Instant Online Title Loans In Florida
Here are a few essential facts if you’re unfamiliar with car title loans and how they work in Florida. First, these are high interest emergency loans usually available to people with no credit history who own a paid off vehicle but otherwise have no other collateral to secure the loan. Second, these loans are secured by the equity of the car. Most direct lenders in FL can give you 25 to 50 percent of the car’s value, depending on the car’s model and make.
How Does A Florida Title Loan Work
Secured car title loans work like mortgages and other equity loans. They’re theoretically given to people with bad credit to help them get back on their feet financially and work toward establishing their credit in the future. Lenders will do a soft credit check to see if a borrower is qualified. They want to ensure you can repay your loan without falling behind. Online title loan companies in Florida will use the vehicle title as collateral, and the best part is that you don’t have to give up the car to the lender. Instead, they hold the vehicle’s pink slip, and you continue using it.
What Do I Need To Qualify For A Title Loan In Florida
Even with no bankruptcies on the borrower’s record, getting cash with a home equity loan or a personal loan where you bring some collateral has been challenging. However, the popularity of these online title loans in FL now means these equity loans are possible for people throughout the state. You have an even greater chance of qualifying if you live in larger cities like Miami or Orlando, as most lenders will require you to submit to a vehicle inspection. In larger towns like these in Florida, arranging a vehicle inspection and meeting with someone to finalize the documents is much easier.
The vehicle is the primary source of collateral for this type of loan and most cars and trucks with equity can qualify. Therefore the main requirement is going to be an adequate vehicle value as opposed to having good credit. Bad credit is typically not an issue for most underwriters regarding title loans in Florida. Other requirements will include showing the ability to pay back the loan, having valid insurance on the vehicle and you’ll need to show a driver’s license for identification.
If you’re not confident about your ability to repay a loan, you can always get a co-signer when applying with Highway Title Loans. This is one way to get a more conservative loan offering lower monthly payments.
Typical Loan Amounts For Online Title Loans In Florida
Funding amounts in Florida are $3,000 based on a few factors. First, a loan underwriter wants to know the vehicle’s value determined by regional resale prices. Your car’s worth value how much money you can borrow. The other factor is your employment status and how much cash you make every month. Even though an equity lender can use the vehicle equity as collateral, they still want to ensure you make timely payments and do not default.
You may get up to 65% of the vehicle’s value through a Florida title loan. That means a funding amount of $4,000 or more is possible if you own a vehicle with a resale value of at least $9,000! So, don’t hesitate to see how much equity you can pull out from your vehicle. Fill out an online application or call us at 877-433-5454.
What Happens After I’m Approved For Auto Title Loans In Florida
The payment terms are up to you and each lender sets a specific period on when the funded amount must be paid back. When you take out an online title loan, you only repay the amounts over a specific time on the due dates. The interest rates, however, keep going up each month and the APR is very high. That’s why paying off your loan early is important, and even considering a buyout with a licensed lender in Florida.
Sometimes, the money you borrow with title loans in Miami can be paid back over a few months to 2 years. If your loan is new and you can repay it plus interest, you will still owe money back. However, if you have trouble paying back title loans in Florida, you will risk falling behind on the loan obligation. In those kinds of cases, you might have to go into default. The company will then repossess your used vehicle. They will give back the car, plus late fees and prepaid interest if there is any.
Repercussions Of Falling Behind On An Auto Title Loan
If you fail to repay the loan or fall behind on the title loan payments, the lender can go to court and legally take the vehicle being used as collateral. If this happens, you won’t have a vehicle to drive because they will have repossessed it and you’re now on the hook for any excess amount not covered by the auction sale amount.
The same restrictions apply in cities such as Jacksonville and Miami. Still, these locations also have municipal codes on the books that further regulate what companies can do if they fall behind. A company can only go to court if you default on your loan.