Car Title Loans in Tampa, Florida
If you’ve hit rock bottom, don’t give up.
Applying for a loan through a bank or credit union isn’t the only way to get cash.
Ever heard of car title loans? If you are a resident of Tampa, Florida, and own a car outright, you’re already halfway to getting your application approved.
Below, we’ll tell you all you need to know about car title loans in Tampa, Florida, how to apply for one, and tips to ensure your success.
Requirements Needed to Apply for a Car Title Loan in Tampa, Florida
The first step is to secure documents, such as:
- Proof of Residency (Utility bills/payments, mortgage or lease statement, etc.)
- Proof of Income (bank statement, Social Security statement, etc.)
- Government-issued ID
- Clean vehicle title (Must be the owner)
- Vehicle photos (VIN, odometer, and photos of all 4 sides of your vehicle)
- 4 References
If you’re able to fulfill these documents and are approved, you’ll be able to receive the emergency cash or money you need in less than a week’s time.
But first, understanding the loan process and your application is crucial to an approved loan. That’s what you’ll find below.
How Do Title Loans in Tampa, Florida Work?
A title loan is a short-term secure loan where a loan company evaluates or determines the value of your vehicle and lends you a percentage based on your car’s value.
Once you submit the title of your vehicle along with other title loan requirements, the loan company will use it as collateral value.
Evaluating your vehicle’s value depends on the make, model, year, and general condition, along with its mileage.
The information gained from the inspection will then determine the loan amount or money you will receive.
Most states accept a minimum vehicle value of $2,500 and $25,000 as the highest.
Are Car Title Loans for You?
Easier Qualification Process
Auto title loans offer a more lenient process compared to banks or credit unions.
As a result, you won’t be as anxious or hard-pressed when you apply for one. What’s more, is the loan process is simpler and faster than most loan applications you find nowadays.
Simple Cash Solution
If you’re looking for fast cash and need an emergency fix, auto title loans are known to help you gain quick access to money with minimum hassle.
Flexible and Less Hassle
Not all applicants will bear the same case.
With title loans, you’ll find several payment options available to you, depending on your lender and company.
Since the process is also more lenient, it becomes less of a hassle on your part.
Longer Payment Terms
If you don’t have the ability to pay the minimum loan back, it’s possible to extend your payment period granted you inform your lender beforehand.
However, this may depend on your credit score and credit history, so it’s important to bring this up during your loan agreement.
Your Title Loan Needs Sufficient Value
It’s only fair that the loan company requires sufficient value of your vehicle.
The better the value of your car, the more money you can borrow. However, this also depends on the percentage offered by the loan company.
If your car is worth less than $500, it would be difficult if you wanted to loan $2000 worth of money.
Your Application May Be Denied
Although title loans have an advantage over most standard loans, there’s still one thing or rather a few things to consider: credit score and if you can repay the loan on a timely basis.
This is not to say bad credit scores will automatically mean your loan isn’t approved. However, some lenders require this information to assure some safety on their part as well.
You Might Lose Your Car
Don’t freak out.
Losing your car is a risk and expense given you don’t meet timely payments consistently.
Before applying for title loans, borrowers must understand showing proof of stable income means you’ll be able to repay your loan.
Should You Get a Title Loan in Tampa?
You may have heard a friend or colleague say car title loans are a bad decision.
The truth is, title loans are a great option for people seeking financial help who are in desperate need or are looking for access to money fast.
Title loans come with risks, but they also come with benefits that may help stabilize your finances when necessary.
When funds are low due to debt or bills that have piled up, title loans may be a last resort or option to help people pull themselves out of the pit.
So, try it out yourself first. At least now, you’re aware of the risks and possible roadblocks you may bump into.
Overall, these will help you when you apply for title loans in Tampa.
3 Steps to Apply for Title Loans in Tampa, Florida
Step 1: Send Your Loan Application Online
Apply online using our online form through your desktop computer or smart device.
Step 2: Upload Documents
Submit all the documents requested by your lender:
- Proof of Residency
- Vehicle Photos
- Government-issued ID
- Clean car title (must be the owner)
- Evidence of income
- 4 references
Step 3: Collect Your Money
After your application is approved, you’ll be able to receive your money right away!
There are various ways you can collect money, such as:
- Issued Check
- Electronic Deposit
Take note every situation is unique. Not all residents of Tampa will go through the same loan process when applying for title loans.
Why Was My Title Loan Denied?
There are a number of reasons why your title loan in Tampa was denied:
- Insufficient car value
- Your car title has a lien on it or has no equity
- Issues with your credit check or history
- Unstable evidence of income
In cases like these, it may help to talk to your loan agent about alternative solutions like refinancing your loan.
How Long Is the Repayment Period of a Title Loans?
The repayment period is typically between 1 to 3 years. It’s also possible to customize title loans to suit your circumstances.
To set a different repayment period, talk to your loan agent before applying.
Do I Need an Excellent Credit Score When Applying for Title Loans in Tampa?
Bad credit doesn’t mean you won’t be approved, however, it can be a factor.
Higher credit increases the chances of an approved loan. Also, you don’t have to be employed to secure a title loan.
However, it’s important to note having a steady source of income to meet any due payments is vital to approved title loans.
Tips When Applying for Title Loans in Tampa, Florida
Do Thorough Research
Choosing the best loan company is vital if you want the best offers and your best interests met.
Reading what customers have to say, their experiences, and proper research is essential to get the best deals and more importantly, to prevent fraud or scams.
Ask About Different Payment Options
A rigid payment system might make it difficult for you when you can’t pay for the minimum loan in a given timeframe.
Look for companies that offer flexible schedules and various options.
Determine the Value of Your Car
Knowing your car’s worth will help you determine an estimated value or money you’ll be able to receive.
Things like make, mileage, model, and year model can be useful.
Let’s say from all the information provided, your car’s worth is $4,000 with $300 pending dues and the company offers a 30% percentage, then:
(Worth of your car) – (Dues/Fees) x percentage offered = money you’ll receive
$4,000 – $300 x 30% = $1,110
You can use this site to help you.
Review the Fine Print
Don’t get all jumpy and excited you forget to look at what’s important.
Make sure to check the following:
- Interest rates
- How the interest rate was calculated
- Prepayment penalty
- Conditions that may affect your interest rates
- Extra expense
- Title loan conditions
Before you apply, be sure to take note of the tips and risks we listed in this article. These are not meant to discourage you but rather, to guide you throughout your way.
Additionally, these alternatives may also help you.