of car title loan companies in large cities like Miami and Daytona Beach. You should try to get all the paperwork and loan documents completed in one in person setting if you work with a local lender. Most companies will need you to show the vehicle in person. This is especially true in Florida, and most firms can supply a notary to get all this done at your house or office. By know you should know that approval has been guaranteed and your title loan lender should give you a date and time of when to expect your cash. Some lenders will wire you the money and some will send by western union. A few companies will give you loan amount in cash, but that presents obvious security issues. When you reach this step of the process you should have cash in hand for your vehicle title. That’s all great, but remember you have handed over your pink slip to the lender. This pink slip acts as collateral and there are big problems if you default or fall behind on making payments. Stay in contact with your title loan company. There are Florida state laws in place that protect borrowers who fall behind and get their vehicle repossessed. Don’t let it get to this point. Communicate with your representative and they should work with you. Only use an online title loan for emergencies and work to pay it off as quickly as you can!