The realization that you need a loan is not a pleasant feeling. What is even worse is when it comes time to pay the piper and you realize how much interest you are paying.
Getting a loan can be a pain, and you usually have to show a lot of evidence to have to prove you can pay it back. This puts Americans in debt, with the average American having $90,000 worth of debt.
But, there are loans more pleasant to get than others. One is a car title loan.
There are plenty of car title loans in Jacksonville, FL available, but how do you know that this is the right option for you?
Maybe, you are not sure exactly how this works. No worries, we are here to help.
Here is your title loan options guide.
What Is a Car Title Loan?
A car title loan is when you put up the title of your car in order to receive a small amount of money to be paid back within a shorter period of time.
In Florida, the car financing options offered range from $100 all the way up to $10,000. The following types of motor vehicles are eligible for a car title loan:
Titles for any of those vehicles can be exchanged in order to receive a loan. So, it is not just owners of sedans and pickup trucks that get the benefits of eligibility for this type of loan. If you just ride a motorcycle or have an RV you use for road trips or vacations, this is an option that you can take advantage of.
Champion Cash Loans has now branched out to Tampa, FL. We can help you with loans starting at $500!
What Documents Do You Need?
Besides the car itself, there are a few things that you need to present before you receive your loan to make sure everything checks out.
The first thing is a pink slip or vehicle registration. Presenting a car and its title means nothing without proof that you actually own the car being offered.
Then, the value of the vehicle will be determined and that will be a major factor for how much money you will receive in a potential loan. But, there are other things you will need for a Jacksonville car title loan.
One of those things is a valid ID. This can be a driver’s license, or even a passport will do. Another item will be proof of insurance. You are not even supposed to drive a car without this, so when a loan is at stake, it is definitely needed.
You will need to show proof of residence. If you are getting a loan in Jacksonville, it is only natural to prove you live within the area and not in say, Alaska. Showing a utility bill or providing some junk mail will suffice.
Finally, you will need proof of income. This does not have to be from a current job, but you need to show some way money is coming in for you. This can be a pay stub, a bank statement, unemployment, Medicare, a pension, social security, etc.
So, while having the car and the pink slip is a good start, you have to provide the other things above before you can get your hands on a loan.
What About a Credit Report?
Bad credit? Don’t worry about it. You will NOT have your credit report ran in order to get a loan. The other documents discussed above will fulfill the qualifying need to decide whether or not to approve you for a loan.
A car title loan focuses more on if you have any sort of income that can lead to you paying the loan back, the type of car you are offering your title to, and the condition of that said car.
Florida Laws on Title Loans Jacksonville, FL
Every state has its own jurisdiction when it comes to certain laws, and car title loans fall into this category.
Florida has specific limits on loan terms and conditions. This covers how much interest can be charged on title loans over a certain period of time and how much time borrowers have to pay the money back.
A title lender is allowed to charge up to 30% interest for the first $2,000 that you borrow. From $2,000-3,000, you can be charged up to 24% interest on that last $1,000. And finally, anything over $3,000 is up to 18% interest.
How much money you are receiving needs to be in writing, along with how much interest is being charged on your loan. Also, that the lender may possess your vehicle if you cannot pay the loan back in the specified time.
A car title loan lasts on average for around 30 days. It can be extended by another 30 days if both parties agree to this, which can be discussed between you and the lender. However, a lender has the right to repossess your car within 30 days of the date agreed upon for the borrower to pay the money back to the lender.
Learn More About Car Title Loans Jacksonville, FL
Car title loans in Jacksonville, FL are a very viable option. You just need to do your research and understand the terms and conditions before getting a loan.
Naturally, this is a big decision that you may want to find out more information on.
Go here to find out that information and to find a location in Jacksonville near you to start the loan process.