Car Title Loans in Jacksonville, Florida
Getting a title loan in Jacksonville might be a good solution that comes to mind when you need cash fast.
If you have bad credit or your bank or credit union doesn’t approve your loan, title loans in Jacksonville might be a sound option.
But how do you know if title loans are the right choice? Are the requirements easier than applying for a bank or credit union loan? How can you receive money fast?
If you feel like you’ve hit rock bottom, we’ll share with you all the resources and information needed to help you out.
Requirements Needed to Apply for Title Loans in Jacksonville, Florida
Before we get started, here is a list of requirements you’ll need when applying for a title loan in Jacksonville:
- Proof of Residency (bill or lease)
- Driver’s license or government-issued ID
- Clean car title with the owner’s or borrower’s name on it
- Proof of income (to show your ability to repay the loan amount)
If you have these requirements already, you’re halfway towards receiving a title loan in Jacksonville!
However, let’s discuss how title loans work, their benefits & risks, and whether you should apply for one before applying for title loans in Jacksonville.
How Do Auto Title Loans in Jacksonville Work?
Title loans work by determining your vehicle’s value and using your vehicle as collateral value for the loan.
Auto title loans are also referred to as car title or pink slip loans. As long as you are the vehicle owner and have a clean title to prove it, you’ll have an advantage when applying for car title loans.
Furthermore, car title loans also apply to trucks, motorcycles, RVs, and other transportation modes.
Are Title Loans for You?
The success of your loan application depends on several factors. To fully understand how title loans work, we’ll discuss the benefits and risks associated with title loans.
Easier to Qualify For
Unlike your standard loan, credit scores and financial information don’t place as much weight on title loans. [R]
Financial documents contribute to the hassle and lengthy process when applying for a standard loan. To make matters worse, this could take weeks or even months to complete.
Needless to say, this doesn’t mean car title loans don’t require financial information or a high credit score to get approved.
Financial information and credit scores still play a vital role in your application in Jacksonville. Not to mention, a clean vehicle title.
So while car title loans are indeed easier to qualify for, this doesn’t mean it’s also an automatic approval.
Longer Terms for Payment
Finding the cash to pay off your debt isn’t easy when you’re given a short window or time period.
Car title loans have longer money payment terms depending on the title loan company you apply for, and most of all, they’re much more flexible, giving you more control over when to pay for your loan amount.
Flexible and Minimum Hassle
Since car title loans don’t require as many documents as standard loans do, this makes it less of a hassle on your part.
One thing to note, though, is a thorough & complete inspection of your vehicle. The good news is, the inspection will be performed online and, in turn, helps you save on time and money.
Your Title Loan Needs to Have Sufficient Value
Even if you have 100% ownership over your vehicle, you need to have sufficient value to serve as collateral for the lender.
In other words, if you apply for a title loan that’s more than your vehicle’s actual value, your loan provider may deny your car title loan.
Proof of Income Varies
This isn’t a huge risk, not unless you don’t have enough reasonable income or money to pay for the minimum loan.
Although it’s not as serious of an issue, it’s still worth considering before applying.
You Might Lose Your Car
No, you won’t lose your car right away.
If you are unable to pay for your loan, your provider may offer to “roll-over” [R] or “extend” your loan.
Let’s say you have a $150 loan with a $15 fee. After 30 days, if you can’t pay the amount, you’ll have to pay the $15 fee, while your $150 loan will carry a new 30-day term along with the 10% fee.
After paying your new loan at the end of the 30-day term, you’ll already have paid $15 last month plus the $150 loan + the 10% fee for the current month. This brings you a total of $180.
Granted, the loss may not be as big as standard loans, but over time, if you continue to incur this loss, you could lose your car.
Should You Get a Car Title Loan in Jacksonville?
Getting a title loan depends on your ability to support yourself in times of need.
More importantly, your ability to repay the amount borrowed along with interest rates plays a major role in receiving cash and getting your loan approved.
Although title loans are more flexible and less restrictive than standard loans, there are still risks.
Your provider or any company providing the loan service will require some proof that you will be able to repay the loan.
And if you feel you don’t have the means to do so, don’t give up just yet! We’ll share some tips on how to plan ahead before applying for title loans in Jacksonville.
3 Steps to Apply for Title Loans in Jacksonville, Florida
Step 1: Send Your Loan Application
Sending your application doesn’t require you to visit the store physically. You can apply online using our online form through your desktop computer or smart device.
Step 2: Upload Documents
As mentioned earlier, you’ll have to submit all the documents needed for the application online:
- Proof of Residency
- Driver’s license or government-issued ID
- Clean car title with the owner’s or borrower’s name on it (vehicle registration)
- Proof of income
Step 3: Choose How to Collect Your Money
After your application has been approved, you’ll be able to receive your money right away!
There are various ways of collecting your money, such as:
- Issued Check
- Electronic Deposit
Take note each situation is unique. Not all applicants/residents will undergo the same process when applying for title loans in Jacksonville, Florida.
Why Was My Auto Title Loan Denied?
Even though title loans can be excellent options to receive money fast and only come with few requirements, this doesn’t mean the loan process will grant an automatic approval.
There are several reasons why your title loan in Jacksonville was denied, such as:
- The value of your vehicle isn’t enough for the amount you want to loan
- Your vehicle title has a lien on it or has no equity [R]
- You don’t have enough reasonable income to prove you can pay monthly payments
Although your application was denied, this doesn’t mean you have zero chances of gaining approval from your lender.
It may help to talk to your lender about possible solutions or alternatives you can work with. Also, applying for a job that provides a stable income might help.
How Long Is the Repayment Period of a Title Loan?
Typically, the repayment period is between 1 to 3 years. However, it’s possible to customize this to suit your circumstances.
If you want to set a different repayment period, you’ll have to talk to your lender first.
Can You Pay for a Title Loan Earlier Than the Expected Date?
Yes, you can, and even better, paying early comes with zero penalties.
Tips When Applying for Title Loans in Jacksonville
Do Thorough Research
Although you’ll find many lenders in Florida, not all will have your best interests at heart. Some may be out to scam or defraud you.
Before proceeding with the loan process, conduct research on the lender, read the reviews, and make sure you can trust them to provide your best interests.
Determine the Value of Your Vehicle Early On
This is one helpful way to be prepared during the loan process.
A general rule of thumb to follow is the more brand new your car is, the higher the value will be.
To compute your car’s value, you’ll need:
- Vehicle year model
You can use this site to get a better value estimate. Afterward, make sure you don’t have any pending dues or fees associated with your car. Finally, ask your lender how much percentage of car value they plan to give.
Let’s say your car’s value is $5,000, and you have $500 worth of fees associated with it. If your lender offers a 30% percentage, then:
Vehicle value – Dues/Fees x percentage offered by lender = money you’ll receive
$5000 – $500 x 30% = $1,350
Ask About the Available Payment Options
Note that a longer payment term is one way you’ll incur a higher cost in the end.
Even with a low interest rate, this can still lead to a higher amount and losing money than paying for the minimum loan within a shorter timeframe.
Inquire the Preferred Type of Vehicle
Not all companies will accept vehicles manufactured before 2000, so ask your lender first before applying.
Read the Fine Print
Even though lenders don’t ask about your credit score, some may hide important details.
Upon repayment, this could lead to you paying a higher amount. Check the conditions of how your interest is computed and any increments applied to it over time. [R]
We hope the steps and ways we enumerated was able to help you when applying for title loans in Jacksonville.
If you have any questions, feel free to let us know below!