Online Title Loans In Florida
Get cash for your vehicle with a 24 hour title loan in FL. We offer secured loans even if you have bad credit!
Car Title Loans In Florida With Sunshine Title Lending
Financial emergencies and unexpected situations can cause problems in your financial life but they don’t have to define your future. Online title loans a quick and easy way to borrow money using your vehicle’s value as collateral. To obtain a title loan you can use your car’s, RV’s, boat’s, or motorcycle title. Two reasons are why instant title loans are so popular: In determining whether a borrower is qualified for a loan, credit scores are not taken into account. Instead, the lender looks at the vehicle’s condition and value. Due to the lower application requirements, an online title loan can be approved that same day with funding amounts that reach $10,000!
Online car title loans are the most common type of short term cash loan. Car title loans are also known as “title pawns”, or “title pledges” and “secured loans”. The term pink slip comes from the pink paper once used for California car title printing. A potential borrower must first own a car and sign the title over at an auto loan title title company. The finance company will lend $1,000 to $5,500, which is typically 25% to 50% of the value of your car. They will also keep the title of your car as collateral in case you default.
A typical car title loan funding amount is $2,500 in Florida. But, they can be much higher for car’s with a larger resale value. The lending term in Florida is usually between 3 and 16 months, but it can take longer. Borrowers may repay the car title loans in one payment, which is usually within one month. Or, they can pay it over several years. The title company can immediately take possession of the car if the borrower fails repay the loan. The loan company can also allow a default borrower to make interest only payments for periods up to one month. This allows the borrower to roll over the loan amount indefinitely till it is fully repaid.
The lien is removed when the amount is paid and the car is returned to the owner. If the borrower defaults in their payments, the lender has the right to repossess and sell the car to repay any outstanding debt.
How Does A Title Loan Work In Florida & How Can I Apply?
Before you decide to get an online title loan, these are the things you should know.
A title loan, which is a secured loan, allows borrowers to use the vehicle they own as collateral. Your car is the collateral for the loan repayment. The lender may take possession of your vehicle if you fail to repay the loan on the due date. To obtain a title loans, you must give the lender the vehicle title. This can be your car, truck, motorcycle or other vehicle. You will also need to pay a fee if you want to borrow the money. Title loans are typically short-term high-interest loans, with low requirements. If you have poor credit you will still be eligible. Many times credit scores and histories don’t get considered.
A title loan in Florida can be applied for by any lender who offers it, provided you own your car outright and have a free title. You will need to provide proof of ownership (your vehicle title) and your driver’s license for your lender to approve your application.
A secured lender in Florida will assess the amount you can repay the loan and the car’s market value. If you are able to repay the loan and have the vehicle in your possession, the lender will give you a loan.
If approved, you will not have to surrender your vehicle in exchange for the loan. Title loans usually have terms of 30 day, which is similar to payday loan terms. This means that at the end you’ll have to pay one lump-sum. You are required to pay the loan amount plus any interest and other fees. Most lenders charge a monthly service fee of 25% of your loan amount. This will translate to an annual rate of 300%.
The lender will make the payments until the loan is paid off. During this period you are allowed to drive your car for the duration of the loan. Once all payments are completed, you will get your title back. You might also see an increase in your credit score if all of your payments were made on time.
Benefits Of Taking Out A Same Day Title Loan In Florida
Most online title loans can easily be obtained in one business day, with monthly payment amounts as low as $100. Without a decent credit score, most financial institutions will not lend under $1,000 because they believe these are too risky or not profitable. Many lenders in Florida will want to verify the collateral and verify the borrower’s income. The lender does not typically consider the borrower’s credit score.
Alternative title lending can be found in many states and come with fair rates. The payoff terms are fair and quick. A car title pawn is similar to a traditional car loan. The borrower uses the car’s title and vehicle which is often stored by the lender as collateral. There are the same concerns and risks involved, but the borrower will typically receive more cash because the lender has the vehicle and the car’s pink slip.
Get Cash For Your Vehicle's Title In Less Than 24 hours
Sunshine Title Lending Can take your application online or over the phone. We work with borrowers all throughout Florida and we know the requirements to get your loan processed and funded quickly!
Florida Title Loans Frequently Asked Questions
How do title loans work?
Title loans allow you to access cash by using a paid off car as collateral for a loan. These secured loans are often issued to people with bad credit and you can expect a loan payoff term of a few months to 3 years. Lenders offer them as a way for borrowers who are an in a financial bind and need quick cash.
What is the downside to a title loan?
These loans are hard to pay off because most borrowers who apply for a loan have bad credit and lender's have terms that are difficult to pay down. At first the interest rate is low, but every month you need extended, the interest rates rise to high levels. When you are borrowing a high amount, it may be tough to pay it back in the short period of time.
Do I need proof of income for a title loan?
As with any type of loan you will need to show some type of money coming in each month. That way your lender knows you can make the future monthly payments for whatever amount you borrow. Most lenders will accept part time work and monthly annuity payments in the place of full time employment.
