Get An Auto
Title Loan In Florida!

Online Car Title Loans in Florida

Title loans are a popular financing option for Florida borrowers who otherwise can’t qualify for traditional unsecured loans. These secured loans require an asset (typically a vehicle) as collateral and often come with high interest rates and a repayment term of 12 to 48 months.  When it comes to title loans, many people wonder whether title loans are legal in Florida. There is usually a lot of confusion about title loans because laws governing short term loans differ based on location. Florida title loan regulations say title loans are legal, but certain restrictions limit how much you can borrow and cap interest rates.

Work with Southeast Title Loans to get fast pre-approval for a car title loan in Florida. You can borrow $1,000 or more; some customers can be approved for up to 60% of the vehicle’s value and that means loan amounts of up to $20,000 are possible for high value cars and trucks! Best of all, you won’t need good credit to get approved for a secured loan. The equity in your car or truck is the security for the loan, making it easy to be approved with poor credit. Some lenders won’t even run a traditional credit check; even if they do, it will primarily be to check for bankruptcies or recent vehicle repossession. Call Southeast Title Loans at 800-308-1905 to get started today!

 

What Is The Process To Get A Car Title Loan In Florida?

Title loans are short-term loans that use your car’s equity as collateral for a loan. They’re easy to qualify for if your vehicle is entirely paid off, registered, and titled in your name. In addition to fast processing, they don’t require much in terms of a credit check, and you can typically complete the underwriting process in just a few hours. The following is how the process works:

• The first step is to get a pre-approval quote based on your vehicle’s make, model, and year.
• The lender or the organization involved estimates the vehicle’s value; they may lend up to 50% of the vehicle’s equity.
• The lender will set the APR and repayment terms.
• You’ll agree to a specific lending term, complete an in person vehicle inspection, and pick up the funds within 24 hours at a location in Florida.
• You’ll make monthly payments on the loan and get the car’s title back after you fully repay the loan.
• The lender can liquidate the asset if the money is not returned within the period.

 

The Legal Status Of Florida Title Loans

The Florida Title Loan Act states that car title loans are legal in Florida. According to Florida state laws, using your car, truck, or SUV as collateral is permitted. These loans are lawful only if the asset is titled in your name and you can’t have any cosigners on the pink slip. You also can’t have any outstanding title loans when you apply and whichever company you get a loan from will need to be the primary lienholder on the car’s title. Florida doesn’t allow 2nd-lien title loans.

You will need comprehensive insurance coverage, and the car has to be registered in Florida. That means no out-of-state vehicles can qualify, and loan amounts are often limited to 60% of the vehicle’s resale value.

 

Basic rules and regulations regarding Title loans in Florida

Since using a vehicle as collateral is legal in Florida, some laws and regulations prevent organizations from harassing borrowers. Your lender must be licensed in the state and note all the requirements and provisions for your loan. They must also offer alternative repayment options and provide enough time to get your vehicle back if you default on the loan. Another thing to consider is what happens if your vehicle is sold at auction after repossession. Once this happens, your lender must sell the vehicle for the highest reasonable amount, and any money left over after the loan is settled will be returned to you.

 

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Interest Rates for Car Title Loans in Florida

Florida state laws allow lenders to charge interest up to 30% per year for a sum equal to or less than $2,000, 24% for additional money between $2,000 and $3,000, and 18% for any amount above $3,000. Notice that all these rates will be charged yearly. Of course, these interest rate caps don’t apply to all lending amounts and limits. Also, some companies offer personal and installment loans in Miami and Jacksonville that aren’t subject to these APR limits. Some companies can assess rates near 100% for auto title loans, and you can look at a payoff term of 2-3 years. Because of those high rates, finding a company that works with you is advisable to reduce initial finance charges.

 

Payment Terms For Florida Title Loans

Another aspect of title loans in Florida, as stated by the FTCA, is that if the borrower cannot pay off the amount plus interest, the lender has the right to take possession of the collateral and sell it. Any local lender offers a loan that includes the interest and other loan origination fees.

Don’t enter into a lending agreement without a written contract detailing your payment terms and APR. The contract should also detail the repayment terms for your loan and what happens if you default. For a typical title loan, your monthly payment should be around $250, with an average repayment term of 24 months. While your loan has a set payoff term, it’s always best to pay down the balance early to avoid any unnecessary interest payments.

 

Apply With Southeast Title Loans In Florida

Are you ready to see how much cash you can get with a title loan from a local lender in Miami, Jacksonville, or elsewhere where you can meet face to face? Auto equity loans are ideal for applicants with poor credit, and you can borrow $2,000 or more with just your vehicle as collateral. We accept most paid off vehicles as collateral, and you can be approved with a FICO score of under 650! It takes less than an hour to apply and have your loan underwritten. Apply online or call 1-800-308-1905 to start your application today!