When you hear the term “loan” a vision of copious amount of documents and endless interviews comes to mind because that is what people have been used to when taking out conventional products. Not title loans though. These types of loans don’t require a lot of paperwork which saves you the time, money, and energy of finding and copying every financial and personal document. It is why title loans are the go-to solution in St. Augustine when you need quick funds. Some financial emergencies cannot wait weeks or a month for a lending institution to provide approval.
Imagine a relative who has out-of-pocket medical bills, which are almost due. With title loans St. Augustine, it would take about a day to get what you need. Title loan lenders deposit directly into customers’ bank accounts meaning you get immediate access to the funds after approval. The way title-secured loans work, you give the title of your vehicle to a lending institution and get money in return. Lenders base your eligibility on the worth of the asset and your ability to pay. For this reason, your ownership of the car must be outright, and you must have an income.
The beauty of auto title loans Florida is the straightforward nature of the application process. A majority of title loan lenders in St. Augustine provide online application forms like we do meaning you can send your request for a loan from anywhere. To start the verification and approval procedure, customers have to submit the details of their assets, and that includes the year, style, make, and model of the car.
Then you have to give personal details like physical address, name, zip code, and phone number. Our process also includes calculating a ballpark figure of the size of loan your asset will fetch. With this knowledge, you can know beforehand if you will get the amount you need.
Florida is one of the regions that regulate title loan lending for the protection of consumers. The region has caps on interest rates with the first $2,000 borrowed carrying 30% APR. Loans between $2,000 and $3,000 come with 24% APR limit and anything over $3,000 should be charged a maximum of 18%. Note that interest rates for title loans St. Augustine will vary with the business and borrowers should find out about this in advance.
An auto title loan agreement gives the lender the power to repossess your vehicle in the instance you default. Florida offers protection in case of repossession as well. As opposed to some states where a lending institution can take your vehicle even a few days after defaulting, Florida requires the lender to wait 30 days, and the borrower must receive a warning of the repossession. However, repossession should not be a big worry because title loan lenders allow roll over terms meaning you can extend the due date of the loan.
Are you wondering if you should get cash for car title? When in urgent need of financial assistance, this is the most viable solution. The streamlined application and approval process is the biggest motivator. Title loans are also no-credit check products – lenders don’t look into a customer credit history.
Maintaining a spotless credit history is not easy, and this disqualifies a lot of people from traditional bank products. Without the need for your FICO score, title loans become top alternatives as long as your title is lien free. If you are looking to refinance a title loan, ask your lender what options are available. Title loans St. Augustine are also suitable because the lender lets you keep the vehicle, which allows you to commute to work without any trouble.