Almost all of us have run into a need for some extra cash. Whether we have a credit card payment past due, are behind on our rent or mortgage, or we just want to buy something special, the need for a little extra money is almost always there.
But having poor credit can stop us from meeting our payments or getting the things that we want. When we don’t qualify for a new credit card or can’t get a loan from the bank, finding the extra cash to make ends meet can be stressful and sometimes impossible.
Thankfully, a title loan can help you get some extra cash, regardless of your previous credit score.
Title loans in Florida are created to help individuals who own cars, motorcycles or boats get a loan on their vehicle, regardless of their credit score. Instead of considering how much an individual could receive in a loan based on their ability to repay, a title loan is decided based on the value of the vehicle.
With car title loans and boat title loans, the vehicle is assessed for its worth. Then, the owner is given a fraction of the overall cost as a loan while the agency giving the loan holds onto the title.
The application process for a title loan is easy. It can even be done through the Florida Title Loans Website.
To fill out an application, you simply need to explain the condition and kind of vehicle you wish to get a title loan on. Remember, the amount that you receive is a portion of the overall value, so if you have a car or boat more valuable than another, you may be able to get more cash. You will need to address details like the make, mileage and year of the vehicle.
Once you have submitted your application, you will be given an title loan estimate telling you how much you may be able to receive from your title loan. When a loan representative is available, they will contact you to discuss the details of the loan and help you decide if title loans in Sarasota is right for you.
Although title loans do not consider your credit score before deciding if you qualify, it is important to recognize that a car title loan works the same as any other loan. You will be expected to make consistent payments on the loan and an interest rate will apply.
If you are unable to make payments on your loan, you may be subject to repossession of the vehicle. Additionally, the interest on the loan will continue to stack up until you pay a much higher amount than you originally intended.
Once you have successfully paid off your loan and the interest that was able to accumulate, the loan provider will give you back your title.
If you have poor credit, you know how difficult it can be to find extra cash. For many people, a title loan is a last opportunity to get the cash they need to make bill payments, meet due dates, or just purchase something special.
With a title loan, your only qualification is owning the vehicle or boat you are looking to take a loan out on. Without a need to check your credit score, consider your previous loan-repayment habits, or take any long application steps, a title loan can be just the thing you’ve been looking for.