Do title loans hurt your credit?
Most borrowers who apply for title loans already have a credit score that can be classified as poor. But did you know you may be able to improve your credit rating with a title loan? Some larger title loan companies actually report on time monthly payments to the credit bureaus and that can improve your overall credit score.
Are car title loans worth it?
As long as you can show that you have a reliable source of income, and a car worth more than the loan you are requesting, typically the title loan provider can approve your loan application. Car title loans are also an excellent option if you need money immediately.
How much is my car worth for a title loan?
People often want to know how much they can access with a paid off title loan. You can access 40-65% of the vehicle's equity when you get a title loan. The average loan amount is $100 to $5,500 for most secured loan, but some lenders will let you take out up to $10,000, and even more. Once you're approved for a loan, you'll give the lender the title to your car.
Can I access cash from a title loan on a car I just bought?
I just bought my car and haven't had the title transferred. Is it possible for me to borrow money using my car as collateral? Yes, unless we are prohibited by laws in your state.
Can you get cash from title loans online?
Title loans let you get cash and use your car as collateral to secure the money borrowed. These are a great option for someone with bad credit and the process is made even easier if you want to apply for financing online. Simply take a few minutes to fill out an application for a title loan online and you can get a pre-approval in less than 20 minutes.
Is getting a title loan a good idea?
A car title loan an option for someone who needs cash quickly. But is it the best way to get cash? That depends on your financial situation. If you really need the money and can't qualify for other funding options like a personal loan or bank loan that it may be the best alternative. As always, do you due diligence and compare lending terms and rates for any company you work with.
How much will I pay and what are the fees with car title loans?
The interest rate and other fees that come with a title loan are really high and you can end up paying more in fees and interest than you initially took out with a title loan! The exact cost of a loan ultimately comes down to what rate and payoff term you agree to. But some companies may have interest rates that are well over 100% for a title loan.
Can a borrower take out a registration loan if they already have a title loan?
Registration loans are only offered in a few select states, but they offer the possibility of using your vehicle's registration as security for a loan. Compare that to a title loan which uses the vehicle's equity as collateral and there may be a chance to get cash from both title loans and registration loans if you can qualify.
Is it possible to get a title loan online without my car's pink slip?
The majority of title loan lenders will require proof that you have paid off the vehicle and that you can provide the actual car's title as collateral for the funding amount. You don't need to hand over the vehicle, but it will be nearly impossible to tap into the vehicle's equity without proof that's in yours and owned outright.
Can you use a bill of sale to get an online title loan?
Some title loan companies will be ok with the use a bill of sale for a loan, but that's really secondary. Any legitimate lender will also require a paid off car title or pink slip as collateral.
Does the title have to be in your name to pawn it?
Similar to if you wanted to apply for a title loan with a pink slip that's not in your name you can't get a title pawn with that scenario either. A title pawn company will hold the vehicle itself as collateral for the cash borrowed, but the lender will still want to know that you're the only owner on the pink slip.
Can you pawn a title that's not in your name?
The only way this may work is if the person who's name is actually on the car title let's you apply for a loan and use them as a cosigner. Most other scenarios will not be acceptable because the only way yo can borrow cash with a title loan is to actually have a pink slip that's in your name.
How can I borrow money against my car?
To be approved for a typical title loan you have to have enough equity in your vehicle. The amount of collateral required to be approved varies depending on the amount you're looking for and the car's make and model. But if you have a newer car with low miles then it's likely you can borrow cash by using the car as collateral.
Can I get a loan on my car if I still owe on it?
Yes! Even if you still owe on the car, you could qualify for fast financial support through title loans!
What's the difference between a title loan and a title pawn?
These two types of secured loans may be the same when talking about vehicle equity loans, but they have a few differences. With online car title loans, you are using your car title as collateral for a loan but the lender allows you to keep driving the car while you make payments. Title pawns also let you get cash for a paid off vehicle title, but the auto pawn lender will keep the car as collateral for the loan.
Do You Own A Vehicle & Have Possession Of The Car Title?
If so, you can tap into the equity from your vehicle with an online title loan in FL. We offer fast underwriting with different ways to pick up your cash. Find out how much your vehicle is worth and get pre-qualified today!
Check out our lending locations in Florida:
- Fairview Shores
- Pine Castle
- Winter Park
- Oak Ridge
- Sky Lake
- Belle Isle
- Union Park
- Fern Park
- Altamonte Springs
- Doctor Phillips
- Meadow Woods
- Wekiwa Springs
- South Apopka
- Winter Springs
- Hunters Creek
- Buena Vista
- Horizon West
- Winter Haven
- Daytona Beach
- St Petersburg
- Port St Lucie
- Fort Myers
- Cape Coral
- West Palm Beach
- Boca Raton
- Coral Springs
- Fort Lauderdale
- Pembroke Pines