Car title loans in Florida are widely available with locations in most major cities including Orlando, Miami, Jacksonville, Tampa, Ft Lauderdale, and others.
When you have an urgent financial need and do not have the funds to cover the expense, a solution may be a car title loan. You can get fast access to the cash you need by using the equity in your vehicle with a car title loan in Florida.
From the sandy beaches of South Florida (Miami, Palm Beach, Ft Lauderdale), to Tampa Bay, Orlando and Jacksonville, a car title loan may be an option worth looking in to. However, it is important to consider all alternatives prior to making the decision to move forward with a title loan.
Title Loans are not the right choice for everyone, despite what some companies may have you believe. Before moving forward with a title loan in Florida, make sure you understand how title loans work and whether or not you make a good candidate.
Florida Title Loan Candidate
To be a candidate for a title loan in Florida you will need a paid off vehicle, have a short term financial need, and a means of repaying the loan.
Repayment can be income from regular work, commissions, annuities, tax refunds, and other expected payments. There are additional requirements including vehicle insurance and a lien free title.
What is a Car Title Loan?
A car title loan is a fast and easy way to borrow money using your vehicle’s equity as collateral for the loan instead of your credit score. Cars have become significantly more expensive over the past couple of decades.
As a result in many people have a significant amount of equity in their vehicle after making their final payment (or paying for the vehicle in cash).
This equity can be used as a source of credit for an emergency financial need. Access to this equity is accomplished with an auto equity loan, also known as a car title loan.
Many people in Florida own vehicles with a large amount of equity. A title loan provides fast funding based on the value of the vehicle.
This means you can usually get a car title loan in Florida regardless of your credit score. The vehicle is used to secure the loan. This has both benefits and risks.
The benefit is the value of the loan does not require good credit. The risk is the lender can repossess the vehicle if you default on the loan. This is similar to a car loan when you purchase a vehicle.
If you stop making payments, the dealer or bank will repossess your car. This is why it is critical to make sure you have the income to repay the loan.
How do Car Title Loans work in Florida?
Title loans are widely available in Florida including Orlando, Miami, Tampa, Jacksonville, and other major cities. They work differently than other states with some important distinctions to keep in mind when shopping for a title loan in Florida. A car title loan in California will work very differently, for example.
- Loan terms are limited to 30 days. You will need to repay the full loan amount within 30 days of borrowing.
- Roll overs are permitted. This means you can extend the loan; but keep in mind roll overs can get costly.
- Interest rates are limited to:
- 30 percent per annum computed on the first $2,000 of the principal amount,
- 24 percent per annum on that part of the principal amount exceeding $2,000 and not exceeding $3,000, and
- 18 percent per annum on that part of the principal amount exceeding $3,000.
What this doesn’t show is the fees that a title loan in Orlando or Miami may require. The lender sets the fees within state limits, however they can get excessive.
Interest and Fees for Title Loans in Florida
Just like any other location, the most important decision you can make when getting a Florida car title loan is choosing your lender.
Not all lenders are created equal and many charge excessive fees. Be sure to read reviews to find out how a lender treats their customer and what they really charge.
Where can I find more Information?
Need more information about Car title loans in Florida? One source is the Florida Title Loan Act chapter 537 of the state code. This is the section that defines how title loans are regulated in Florida.
How much do Car Title Loans in Florida Cost?
Car title loans in Florida vary in cost depending on the lender and type of loan. While the interest rates for title loans are capped at 30% APR, lenders may charge other fees. This is why it is important to read the loan agreement.
Where can I get a Car Title Loan in Florida?
Car title loans are widely available in Florida. These include the following Florida areas:
Title Loans in Tampa
Getting a title loan in Tampa and the Tampa Bay area is easy. Simply inquire online to find out more. The process for getting a title loan in Tampa is the same as any other place in Florida.
Miami Title Loans
Car title loans in Miami allow you to use the equity in your vehicle to get fast cash. Most Miami title loans are completed the same day.
How do Title Loans in Miami work?
Title loans in Miami work the same way all other car title loans in Florida work. They are single payment loans, meaning there is one payment due at the end of the loan term.
In Miami title loans are secured by the vehicle and generally last for a period of 30 days.
Title Loans in Orlando
Home to some of the nation’s most visited areas, there are plenty of title loans in Orlando. Orlando residents should be able to find a title loan near them without any problem.
How Much do Title Loans in Orlando Cost?
Title loans is Orlando cost the same of most other title loans in Florida. The interest rate a fees associated with the title loan in Orlando is set by the lender and subject to Florida regulations.
How to get the Best Title Loan in Florida
When shopping for a title loan in Orlando or Miami Florida, or any other state, preparation is a key step that is often overlooked. Instead of simply searching for the closest title loan place; take some time and find the best possible solution for your specific situation.
This may be different for each person depending on the specifics of the situation; this includes factors such as why you need the title loan and how much you need to borrow. In some cases there may be an alternative lower cost solution.
Preparation is Highly Encouraged
Taking the necessary time to perform the required preparation steps can help save in the long run. Once you decide on a lender always read the loan agreement in full. Make sure you understand all terms and conditions before agreeing the the loan.
This is especially true with a Florida title loan as there may be fees that are not charged in other states.
Usually, one of the most important factors of a title loan is the interest rate. The interest rate is used to calculate interest that will accrue on the loan and will be a major factor in your total title loan costs.
The Florida Title Loan Act limits the interest rate; so make sure to understand the total loan cost. To get the best Florida title loan find a lender with the lowest fees with a payment you can afford. Never borrow more than you can repay.