If you’re in need of quick cash and have a car with a clear title, then you may want to consider a title loan. Title loans are a type of secured loan where the applicant uses their vehicle’s title as collateral for the money they’re looking for. In Orlando, FL, title loans are available from many different lenders(both online and local) and can range from $300 – $5,000.
Online Title Loans In Orlando – How Do They Work
The amount of money you can borrow with an auto title loan will depend on the value of your vehicle as well as the current lending parameters based on your income and underwriting details The lender will appraise your car to determine its worth and then offer you a loan based on a percentage of that value. Vehicle resale amounts are constantly changing in Orlando, FL but you generally expect to access 40-70% of the car’s value as equity. So, if your car is worth $10,000 you could potentially get a title loan for $4,000 – $7,000.
Keep in mind that getting a title loan is a way to borrow money using your car as collateral. This means that if you can’t make the payments on the loan, the lender has the right to seize your vehicle. That’s why it’s important to only borrow an amount of money that you’re confident you can repay and also try to make extra payments each month to pay down the principal funding amount.
Do Lenders Offer Bad Credit Title Loans In Orlando, FL
While title loans are available to people with bad credit, it’s important to note that the interest rates on these types of loans will be higher than if you had good credit or if you had applied for a personal loan from a bank. In addition, some lenders may require that you have a co-signer in order to get approved for title loans if there’s a recent bankruptcy or multiple loan defaults.
Many of the larger title loan companies in Orlando will only run a quick credit check to verify your identity and check for recent credit issues, so credit is not a huge concern. The main requirement for vehicle equity loans will always come down to how much the car is worth and how much equity you can put up as collateral. That’s why lenders are so willing to look past your credit history.
Do I Apply On The Phone, Online, Or With A Direct Title Loan Lender In Orlando
In the past, title loans were only available from brick-and-mortar locations in Orange County, FL. Nowadays, with the advent of technology, you have multiple options when it comes to applying for vehicle title loans in Orlando. You can either apply online, over the phone, or even in person at a direct title loan lender’s office. The process is quick and easy no matter which method you choose.
When you apply for title loans online or over the phone in Florida, you’ll simply need to provide some basic information about yourself and your vehicle. Once you’re approved, you’ll be given a loan estimate and may need to bring your car in for a brief inspection. The vehicle inspection doesn’t take long and some finance companies will come to your home or office to verify the car exists and make sure it runs. If everything looks good, you’ll sign the loan documents and get your cash!
For those who want to apply directly with a lender in Orlando, auto title loans can be done in person at select locations. The process is similar to applying online or over the phone, but you’ll get to speak with a loan representative face-to-face and make sure the company can deliver on its promises. Car title loans are convenient because they’re available when you need them and can be done quickly so you can get the money you need right away and that couldn’t be more true with a direct loan from a local lender in Orlando!
What Are The Benefits And Other Things To Know About Orlando Title Loans
Here are some things to keep in mind before getting title loans in Orlando, FL:
-Car title loans are a great way to get quick money when you have an urgent need for cash, but it’s important to make sure you can repay the loan before signing any paperwork and agreeing to the financing terms. The last thing you want is to have your car repossessed because you couldn’t make the required payments!
-The interest rates or “APR” on online title loans will be higher than other types of unsecured personal loans, but these are risky for secured lenders and they offer the opportunity for cash when other lenders would say no.
-You can use title loans for any purpose, whether it’s to pay off medical bills, get current on your credit cards or pay for emergency expenses. Even though you can get a RV title loan or even a semi truck title loan in Orlando for any reason, it’s up to you to only borrow what you need and pay back the loan as quickly as you can.
-Make sure you compare the payment terms and interest rates for at least a few companies in Orlando, FL before you choose a company. Each lender has different underwriting requirements and you may find that one quote has better terms all around than what all the other firms are offering.
Conclusions About Online Car Title Loans In Orlando, Florida & How To Apply
If you’re in a financial bind and need cash quickly, title loans could be a good option for you. Before applying take a few minutes and determine if this type of loan is the best course of action for your situation. And if you live in Orlando, FL, you have the added convenience of being able to apply online, or with a lender in Orange County.
Premier Title Loans offers quick applications for title loans in Orlando and you can start with our online form or contact us at 800-250-6279 to see exactly how much your car is worth!