If you are like most people in Florida, there will probably come a time where you need money, and you need money quickly. It can take days or weeks to get a payday loan and don’t even consider a loan from a bank unless you have weeks or months to wait. Instead, there is an easier option. You can get a car title loan. You don’t need a full time job and you don’t need to have good credit. You can qualify for a car title loan in Florida as long as you meet a few requirements.
You Must Own the Vehicle to Qualify
In order to qualify for a car title loan, one of the requirements that you will need to meet is that you will have to be the owner of the vehicle. This means that the car must be completely paid off and you must be listed as the owner on the title. If not, you will not qualify for this loan. Why must you own the vehicle? Because that is the only way you can sign over the title to the lender legally. Don’t worry, you will get it back once the loan is paid off!
Your Vehicle Must Be Worth a Certain Amount
Another requirement that will likely come into play when it comes to qualifying for a car title loan is the value of the vehicle. The money you can borrow with a car title loan is directly related to the value of the car. For example, a lender may have a policy of allowing borrowers to take up to 50% of the value of a car. If your car is worth $4,000, in that case, you could borrow up to $2,000.
You Must Be Able to Pay the Loan Back
Finally, in order to qualify, you will need to have a way to pay the loan back. It is important to understand, however, that this does not necessarily mean you need to have a job, you could pay back your loan in other ways, as well. Perhaps you receive some type of cash payments due to a settlement, am taking retirement payments or have another means of paying. As long as you can show that, you can qualify for a car title loan in Florida.