Car Title Loans In Jacksonville – What To Know
It can be difficult to borrow money when you have a low credit score, and most unsecured lenders take days to process and underwrite your loan application. So what are you supposed to do if you need fast cash but need help getting approved for a payday loan or line of credit? Here in Jacksonville, there’s now an option to use the equity from your vehicle as collateral for a loan. You don’t even need a good credit score to qualify!
With a title loan, you can borrow over $3,000; it takes less than 24 hours to approve and underwrite your loan. The requirements are minimal; other than a vehicle titled in your name, the funds can be sent straight to your checking or savings account with direct deposit. Learn more about how these title pawns work and what you need to get approved!
How Do Title Loans Work And What’s Required In Jacksonville
Title loans are secured by the collateral from your vehicle’s title. A lender will offer you a loan based on your equity; those amounts typically equal 35% to 65% of the current resale value. Online title loans have become common in Jacksonville over the past few years as the requirements are far less than what you need for a personal loan. To qualify for a Jacksonville title loan, you need the following:
Proof Of Residence: We need to verify that you live in Florida and that can be done with a utility bill, mortgage documents, driver’s license, or passport.
Income Verification: Your lender will only offer a loan if they know you can repay it. Submit proof of income to demonstrate your ability to make the monthly payments. Proof of income can be from bank statements, employment records, social security forms, or annuity statements.
Vehicle Title: You can only qualify and be approved for a Jacksonville title loan with proof of vehicle ownership. The car must be titled in your name and you must possess the pink slip. Your lender will be noted as the primary lienholder for the vehicle.
Photos Of Your Vehicle: We need to verify the collateral for a title loan. Companies offering Florida car title loans may still require a vehicle inspection. Still, we need recent photos of your car or truck with current odometer readings and a picture of the VIN.
The Process To Get A Title Loan In Jacksonville, Florida
If you’re sure a title loan is right for you, then Highway Title Loans is the place to start! We strive to offer our customers updated information on what they need to get approved and offer a completely online title loan application. For those who want to submit their details over the phone, that’s also okay. You can call us at 877-433-5454 to get started, and it only takes 15 minutes to complete the application and move on to underwriting.
After we receive your vehicle information and get you a quote with different payment options and loan amounts, it’s up to you to choose the best lending option. We then may ask for additional documentation to verify your exact loan terms, and once we verify the information, we’ll match you with a licensed title loan company in Jacksonville.
Your local lender will allow you to complete the underwriting online, which can be done in just a few hours. You must agree to the lending terms, sign off on the contract, and add the lender as a lienholder to the pink slip. The last step is getting your cash, which is the easiest part. Some title loan providers in Jacksonville offer in person cash in hand and that means you can get the funds just minutes after approval! Others will send the money through direct deposit straight to your checking account. If you don’t have a bank account, you can request a money order or send the funds to a debit card.
How Much Can I Get With A Title Loan – What Is The APR
Loan amounts for residents in Jacksonville depend on several factors, and the exact funding amount varies based on your underwriting profile, the lender requirements, and your vehicle’s resale value. Most lenders in Florida offer title loans for bad credit that start at $500 and go up to $20,000 for high value cars and trucks with low mileage. The average loan amount is at $2,000; as always, the loan value is determined by how much equity you have left in the vehicle.
The APR is set according to state laws; there’s always room to negotiate with your lender and lower the rate. Most title loan providers in Duval County have rates between 40% and 125%, so you can see how important it is to find a lender offering the best APR.
I Need Cash Fast – How Can I Apply
There’s no need to wait if you’ve determined that a title loan is right for you. Apply online or contact Highway Title Loans at 877-433-5454 for a low rate and competitive loan amount. We’ll work with you to process your application quickly and connect you with a title loan place in Jacksonville, FL, that will work to get you cash in less than one business day!
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