Does Florida Allow Car Title Loans?
November 18, 2023
Car title loans are a useful asset to help people overcome all sorts of money problems. For this reason, auto title loans have remained popular for years in almost all parts of the country. As a diverse state where many industries get the chance to thrive, Florida also offers multiple loan options to deal with different situations, like a financial crisis or the chance to fund a professional venture.
So, Are Car Title Loans Allowed in Florida?
Yes, if you go to Florida looking for a car title loan, you won't run out of options to choose from. Car title loans are in high demand but that also means that there are regulations to take note of before applying for one.
Each company has its own policies based on vehicle criteria, interest rates, and payment schedules. The maximum amount of money you can get from a car title loan will change depending on the company, and inspections will be more thorough when dealing with an unclear title or a damaged vehicle.
There are also laws shaping the process statewide. Florida's attorney general office
lists the regulations that licensed companies must follow to conduct a title loan transaction. Among other things, these laws require lenders to be upfront about interest rates and the probability of vehicle repossession. Written statements should also be provided during the appointment at the loan office; this way, borrowers can keep a record of the amount borrowed and other loan terms.
What Are the Requirements to Apply for a Car Title Loan?
Almost any adult with a running vehicle is eligible for a car title loan. Before application, your only requirement is to have a title with no liens against it to prove that you own the vehicle that will be used to define the loan amount.
From there, you can apply for the loan and this part is quick enough as most companies have the option of completing the application online. You'll be asked for identification and proof of income to verify your ability to pay for the loan. Once again, the number of documents required changes from company to company, but you need to have your Social Security Number, driver's license, and at least two utility bills at hand. Your clear title, of course, is also a must. Keep in mind that you can't get a copy of the title during the repayment period.
The visit to the loan office goes as follows:
- The loan specialists will inspect your vehicle. The vehicle's value will determine the amount of money you'll get out of the loan.
- Lenders will also consider your ability to keep up with the payments, which is why the proof of income is so important. Some cat title loan companies will also ask for information about your credit history and your plans in the near future.
- The loan specialists will present the loan amount and explain the agreement in detail before confirming that you, as the borrower, agree with all the terms. This part often involves discussions regarding interest rates and other fees, payment schedule, preferred methods of payment, etc.
- On top of including the loan terms, the contract should also state the borrower's basic information (full name, address, date of birth, and social security number) and the specifications of the vehicle that was used for the loan (make, model, year of manufacture, and identification number).
- You'll receive the specified amount of money at the end of the appointment and leave the title in the loan office as collateral. In most title loan companies, borrowers are free to drive their cars for the duration of the repayment period.
Getting a Car Title Loan with Quick Cash Auto Loans
At Quick Cash Auto Loans, you can expect many of the advantages mentioned above, along with other benefits that will make the process less stressful for you.
Quick Cash Auto Loans will not ask questions about your financial status. Your credit history doesn't affect your chances of getting a car title loan, and clients with bad credit can still pay for the loan comfortably after getting the money they need.
With monthly rates as low as 1.50% and a repayment period of up to 12 months, Quick Cash Auto Loans gives you all the options to help you pay for your loan in your own time as you put the rest of your attention on your personal projects. You can cover medical bills or repair fees without feeling a strain on your daily expenses. And if an unexpected event keeps you from meeting your payment deadline, our specialists are ready to assist you in finding the less stressful alternative.
You can count on all this and more because our team works efficiently while following all state laws to protect the documents/private information you share throughout the process.
To summarize, you can safely get a car title loan in Florida and have peace of mind after trusting one of the most reputable companies in the area. Quick Cash Auto Loans doesn't waste time to get you the money you need, so you can start the loan process online and receive the amount right after hashing out the loan terms. We're a licensed company in the State of Florida and have worked in the loan industry for decades, with excellent results. Our website has in-depth information about our loan process and the recognition of hundreds of clients from all parts of the state. If you have any questions before applying for a car title loan for the first time, our experts are ready to assist you. You just need to call (786) 600-3411
or fill out the application form
at the top of the page.
Discover all the advantages that set title loans apart from all the other options. Quick Cash Auto Loans is here to help you secure your financial freedom!