Title Loans in Sanford, FL
Title loans have not always had a good name. Many people believe they are loans that are made by handing over their vehicle to the loan company in exchange for cash. This is far from true. A title loan company appraises the value of your vehicle in order to give you a free estimate of how much of a loan you can take out with them.
If you decide to proceed, the title loans Sanford company will only hold the title of your vehicle in their possession, not the actual vehicle. You are free to use your car, truck, or motorcycle the whole time your loan is out. After you pay it back, the company will relinquish the title back into your possession.
Title loans are a very easy way to procure money fast when you have an emergency, as the title is the only requirement the company will ask for. Title loans Florida companies will also work with you in the event you cannot pay your loan back right away. These types of loans are very helpful when you need to borrow money fast and don’t have any viable options.
Types of Vehicles for Title Loans in Sanford, FL
Any vehicle can be used as collateral for a loan in Florida. This includes a car, truck, minivan, motorcycle, and mobile home. The only requirement to getting a loan is that the borrower owns the vehicle outright. The title must be turned into the company at the start of the loan period.
The only type of vehicle that will not qualify under Florida law is a motor home that is the primary residence of the borrower. Any other means of transportation is eligible. The loan total will be determined by the make, model, and mileage of the vehicle. Generally, if the vehicle is newer and well taken care of, the loan advance will be larger. But all vehicles, regardless of age or wear, will qualify.
No Credit Check
There will never be a credit check performed by Orlando title loans companies. This is one of the reasons these types of loans are popular since many would-be borrowers have faced poor credit reports and may not be able to obtain a conventional loan. The loan establishment only asks for the title of the vehicle in order to secure the loan.
Necessary Information: Borrowers will log online with the title loan company to fill out an informal application to acquire a loan. The company will ask for just a few pieces of information, such as:
- Make and Model of the Vehicle
- VIN Number
- License Plate Number
Borrowers must also provide personal information to the company. This will include their name, address, email address and zip code they reside in. A contact number must also be supplied. After the information is completed, a free title loan quote will be sent to the customer.
A qualified loan representative will then call the given contact number to discuss the rest of the process. Getting title loans Sanford is usually a very simple and fast procedure that can be finished in less than 24 hours in many cases.
There are two laws, Statute 537 and Statute 516, which help protect borrowers when they apply for title loans. All loan companies must fully disclose their fees, late fees, pay periods, penalties, interest rates, and any other relevant information regarding their loans. Interest rates must fall between 18% and 30% for any loan, no matter how large of a loan is given. Lenders must also get everything in writing, and copies of the agreement shall be given to both parties for every transaction.