You’re in a financial situation and you need cash fast. Florida title loans is a fast and easy way for you do obtain some extra cash. In order to obtain a title loan, you must own your car and have the title to the vehicle. Your title must be free of any liens in order to get a title loan. With this type of loan, your car will be used as collateral. The lender will then put a lien on the vehicle title, and they will give you money. While you are paying on your loan, you can continue to drive the vehicle. When they loan is paid in full, you will get the title back from the lender. If you cannot make payments, the lender can repossess the car to pay the debt that you owe. These loans are meant to be short-term, and they have the ability to really get you out of a financial bind. The amount of money you can borrow will vary, but it depends on how much your vehicle is worth. The interest rates on title loans tend to be higher, but Florida laws puts limits on interest rates for title loans in order to protect borrows
Applying for a title loan normally takes as little as 30 minutes. First, you simply go online and fill out a simple application. You will need to know the make and model of your vehicle, as well as the mileage. In addition, you will be asked some personal information such as your name, phone number, address, and zip code. You will be then be given a free car title loan estimate and a loan representative for title loans Naples will contact you as soon as possible.
Passed in 2000, Florida enacted a law that placed restrictions on title loans in order to protect the borrower. Lenders must be licensed under Florida regulations to grant title loans. Title loans in Fort Myers can be used for anything titled personal property. Boat title loans are also available. Furthermore, agreements for a loan must be in writing and must include the make and model of the vehicle as well as the year, VIN number and license plate. Also included in the agreement should be the name, address and social security number of the borrower. The agreement should list the finance charge, total amount of all payments, annual percentage rate, and information about the lender’s office. The document needs to make clear the consequences of failure to pay. The consumer for title loans Naples is required to sign the agreement. Florida laws restrict the interest rate that can be charged on these loans. They can charge up to 30% on the first $2000 and 25% on amounts up to $3000. If you borrow over $3000, the rates cannot be more than 18%. These loans must be less than 30 days unless an extension is agreed to in writing by both parties. If a borrower defaults on the loan, the lender is required to give you the chance to give up the vehicle voluntarily before repossessing the vehicle. The consumer is required to allow you to remove all of your personal belongings, and they must sell the property to a vehicle dealer who is licensed.