Title Loans in Altamonte Springs, FL
Consumers that don’t have the time or the credit to get a small personal loan through a financial institution in their area can solve their cash flow dilemma by applying for a title loan. The laws established for title loans Florida have made borrowing money safe and legal, and it’s a great option when you need cash and are short on time. The title company looks at how much equity is in the vehicle, and that’s the amount that can be borrowed.
It isn’t a risk for the title loan company to provide the loan because they will take the title of the car if the borrower is late on payments. How much can be borrowed and what the payments are will be determined after the appraisal of the vehicle, and depending on how much the borrower wants or needs.
There is a bit of information the title company will need when looking at an application, and before awarding the loan and depositing money. In order to process and estimate the value of the vehicle, the company for title loans Orlando area will need the following:
- VIN Number
- Photo ID or Driver’s License
- Interior Pictures
- Exterior Pictures
- Income Information
Title Loan Process
Consumers who take the vehicle to a local branch for title loans Altamonte Springs, they can examine the car and do an inspection there. It will still be necessary to bring the title and identification paperwork. Once the information is processed, a title loan estimate will be given for your approval, and the title loan is awarded, paperwork will be signed and the funds for the loan will be deposited into the applicant’s bank account quickly.
If there is already a loan on the vehicle, the title loan company will want to go through the details to see if it’s possible for the owner to pay back both loans at the same time. Taking out two auto loans on one vehicle may be worrisome if there isn’t a lot of equity, but if there is a lot of equity in the vehicle and not a lot of money owed on the original auto loan, it shouldn’t be a problem to get a title loan.
The title loan may have an interest rate that is higher than a personal loan that would come from a bank, but banks require credit checks and a financial assessment process. This can take weeks, and without a high credit score and strong credit history it’s difficult to get approved. The title loan company isn’t concerned with credit, but instead wants to verify that the applicant has the funds to pay back the loan each month.
Before agreeing to the terms of any title loans Altamonte Springs, consumers should look at the following details so they know what they are committing to:
- Interest Rate
- Payment Dates
- Late Fees
- Repossession Risks
- Title Transfer Costs
Setting up automatic payments may be best for many consumers, to ensure that payments aren’t missed or delayed. Anyone considering applying for a title loan can get the cash they need in a short amount of time with this type loan, and if the payments are made on time there is little risk involved.