Many of us are trying to save money and wonder where more cash is going to come from.
In Tampa, FL, title loans are an easy way to get some extra cash quickly. All you need is a car with a clean title. Learn everything you need to know about title loans in Tampa, FL.
How do Tampa Title Loans Work?
Getting title loans in Tampa is relatively easy. All you need is a vehicle with a clear title. You must also be at least 18 years of age and have a valid driver’s license or state ID card to verify your age. Your vehicle, which can be a car, truck or van, will be used as collateral on the loan.
Therefore, the amount you can borrow is based on the value of your car. Most title loans are taken out for a short amount of time, but the lenders at Easy Choice Lending will work with you to find you the most convenient and flexible options
Applying for Tampa Title Loans
The application process for Florida title loans is both easy and fast. You’ll fill out an application online that provides the following information.
- Address with home zip code
- Telephone number
- Make, model, style, age of your vehicle along with the mileage
Shortly after filling out the online application a representative from Easy Choice Lending will contact you at your convenience to over your income and answer any questions you may have regarding the loan, interest, payments, etc.
Once you’ve been approved, you’ll be asked to read the contract so you’re aware of all the terms of the loan. When everything is complete and you’re ready to get your money, you’ll have to bring your car title to their location to finalize the transaction.
Florida Regulations Regarding Title Loans
Florida has specific laws regarding title loans in Tampa or anywhere in the state.
- Title loan companies must be licensed by the state Office of Financial Regulation.
- Interest rates cannot be higher than 30 percent annually for the first $2,000; 24 percent annually for amount between $2,000 and $3,000; and 18 per cent annually for the amount over $3,000.
- The borrower and the lender must sign a contract stating amount borrowed and interest rate.
- Contract must state that vehicle can be repossessed if the borrower defaults on the loan.
- If vehicle is to be repossessed, the borrower must be notified, be given the opportunity to bring the vehicle to the lender and have time to remove personal property from the vehicle.
- Borrower has opportunity to pay the loan balance plus fees up until the vehicle is actually repossessed.
- If the vehicle is to be sold by lender, the lender must give borrower 10 day’s notice.
What is a Clear Title?
A clear title is a title that does not have anyone listed as the lien holder. Anytime you use a vehicle as collateral, the lender’s name is listed on the title along with yours. When the loan is paid in full, the lender’s name is removed.
Don’t Have a Title?
If you don’t have a title to your vehicle or can’t find it, you can get a duplicate copy through the mail or in person at your local county tax collector’s office.
To get the title, you’ll need to compete an Application for Duplicate or Lost in Transit/Reassignment for a Motor Vehicle, Mobile Home or Vessel Title Certificate form, provide them with your driver’s license and an odometer disclosure, and pay the applicable fee.
Benefits of Tampa, FL Title Loans
Title loans are often confused with payday loans. Payday loans require payment out of your next paycheck and every paycheck after that whereas title loans allow you to make flexible payments while using your vehicle as collateral. Tampa title loans are becoming more popular because of the many benefits they offer.
- More flexible than traditional loans
- Short loan terms available
- Good for individuals who wouldn’t qualify for bank loans because of bad credit
- Good for individuals with no credit
- Must easier and quicker to get