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Title loans in Florida

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Shir Amram

Written by: Shir Amram

Understanding Title Loans in Florida

Strapped for cash in Florida? Title loans might be your solution. 

Imagine this: you’re hit with an unexpected bill, and you need cash, fast. But, you have a poor credit score. Here’s where car title loans come in handy. 

Key Takeaways

  • Access quick cash within one business day using your vehicle title as collateral.
  • Pre-approval in 15 to 45 minutes with minimal documentation required.
  • Approval depends more on your vehicle's value and income than your credit score.
  • Borrow up to 50% of your vehicle's value, capped at $10,000.
  • Keep possession of your vehicle throughout the repayment period.
  • Florida has enacted protective regulations, capping the APR at 30%.
  • Be aware of the potential for vehicle repossession if the loan is not repaid according to the agreed terms.
Florida Flag, USA

Florida, known as "The Sunshine State," features a bold and vibrant depiction of its state seal on its flag.

What is a Car Title Loan? 

A car title loan, also known as an auto title loan, is a short-term loan where you use your car's title as collateral. You provide the lender with your car's title as security to receive the loan amount. Even better, your credit score isn’t the main deciding factor for the loan approval.

Depending on the equity in your car, you could borrow anywhere from:

  • $250
  • $500
  • $1,000
  • $5,000
  • $10,000

More importantly, you maintain the use of your car while settling your debt.

Florida Title Loan Requirements

When obtaining an auto title loan in Florida, the title loan agent will ask you to provide the following documents:

  • Driver's license or another government-issued ID
  • Vehicle's title
  • Current vehicle registration
  • Proof of insurance
  • Any financial documents associated with your vehicle

It's important to note that car title loans differ from traditional bank loans, which often require extensive documentation. 

Title loans offer a quicker approval process. Once you submit all required documents, approval can often be completed in just 15 to 45 minutes. This makes them a faster alternative to traditional bank loans.

Miami Beach, Florida

The Basics of a Car Title Loan

  1. Use your vehicle title as security.
  2. Borrow a portion of your car's value.
  3. Repay within 30 days to a few months.
  4. Own your car outright.
  5. Keep using your car.
  6. High interest rates - up to 30%.
  7. Risk of car repossession.
  8. Minimal credit check and paperwork.

Benefits of Auto Title Loans in Florida

Auto title loans in Florida offer numerous advantages that make them a preferred option for individuals dealing with financial crises. 

Here Are The Primary Benefits of Florida Auto Title Loans:

  • Swift Cash Access: Florida car title loans typically provide rapid access to funds, often on the same day you apply.
  • Bad Credit-Friendly: These loans are available to individuals with poor credit scores, ensuring accessibility to those facing credit challenges.
  • Easy Application: The application process is straightforward and can be completed from the comfort of your home.
  • Continued Vehicle Use: You can continue using your vehicle throughout the loan repayment period.

Eligibility Criteria for Florida Title Loans

If you own a vehicle and have a steady income, you are already well on your way to securing a title loan in Florida. Lenders focus on your vehicle’s equity and your ability to repay the loan more than your credit history.

Vehicle Equity and Value

Your vehicle serves dual purposes—transportation and a potential source of swift cash during dire times. The equity you have in your vehicle plays a key role in determining how much you can borrow.

In simple terms, the more your car is worth, the larger the loan you could qualify for.

You need an unencumbered car title. This means there are no liens or outstanding loans linked to the vehicle, showing full ownership. Typically, you can borrow 25-50% of your car's equity.

Income and Identification

Title loan lenders in Florida need to know two things: you’re who you say you are, and you have a way to repay the loan. A government-issued ID and proof of income are your golden tickets to getting that much-needed loan. 

A higher and more stable income in Florida can boost your car title loan eligibility and possibly increase your borrowing limit. You can also obtain a title loan even without providing proof of employment.

How Online Title Loans Work

The convenient part is, you don’t even have to step out of your home to secure a title loan in Florida! You can conveniently submit your application and necessary documents for online title loans online. 

This makes the process easier and more efficient. And guess what? 

You can find out if you qualify in a few minutes without any commitment to proceed with the online title loan.

Here's The Process to Obtain an Online Title Loan in Florida:

Step 1: Begin Online

  • Start your online title loan process on our secure website.
  • Fill in a detailed form, including:
    • Your full name
    • Contact information
    • Important details about your car:
      • Make
      • Model
      • Year
      • Mileage
  • Submit the form to get things rolling.

Step 2: Show Your Vehicle

  • Skip the need for in-person visits and use your phone or camera.
  • Take clear pictures of your car or create a short video to highlight its features.
  • Easily share these visuals online.

Step 3: Fast Approval & Get Your Money

  • Wait for a quick response from the title loan agent.
  • If your application meets the requirements, you'll receive an approval notice.
  • Find out how much you can borrow, calculated based on your car's value and your financial situation. As a resident of Florida, you can legally receive up to $10,000.
  • Choose how you'd like to receive your loan:
    • Directly deposited into your bank account
    • Picked up in person at our branch
    • Transferred through MoneyGram at Walmart.

Money-Savvy Advice:

Responsible borrowing helps you manage your finances wisely. Only borrow what you genuinely need and can comfortably repay to avoid potential financial stress. By doing so, you'll also position yourself to pay off your loan early and achieve financial freedom sooner.

Did you know?

The Sunshine Skyway Bridge in Florida is the world's longest cable-stayed concrete bridge.

Understanding your rights is fundamental before you proceed with a car title loan in Florida. 

The Florida Title Loan Act sets the boundaries for title loans in the state, including the requirements for a title loan agreement. It mandates that all title loan lenders should be licensed and sets a tiered system for maximum annual interest rates.

The Florida Title Loan Act is your shield against unfair lending practices, so you can borrow with peace of mind.

