If you're in situation where you need to get money fast to cover a sudden financial hardship, then we can help by issuing you a title loan. Consumers from all walks of life have turned to title loans Florida in times of need. The title loan application process is as fast as can be for any type of loan.
To make the process even easier, here at Go 2 Title Loans we've set up a streamlined online application. It's available right here on our website, and it takes barely any time to complete. Simply head over to the application form for title loans Florida, and then enter the following information about the car that you'll be using as collateral on your title loan:
- Approximate Mileage
The form will also require the following contact information:
- Your full name
- Phone number
- Email address
As soon as you've submitted the form, we can get you pre approved for your title loan and use the value of your car to calculate a free car title loan estimate. We will also instruct one of the friendly representatives here at Go 2 Title Loans to get in touch with you and give you some more information regarding how title loans work.
One thing many people wonder about when it's their first time taking out a title loan is what they need when applying for the loan. Very little is required in the way of documents, as all you will need is your government-issued ID along with the title to your car. The federal government requires that all title loan borrowers be at least 18 years old, which is why we need to see your ID to verify your age. We also need to hang on to your car title during the loan term, and then we give it back as soon as you've paid your loan in full.
How We Work
While the federal government has set a few laws in place for title loans, most of the regulations come at the state level. What this means is that the title loan experience can be very different from one state to another. Florida's title loan laws, which regulate title loans Florida, tend to be borrower-friendly.
A title loan is what's known as a secured loan or a loan with collateral on it, that collateral being your car. The value of your car determines if the lender can approve you for a loan and also how much they can approve you for. So having good, bad or non-existent credit won't matter here.
While there are plenty of states that don't title loan interest rates at all, Florida is not one of them. The state puts a cap on title loan interest rates, starting with a max annual percentage yield (APR) of 30 percent if the loan is 2,000 dollars or less. The max APR then goes down to 24 percent on loans that range from 2,000 to 3,000 dollars. Finally, the max APR is 18 percent on any loans that are over 3,000 dollars. In many other states, title loan companies charge 25 percent in interest per month, so Florida has excellent borrower protections in comparison.
A standard title loan repayment period is 30 days, and if you aren't able to make your payment in full by the end of the repayment period, then you can renew the loan. To do so, you pay off only your interest charges, and the loan principal goes to a new repayment period with a new interest charge.
Failing to make a title loan payment does constitute a default, but the title loan company can't simply come in and repossess your car right away. First, they must give you a 30-day grace period to make your payment, and send you a notice in writing about the impending repossession. If repossession occurs, the title loan company then must send you an itemized list of what you owe and details of the upcoming sale of your car at least 10 days before that sale occurs. You're able to get your car back by paying the amount you owe or going to the car sale and buying it back. In the event that the title loan company sells your car, they can't send you a bill even if the sale amount didn't cover what you owed. However, if the title loan company made more than what you owe on the sale of your car, it must send you the surplus amount.