Three Useful Tips When Applying For A Title Loan in Florida
Title loans require a borrower to place a lien against their vehicles, in exchange for cash. These loans, are considered to be short term advances, that are intended to be paid back quickly. Title loans Florida have increased in popularity, because they allow a borrower to receive funds based on the value of their vehicle. The loan does not require a borrower to surrender their vehicle, as long as payments are being adhered to.
Locating A Reputable Lender
Before applying for one of these types of cash advances, you must first locate a reputable lender. Due to the increased popularity of these loans, there are many lenders offering their services. The market is packed with varying lenders promising the most money for your vehicle. Even though it may be tempting to choose a higher payment for your vehicle, over a reputable lender, you must be cautious.
Take some time to peruse some reviews online from customers who have done business with the lender you are interested in. Ask friends and family members if they have used one of the varying lenders, either online or at a brick and mortar location. Word of mouth travels fast when it comes to short term lenders. Listen to what others have experienced, before deciding to go with one lender over the other.
Get A Loan Quote
After finding a lender that you would be interested in working with, the next step is to get a quote for your vehicle. Most lenders will provide you a quote online. You will need to answer a few questions related to your vehicle. When answering these questions, be truthful. Once the quote is given, you will be required to have your vehicle inspected, to ensure that you were telling the truth about the current condition of your vehicle.
Remember, a title loan is a lien against your vehicles title. A lender will not allow you to borrow funds on a vehicle that does not belong to you. The vehicle title must be in your name, with no existing loans, or finance companies on it. If you are still making payments on your vehicle, you will not be able to receive one of these loans.
Time For Your Inspection
Once a quote has been accepted, the final step in the application process is getting your vehicle inspected. Local lenders will require you to bring the vehicle to their location to complete the loan application. With the vehicle on site, the lender can inspect its current condition, and make some necessary adjustments to the quoted price you received online.
At this point, the lender may choose to offer you more or less money based on the vehicles current state. It is your choice as a borrower, to either accept or deny the offer being given. If you accept the offer, you will sign some paperwork to finalize the loan. The lender will require you to surrender your title until the loan is paid off, and let you drive away with cash in hand.