Know-It-All: Car Title Loans in Tallahassee, Florida
Car title loans can be one’s saving grace.
It is UTTERLY SCARY to miss important bills or have nothing in our pockets to pay medical fees.
You don’t have to be crippled by fear with the right information!
BE PROACTIVE by learning all you can about title loans in Tallahassee, Florida. You don’t need to worry about getting money for household purposes.
Head on to this article to be an expert in auto equity loans.
Best Title Loan Companies in Tallahassee, Florida
Looking for reliable title loan providers in Tallahassee, Florida, is NOT THAT EASY.
Online providers are everywhere, and the options are limitless. This means you’ll have a lot of options to choose from.
But, it also means there is more room for error.
Who knew that accessibility could also be a disadvantage?
There is NO FORMULA for knowing the best title loan company. It all depends on your PERSONAL PREFERENCE and your UNIQUE SITUATION.
Criteria For Choosing Car Title Loan Companies
No matter how much you are in a rush, you can’t be sloppy in choosing your lender.
SLOPPY ACTIONS will lead to A LOT OF MISTAKES.
We don’t want that.
Here are some of the questions you can ask to help you with the decision process:
- Does the company have a license to operate in Tallahassee, Florida?
- What is the company’s estimated time of fund release?
- How much are the interest rates? Do they offer competitive interest rates?
- Can I get an instant quote through their website?
- How much can this title loans company lend me?
- How is their customer service? How about their reputation?
There are a lot of other factors to consider in making your decision. But, asking the right questions will nudge you in the RIGHT DIRECTION.
Introduction to Car Title Loans
Car title loans are short-term loans that Tallahassee car-owners can enjoy!
These are POPULAR options for those with immediate cash needs. The fast approval process and minimal required documents encourage consumers to apply.
Let’s dissect car title loans into digestible pieces.
What does the term “short” refer to in car title loans?
Like payday loans, auto title loans are usually repaid in 30 days. The fast turnaround allows loan applications to be processed swiftly.
Although lenders can stretch out car title loans to as far as a year, it still is a type of short-term financing.
The loan application and period are comparatively shorter than traditional loans.
Get cash quickly = Pay debt quickly.
It’s advantageous if you’re having TEMPORARY financial difficulties. You can easily pocket some emergency money!
But, it’s NOT THE BEST CHOICE for a long-term solution.
A car title loan is also called a title loan, a vehicle title loan, an auto title loan, and a pink slip loan. Secured loans, like pink slip loans, are ADVANTAGEOUS TO BOTH PARTIES.
Essentially, a secured loan is a loan that uses collateral. Lenders do not need to worry about losses.
- If you don’t pay your debt on time, they can sell your car to recover their money!
On the other hand, borrowers do not need to suffer from extremely high-interest rates.
- The insanely steep rate of unsecured loans is because of the HIGHER RISK lenders have to assume.
- Without collateral, borrowers are more likely to run from them.
In a way, secured loans make the loan process FAIR AND SQUARE FOR ALL!
Title Loans Requirements
A title loan online can be accomplished WITHIN ONE BUSINESS DAY.
Make a few calls, submit the requirements, and wait!
Ace your application for title loans in Tallahassee, Florida, by preparing these documents ahead of time.
- Valid government-issued ID: Driver’s license, passport, national health card, etc.
- Vehicle details: Identification number, odometer reading, make, model, year and mileage
- Personal information: Complete name, present address, permanent address, contact information
- Residence details: Proof of citizenship, proof of residence in Tallahassee (Florida)
- Proof of income or Proof of employment
You can apply online as early as possible with the necessary documents on hand.
You will get a call from your agent once your lenders have pre-approved you. The loan amounts will be transferred to your bank account as soon as final approval is given.
The BEST PART (for all borrowers) of a title loan in Tallahassee is when you FINALLY get the money you need.
If you apply early in the day, the money might be yours to claim come afternoon!
Here are the possible ways you can get your cash:
- In check form
- In your bank account (wire transfer, deposit)
- Cash on hand
The Drawbacks: Why You Should Steer Clear From Title Loans
Title loans in Tallahassee have A GREAT REPUTATION.
Because title loans require collateral, most lenders and borrowers are encouraged to follow the agreed-upon terms and agreements.
But, there will still be multiple lenders who will try to take advantage of your grim finances.
If you’re not careful, the saving grace you’re hoping for might be your worst decision.
One of the biggest disadvantages of title loans is the multiple sources of hidden fees.
