Florida consumers have likely seen advertisements for car title loans and even probably wondered how you qualify. After all, there are a lot of great benefits when it comes to a car title loan. From getting your money extremely quickly to being able to get a larger sum of money than payday and other loans, the benefits of car title loans are evident from the start. One of the biggest questions that people ask when it comes to car title loans is if they will qualify for them. Here’s how, in general, that people qualify for a car title loan.
Have a Vehicle That You Own
It should be fairly obvious when getting a car title loan that you will need a car or other vehicle. You need a car because that is where your collateral will come from. In order to get this money, the title of the car will need to be signed over to the lender. The only way to do that is to be the legal owner of the car. Unfortunately, if you are not the legal owner of the car or if you are still making payments on the car, you will not be able to get a car title loan.
Your Vehicle Needs to Have Value
You will need to make sure that your vehicle has value. Since you are using your vehicle for collateral, it is important that it is worth significantly more than the value of your loan. This is one of the biggest reasons why title loans are turned down by lenders. At most title loan companies, the loan amount will need to be less than 45% of the value of the car. So, for example, if your car is worth $4,000, you will be able to borrow up to $1,800 against it. The fastest (and best) way to find out the maximum loan amount is to call your lender.
What You Don’t Need
Unlike a conventional loan, there are two things you don’t need: good credit and a job. Title Loan companies do not lend based on a credit score. In fact, if your credit needs improvement, this can be an opportunity to make your payments on time and give those scores a boost. As for the job, obviously, you need to have some method to make the payments, but it doesn’t matter how. Part time jobs , self employment, retirement checks, or any other source of income will do the trick as long as you make the payments you commit to.
If you have a car with enough value, you own a vehicle, and you are ready to make the payments, you can easily qualify for a car title loan in Florida. For more information, call Embassy Loans or fill out the form above. We make loans easy.