Obtaining a car title loan is quite simple. The requirements are relatively easy too.
The primary requirement is vehicle ownership. You need to have a car or other vehicle with a title in your name, in good working order, and of sufficient value to cover the loan.
Secondly, you need to provide certain documents. These are required in the state of Florida before you can be approved for a title loan.
These documents include a government-issued ID. This could be your state ID, passport, social security card, or driver’s license. You also need to provide proof of residence: a bank statement, utility bill, mortgage statement, certificate of voter registration, or lease agreement would all be acceptable.
You’ll be required to provide proof of income to make sure that you can make your repayments. These can be tax records, account statements, recent pay stubs, or pension information.
Of course, a vehicle title is necessary. To qualify, the car must be in your name. You will usually be expected to own it free and clear — that is, with no outstanding payments. In some cases, you may still be able to qualify if your car has outstanding payments (as long as there’s sufficient equity on the vehicle to cover the loan).
You may be asked to provide four references. They can be personal, professional, or both.
If you’re applying online rather than in person, you will be required to provide clear digital photographs of your vehicle. The lender will tell you which parts of the vehicle you need to photograph. Typically, they will want to see the exterior, interior, odometer, and VIN number. They may also want you to snap other important parts of the vehicle.
Some lenders may request other documents for clarification.
Benefits of a Car Title Loan
When you need cash urgently, title loans can be rapid, convenient, and easy to obtain. It can take less than an hour to complete an application, and in some cases, you can finish your application in as little as 15 minutes. If you’re a Florida resident eligible for a title loan, you might receive your money refinanced as quickly as one business day. Lenders may also offer flexible terms, allowing borrowers to pay back the loan early or extend the lending period. Lenders don’t usually spread the loan over more than one year, but some lenders allow loans to be extended for as much as three years.
Convenient regular payments can make it easy to keep track of your loan. This is important, ensuring that you don’t miss a payment and incur late fees.