Lenders here and there can easily slip in extra fees to INFLATE THE LOAN AMOUNT. Some will say you have to be careful.
But, it still is a BIG RISK.
Make yourself familiar with the most common hidden fees to avoid additional finance charges:
- Pre-payment penalties
- Lenders’ cut/fee
- Transaction fees
- Late payment fees
- Loan extensions fees
- Convenience fees
With unregulated fees, the loan amounts can easily blow up to an impossible amount to repay in a short timeframe.
DO NOT AGREE to any terms until you are sure no added fees slipped your eyes.
Tallahassee title loans are WIDE-RANGING.
As long as you have your car title, you can negotiate how much cash to get and how long the repayment terms are.
That is true, to some extent.
Your lender in Tallahassee will probably offer you as little as $1,000 or as big as $40,000.
But, the real limitation here is your CAR’S EQUITY.
It does not matter how much cash your lender can let you borrow if your car has a lot of damage. How much money you will get is always based on your car’s value.
You can increase the value by preparing the car beforehand, but it can only do so much.
Be aware of the MONETARY LIMITS of this loan type.
The Benefits in a Nutshell
A title loan in Tallahassee is one of the most preferred loan types.
Title loans remain popular because they are ideal for urgent needs. The credit history is also not given as much importance.
Detailed below are some of the advantages you can make use of.
If you think you won’t be able to repay your debt in time, you can contact your lender and request an extension.
Once your lender agrees, a new contract is signed and notarized.
An extension can last anywhere from 30 days to a few months. It all depends on the lender you choose.
Making payments is easier than ever with this option in mind. You can even request another extension after an earlier extension is already granted!
Remember that the lender makes the credit decisions and can choose not to grant your request.
Florida Title Loan Laws
A title loan in Tallahassee, Florida, is protected under Florida laws.
Governed by state law, lenders cannot increase the interest rate unfairly. Here is a FAIR RATES GUIDE you can refer to:
- First $2,000 – 30% per annum
- $4,000 to $5,000 – 25% per annum
- Greater than $5,000 – 18% per annum
If you spot rates higher than these, REPORT THEM.
Lenders proven guilty of unlawful charging will be punished by law.
- Their practice or licenses can be revoked
- Any repossessed vehicles can be taken away
- Collected money (principal) will be returned
Option to Pay Early
The feeling of being in debt will NEVER be good. Even if it gives you relief to pay unexpected expenses, debt can be HEAVY TO CARRY.
When you have enough money to repay your debt, you should be able to.
Most lenders in Tallahassee DO NOT charge prepayment penalties. The option to pay early gives you more control of your money.
MORE CONTROL = BETTER FINANCES
Do I Have Another Choice Aside From a Title Loan?
When car title loans don’t seem to fit your situation, please don’t force it!
There are many alternatives you can consider. Take time to jot down the pertinent positives and negatives of every option.
Personal loans are best for you if you want lower and more competitive rates.
They have a bit more requirements. But, you will have the option of getting either a short-term or a long-term loan.
You get a personal loan from any credit union or bank!
A personal loan is NO LONGER AS POPULAR as it used to be. You have to maintain a good credit score to apply for this loan.
A payday loan is like a car title loan without collateral. The interest rates are high, and you’ll get the quick cash you need.
But because payday loans are unsecured, the rates are even HIGHER.
Most borrowers prefer cash title loans to payday loans, especially if they have a fully paid car.
Cash Advance Loans
Cash advances in Tallahassee, Florida, do not require any form of collateral.
They are also unsecured, so you should expect high-interest rates to quickly ramp up the loan amount you have to repay.
The interest rates are STEEP, but loan experts find that the rate of cash advance loans can be lower than that of title loans.
Lenders and borrowers, however, prefer title loans. Tallahassee title loans are more secure and flexible.
Car Pawn Loans
A car pawn loan is also a secured, short-term loan.
You get the cash in your bank account fairly quickly, like car title loans online.
But, THE PROBLEM with car pawn loans is that you won’t get to drive your car before full repayment of the loan.
Once the loan proceeds, your car will temporarily be with your lender.
Tallahassee residents prefer auto title loans to car pawn loans because it is hard to give up driving a vehicle you worked so hard to pay for.
Why give up driving your car when you have an option not to?
Bad credit used to be very scary. Having bad credit can stop you from getting the financial assistance you need once in a while.
But that DOES NOT have to be the case anymore.
A title loan in Tallahassee can accommodate your fast cash needs no matter your situation. No more discrimination!
We hope this article helped you determine if title loans are the best loan type for your needs!