Title loans can be a lifesaver, especially when you need cash quickly. You could suddenly find yourself in need of quick cash for a financial emergency or critical repairs around the house.
The way a car title loan in Florida works is pretty straightforward. You provide the lender with the title to your vehicle as collateral to secure the loan. They’ll typically give you the money you need very quickly so that you can use it to solve your financial problems.
“But how much can I realistically expect to get from a Florida title loan?” That’s an excellent question. With a Florida title loan, you can expect to get somewhere between 25% to 50% of your vehicle’s worth. According to some statistics, title loan borrowers can get as little as $100.00 and as much as $5,500.00.
How To Get a Florida Title Loan
Getting a Florida title loan is a quick and easy process!
Figure out how much you need
First and foremost, you have to figure out how much money you need. Smart borrowers will never take out more money than they need to get through their current financial challenges. That way they won’t spend the extras on something unnecessary. More importantly, they won’t have to pay back more money than they have to or be in debt for longer than necessary.
Prepare the necessary documentation
You don’t need much documentation to apply for a Florida title loan. All you need to start with is…
- Your photo ID
- The title for the vehicle proves you are the rightful owner.
In some cases, the lender might ask for some kind of proof of residence, like a utility bill or something similar.
Find a lender online or locally
The next step is to find a trusted direct lender near you. Unfortunately, most of the local lenders have closed their storefront due to COVID-19 and are now offering title loans online. Here are few highly-rated lenders in Florida that can process applications online or locally:
- Titlelo Title Loans – Online Only
- Embassy Loans – Local & Online
- Credex – Local Only
Once you choose the right lender, go to the lender’s website and fill out your application. Be sure to submit all the necessary documentation that this list mentioned earlier and any others that the lender might ask from you. After you’ve applied, a loan agent will reach out to help you through the rest of the process. Usually, it doesn’t take very long before that happens. If your application is approved, this is when you’ll find out just how much the lender will offer you. At the same time, you can also figure out the repayment terms and timetable on that Florida auto title loan.
Read the fine print
No matter what happens, always read the fine print before signing anything. You need to know all the facts before you commit yourself to it!
Plus, as a wise borrower, you’ll be able to make many better-informed decisions later when you’re familiar with the terms of your title loan.
Use the money wisely
Once you get the money you need, be sure to use it wisely. Remember why you borrowed it in the first place, and be sure to resolve that financial need as soon as possible. After all, you don’t want to end up spending that money on other things first!
Common Questions
You may have some questions lingering at the back of your mind about a Florida title loan. Don’t worry! It’s always a good idea to ask these questions before submitting your application. Here are two of the most popular questions about title loans:
Can I get a title loan if my credit is bad?
Yes, you absolutely can! When it comes to title loans, lenders typically do not consider your credit score as part of the application process. That’s why title loans are so useful during tough times!
Do I need a particular type of income to qualify for a title loan?
No! Florida title loan lenders will work with you regardless of your income type. Whether you’re a business owner, gig worker, or freelancer without a steady monthly paycheck, you can still apply for a title loan!
Below is a graphic with the most important points we covered:
Picture courtesy: Jeremy Brooks
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