Get An Auto
Title Loan In Florida!
- Keep driving your vehicle
- Borrow up to $25,000
- Bad Credit is no problem
- Most Paid Off Cars Qualify
- Keep driving your vehicle
- Borrow up to $25,000
- Bad Credit is no problem
- Most Paid Off Cars Qualify
Find Out Your Car's Title Loan Value
Same Day Funding Online Title Loans in Florida
Title loans are a popular financing option for borrowers in Florida who otherwise can't qualify for traditional unsecured loans. These secured loans require using an asset(typically a vehicle) as collateral for a loan that often comes with high interest rates and a repayment term of 12 to 60 months. When it comes to title loans, many people are left wondering if 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. Title Loan Regulations in Florida state that title loans are legal, but certain restrictions regulate how much you can borrow and the limits on interest rates.
Work with Southeast Title Loans to get fast approval and funding for a title loan in Florida. You can borrow $4,000 or more; some customers can be approved for up to 70% 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 guarantees the loan, making it easy to be approved with poor credit. Some lenders won't even run a traditional credit; 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 and registered and titled in your name.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 the loan is fully repaid.
- 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. There are no 2nd lien title loans allowed in Florida.
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 it's been repossessed. Once this occurs, your lender must sell the vehicle for the highest reasonable amount and any money left over after the loan has been settled will be returned to you.
Interest Regulations for Car Title Loans in Florida
Florida state laws allow the lender 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 an interest rate of 18% for any money above $3000. Notice that all these rates will be charged yearly. Of course, these interest rate caps are not enforced for 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 in case of an inability to pay off the amount along with interest, the lender holds the right to possession of the article used as collateral and can sell it. Any local lender offers a loan that includes the interest and other loan origination fees.
Don't enter into a lending agreement unless you have a written contract detailing your payment terms and APR. The contract should also detail the months you have to repay 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 Florida? 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. So, apply with us online or call 1-800-308-1905 to start your application today!