The process 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 title loan lenders will ask for additional documents, but the process can typically be finalized within an hour. That’s why it’s important to note that the most difficult aspect of applying for online title loans. You have to decide if you need one at all! Let’s get right into the different scenarios on what you should expect. Most applicants will choose different options when it comes to borrowing money and what happens next.
We have found that most Florida residents who come to this site know they need to borrow money. That doesn’t mean everyone is in this same situation. Hopefully, you understand the different finance options. Floridians have access to many types of funding that are often a better choice than working with a title loan company. Can you apply for a home equity loan in Daytona Beach? Or can you get an early advance on your next paycheck? Will your credit card allow you to take a cash advance? Will you be able to get approved by an installment loan lender or bank that provides low interest loans. All these options are better than online title loans from a local company. Most have lower finance charges and you don’t run the risk of losing your vehicle. You can at least keep the ability to drive your car. But there’s always the risk of losing your vehicle with a prepayment penalty.
Unfortunately, many applicants won’t qualify for car title loans. We often see this occur with mortgage lenders as they 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 firm. Many borrowers will simply find a lender by searching Google for companies that follow title loan regulations in Florida. 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 that charges a prepayment penalty. Florida title loans carry huge finance charges and it’s critical that you pay them off as early as possible.
Find A Title Loan Company With Low Rates & Payoff Terms
Once you decide to go with a company that offers title loans in Florida, you will then need to decide how to best apply. Some people choose to apply in person as they gain when 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 the process will be quick. An online equity lender will typically walk you through the application and detail the exact documents to send in. The list of documents can include, your vehicle’s pink slip, information to confirm current residence and employment. They may also need 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. In some cases, you can even get same day cash from an online company that has an office in your neighborhood. For example, many online firms have offices in large areas of South Florida, like Miami and Palm Beach.
Title Loan Offers in Daytona Beach
After a 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 paperwork and contracts if you agree with the lending terms. Compare your car title loan application process to what occurs when you apply for a mortgage refinance or even a payday loan. With this type of secured loan, a borrower can use their pink slip as collateral! It’s much the same if you apply in person. There are dozens of services 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 now your auto title loan lender should give you a date and time of when to expect your cash. Some Florida title loan companies will wire you the money and some will send it with Western Union.
A few companies in Miami and Orlando will let you pick up the money in person, 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 gave your pink slip to the lender for a car title loan. 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 on an auto title loan 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 a car title loan for emergencies and work to pay it off as quickly as you can!