Title Loans in Haines City, Florida
A Florida title loan is a form of an auto loan. The person borrowing the money uses his or her car as collateral. The borrower has to agree that the lender places a lien on the motor vehicle title. Additionally, the car owner has to surrender the original copy of the title to get the loan. It is temporary.
Upon repayment of the loan, the lender will remove the lien and return the car title to the owner. The lender is in his or her rights to repossess the vehicle if the borrower defaults on the loan payments. The lender will sell the car to collect the balance of payment.
Title loans are short-term loans that last about 30 days. The interest rates are higher than other forms of credit. There is no credit check involved. The lender goes by the value and the physical condition of the car. The financier justifies the high-interest rates due to a high percentage of loan default due to financial difficulties.
The loan can be anywhere from $250 to $1,500, but the company will approve loans up to $50,000. You can drive your vehicle for the remainder of the loan. The lender only holds on to the title.
How to apply for an auto title loans Haines City
You can get a title loan in Haines City by applying for it on the title loans in Florida website. The steps involved are to fill in your name, telephone number, and zip code. In the space provided, fill in the year of the vehicle, make, and mileage. You will get an estimate shortly after the application process. You can follow the same instructions for an auto pawn quote.
A loan specialist will visit you to inspect the vehicle. If everything is in order, the loan officer will ask you if you want to accept the title loan offer. If you agree, the next step is to sign the documents. It does not take long to process auto title loans in Haines City. Sometimes it takes only 24 hours. The funds will get deposited into your bank account. While the loan specialist is present, you can inquire about boat title loans if you own a boat.
Requirements to get a car loan
Once you have been through the application process, someone will ask you to present a photo ID and the title for the vehicle. The loan officer will ask for proof of residence. A utility bill is acceptable. If you reside in Orlando, you will need to fill out an application for title loans in Orlando.
Legal regulations title loans Haines City
The Florida Title Loan Act states that the lender has to get a license with the state Office of Financial Regulations. Both the lender and the borrower have to sign written agreements before a disbursement of the loan takes place. The agreement has to state fully the amount that the borrower is requesting along with the interest rate.
Additionally, the agreement should spell out the ramifications of non-payment. For example, the lender might repossess the vehicle if the borrower fails to make payments. The bank reserves the right to keep the proceeds up to the balance of payment left on the car. You should get a notification if the lender’s intention is to repossess the vehicle. Moreover, the bank is obligated to tell you within ten days the place and sale of the vehicle along with the amount owed on the car.
Benefits of car title loans
One advantage to getting an auto title loan is that you will get the money quickly. The process can take up to 24 hours. Moreover, the lender does not do any credit checks, so if you have bad credit, you can still qualify. You will also keep the car and drive it for the duration of the loan.
Getting a title loan requires putting up your vehicle as collateral. There is no credit check, so the car gets used as a guarantee of loan repayment. The process is quick and easy. Once you have filled out the application, you will get an estimate, and a loan officer will get in touch with you. He or she will inspect the vehicle. If everything is in order, the loan specialist will ask for your title in exchange for the loan agreement.