The Title Loans Process in Florida
When you’re looking for a place to get fast cash for an emergency, look to TNL Car Title Loans for the fastest loan process possible. In times when you need to get money on hand within 48 hours, the banks are not able to help you. Banks typically take a few weeks to go through your loan application and you may not know if you are eligible for a loan until much later. Instead of sitting around wasting your time, apply for a same-day approved loan from TNL Car Title Loans. You can get approved for a car title loan in less than 15 minutes! Get started today by calling us at (888) 663-7074 or apply online here.
What are car title loans?
Car title loans are loans that use your car’s value to back the loan. For example, if your car is worth $10,000, then you would be able to get a loan up to $10,000. To be considered eligible for a car title loan, you will need to be the sole owner of your vehicle, meaning your car has been paid off and clear of any liens, and your vehicle must hold enough value for your loan. Borrowers can still keep their car for personal use, but will need to transfer the vehicle title to the lender in order to back their loan. Should a borrower default on the loan and is unable to repay the loan in full, vehicle ownership will be transferred to the lender to cover the debt. However, when the loan is paid off, the lender will transfer the title back to the borrower’s name.
How do car title loans work in Florida?
Each state has varying laws concerning car title loans, interest rates, and loan amounts. When you’re getting a car title loan in Florida, you’ll need to be aware of a few laws concerning your loan. Here are just a few things you should know when you take out a car title loan.
APR and Interest Rates
In the state of Florida, car title loans have a cap on the amount of interest you can be charged on your loan. The cap for the annual percentage rate (APR) varies according to your loan amount. Keep in mind that these are the maximum caps on APR interest rates, but each lender can charge a varying rate. For example:
- Loans of under $2000 can have an APR of up to 30%
- Loans between the amounts of $2,000-$3,000 can have an APR of up to 24%
- Loans that are over $3000 can have an APR of up to 18%
When it comes to a car title loan, your APR will be dependent on your loan amount. To determine your interest rate and loan amount, give us a call at (888) 663-7074 or apply online today and a loan officer will be in touch with you to determine your eligibility for a car title loan. Loan approval with TNL Car Title Loans can take less than 15 minutes so call in today to see the loan amount your vehicle can get you.
Loan Terms and Repayment
Car Title loans are considered short-term loans and in many states, there are laws that can limit the term length. Most car title loan terms are a month or longer. However, in the state of Florida, there are no laws concerning the term of a car title loan, so loans can have a term length of anywhere from month to several years. When you take out a car title loan with TNL Car Title Loans, your loan term length and repayment plan is determined by you and your loan officer. The great thing about this is you can customize your repayment plan according to your circumstances. If you feel you can pay off your loan within a month, you can set your plan to be a month-long term. Or if you feel you will need some room for flexibility, you and your loan officer can work out a plan that will fit your needs. We encourage our customers to do their best to pay off their loan as early as possible to minimize the chance of defaulting and to save money on interest. When you pay off your loan early, you also will not need to worry about any prepayment penalties.
How much can I get?
Each state has different laws concerning minimum and maximum loan amounts. The state of Florida does not have a minimum or maximum loan amount. Since car title loan amounts are based on your vehicle’s market resale value, your loan amount can vary based on this number. For example, if your car has a market value of $40,000, you can get a loan up to $40,000. TNL Car Title Loans has been able to finance loans up to $50,000 for our customers. To see how much your car can get you, give us a call at (888) 663-7074 or apply online today. A loan officer can tell you right away how much your vehicle is worth and how much your loan can be.
Bad credit is not a problem!
A poor credit score will not affect your eligibility for a car title loan. Instead, to qualify for a car title loan, you will need a car that carries enough value to back your loan. So even if you have bad credit, poor payment history, or credit card debt, you can still be approved for a car title loan if your car qualifies for your loan. In fact, car title loans can be helpful for the borrower who needs to rebuild their credit. When a borrower consistently makes payments on time in the right amount, a car title loan can help build up the borrower’s credit score since TNL Car Title Loans reports to the three large credit bureaus.
Get Cash Immediately!
Instead of waiting weeks or longer to get your loan approved by the bank, get same-day approval for your loan with TNL Car Title Loans. It takes less than 15 minutes to get started right away to get fast cash. We serve several areas in the state of Florida, including Jacksonville, Tampa, St. Petersburg, Miami, Orlando, and Cape Coral. Call us at (888) 663-7074 or apply online here to get started today.