In Florida, title loans are governed by a set of regulations aimed at protecting borrowers and ensuring fair lending practices. 

Key Points Include:

Regulation AspectsDetails
Licensing RequirementsTitle loan lenders must be licensed by the Department of Financial Services.
Interest Rate LimitsRates are capped at 30% for the first $2,000, 24% for $2,000-$3,000, and 18% above $3,000.
Loan DurationTitle loans can't exceed 30 days to avoid prolonged interest charges. It can be extended by agreement, one or more 30-day periods.
Disclosure RequirementsLenders must transparently disclose all terms and conditions.
Annual Percentage Rate (APR)APR is capped at 30% to protect borrowers.
Licensing and OversightTitle loan companies must be licensed and overseen by the Office of Financial Regulation (OFR).

Loan Terms and Repayment Plans

The versatility of title loans contributes to their appeal. You can customize your repayment plan to suit your financial circumstances. Plus, the interest rates and fees are regulated by the state, so you don’t have to worry about hidden costs.

Interest Rates and Fees

When it comes to interest rates and fees for title loans in Florida, the state has got you covered. The maximum annual interest rates are set by the state, so you know exactly what you’re getting into. And remember, the quicker you repay the loan, the less you’ll pay in interest.

Structuring Your Payment Plan

When it comes to structuring your payment plan for a title loan in Florida, you have the flexibility to make decisions that suit your needs. Whether you want to make larger payments to clear the debt quicker or smaller payments over a longer period, the choice is yours. And the best part? There are no penalties for early repayment.

So, you can take control of your debt your way with a credit counseling service.

What Can Funding From a Title Loan Be Used for?

Funds from a title loan can be used for a variety of purposes, such as:

  • Paying off high-interest debt
  • Covering medical expenses
  • Financing home repairs
  • Paying for educational expenses
  • Covering unexpected expenses
  • Funding a business venture

Lender Tip:

It's crucial to remember that title loans often come with high interest rates. Therefore, we highly recommend using the funds for emergencies or essential needs to avoid falling into a cycle of expensive debt.

Alternatives and Additional Financial Resources

While title loans can provide swift financial relief, they aren’t the sole avenue for emergency funds. It’s always a good idea to explore other financial resources before making a decision. There are plenty of resources available to help you make the best decision for your circumstances.

Options for Individuals With Bad Credit:

  • Personal Loans from Credit Unions: Credit unions often provide personal loans with competitive rates, making them a viable option for those with bad credit.
  • Local Community Organizations: Some local community organizations and nonprofits offer financial assistance programs or small loans to individuals in need. These options may come with lower interest rates and community support.
  • Peer-to-Peer Lending: Explore peer-to-peer lending platforms where individual investors may be willing to lend to individuals with bad credit, often at competitive rates.
  • Family and Friends: While it may be uncomfortable, borrowing from family or friends can be an option, often with more flexible terms and lower interest rates.
  • Payday Alternative Loans (PALs): Some credit unions offer PALs, which are short-term, small-dollar loans designed to be more affordable than traditional payday loans.

Walt Disney World® Resort


Title loans in Florida provide a lifeline for those in need of quick cash, even with bad credit.

Nonetheless, just as with any financial choice, it is essential to conduct thorough research, grasp the loan terms, and investigate available alternatives. 

Utilizing a title loan calculator can be helpful. Always practice responsible borrowing, carefully evaluating the potential advantages and disadvantages.

Please don't hesitate to reach out to us for assistance. You can either contact us online or by phone at 800-700-8900.

Frequently Asked Questions

Does Florida Still Do Title Loans?

Yes, Florida still allows title loans. You can apply for title loans in Florida by meeting the initial requirements- vehicle value and income, and submitting the necessary documents.

How Much Can I Get from a Title Loan in Florida?

The amount you can obtain from a title loan in Florida typically falls within the range of $250 to $10,000, which generally represents about 25-50% of your car's appraised value.

What is the Title Loan Law in Florida?

In Florida, title lenders can charge up to 30% interest per year on the first $2,000 borrowed, 24% on the next $1,000, and 18% on any money borrowed over $3,000. This law regulates the maximum interest rates title lenders can charge in the state.

What do I Need to Qualify for a Title Loan in Florida?

To qualify for a title loan in Florida, you need:

  • Ownership of a vehicle
  • Proof of income
  • A government-issued ID

These are the basic requirements you'll need to meet to get the loan.

Is Credit Check Part of The Title Loan Process? 

Yes, credit checks are part of the title loan process in Florida. But don’t stress! Even if your credit isn’t stellar, it’s not usually the deciding factor. Instead, lenders focus on the value of your car and your ability to repay the loan.

What Happens if You Use Your Car as Collateral for a Loan?

When you use your car as collateral for a loan, the lender will hold the title of your vehicle until the loan is fully repaid. This means that if you default on your loan, the lender has the right to take possession of your vehicle and sell it to recover the money they loaned you. 

However, while you're repaying the loan, you can continue to use and drive your car as you normally would.

Does a Car Have to be in Your Name to Use it as Collateral for a Loan?

Yes, for you to use a car as collateral for a loan, the vehicle must be in your name. This is because the lender needs assurance that you have the legal right to offer the car as collateral. If the car is not in your name, you do not legally own it and therefore cannot use it as collateral. 

However, if the car is jointly owned, you might still be able to use it as collateral, but you'd need the co-owner's consent.

Shir Amram

Written by

Shir Amram

Shir Amram is a senior loan officer at Montana Capital Car Title Loans. With over 10 years of experience in the finance industry, Shir has been an asset in her role and has contributed significantly to our company's success, Shir’s academic background in economics and financial knowledge helps us fulfill our education mission as she creates a valuable content to our blog. 

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