A car title loan may save the day when the time comes to pay emergency bills. Not everyone has cash on hand to cover expenses. Borrowing options might be restricted for many reasons. Vehicle owners — be they owners of cars trucks or even motorcycles — may take advantages of unique opportunities with a title loan.
With title loans in American Beach, you offer a car’s title to secure funding. Doing so doesn't involve many steps. The process for taking out a title loan doesn’t come with the excessive paperwork associated with a conventional bank collateral loan. The terms are commonly simple. As long as the loan is paid back on time, the borrower shouldn’t have any problems. Title loan lenders do not require the vehicle be placed under their care until the loan is paid off. Borrowers may continue to drive their car even while owing money on title loans in American Beach.
Do you need to own the vehicle free and clear though? With a clear title, a title is free of any liens. You can borrow almost the full market value of the car. If a financial institution maintains a lien on the vehicle, borrowing remains a possibility, but the maximum amount may be lower. Liens, however, do not automatically eliminate anyone from taking out Car title loans in Jacksonville.
Speaking of the title, you do need a copy of one. If the title has been lost or damaged, acquire a replacement. In Florida, you must fill out a form to request a new title. Submit the form plus the required fee, proof of identity, and odometer reading to the Department of Motor Vehicles. Without a copy of the "pink slip," processing title loans in American Beach becomes impossible.
While an applicant does need an income for a title loan approval, lenders look primarily at the vehicle's worth. Payday cash advances, however, derive solely from a weekly salary from a steady job. With title loans in American Beach, income may come from pensions, alimony, social security deposits, or any other source of revenue.
Applying for a title loan doesn’t take much work. Provide all necessary personal and vehicle information through an online application. Vehicle information includes make, model, year, and mileage. This information establishes the value of the car.
Once a loan representative reviews the application, he or she will call back with a loan estimate. Afterward, you visit a loan specialist at a local office to finalize the process. Once approved, you then receive the loan funds. Borrowers may use the money from title loans in American Beach to now address any pressing financial matters.
Florida regulates title loans in order to provide a fair process for borrowers. The state licenses lenders who operate a title loan business. In the regs, caps exist on the interest charged by a lender. The percentage caps are staggered. A title loan company may not charge more than 30% on the first $2,000, 24% on amounts between $2,000 and $3,000, nor more than 18% on amounts above $3,000.
Lenders find themselves prohibited from various actions including charging a prepayment penalty, executing a loan with someone under the influence, sell insurance in the loan agreement, and more. Both borrower and lender must also follow specific rules during vehicle repossession. Several rules exist. Locate and review all statutes related to title loan lending in Chapter 537 of the Florida Code.