Title Loans in Thonotosassa, FL

Meeting daily financial obligations is not always easy, and sometimes you can find yourself facing money troubles. Your emergency savings may not be enough to pay for unexpected out-of-pocket costs, or you may not have a miscellaneous fund to tap into when your home suddenly needs roofing repairs. Taking out an auto title loan in Thonotosassa may be your best bet to deal with such circumstances. A title loan is designed as a secured loan meaning that the borrower has to provide collateral. In this instance, your vehicle title is the security. Because of this, most lenders will only accept a title that doesn’t have another judgment attached to it.

Car title loans in Thonotosassa are practical alternatives when you need short-term solutions. An auto title loan will come with a duration of 30 days, which you have the option of extending if required. Lending businesses in Thonotosassa offer favorable payment schedules that you won’t have trouble with when you have a steady income. Title loan lenders structure their products to cater to a broad variety of needs. Whether you are paying off a debt or buying a home appliance, you don’t have limitations on what you can do with title loans in Thonotosassa.

The Application Procedure for Thonotosassa Title Loans

Traditionally, loan applications came with a lot of frustration with lending institutions asking for a multitude of documents. When taking out title loans Tampa, you don’t have to wait for weeks for the processing. We just need you to submit certain information on the online form. We need your car’s year, make, model, and estimated mileage. You must also provide your full name, email address, phone number and zip code. After collecting all the data, we use it to calculate how much your car can fetch, so you are aware before the application goes through. Our customer representatives then contact you if approved to finalize the process.

Can Bad Credit Affect Approval with Title Loans Thonotosassa

Title loans in Thonotosassa are your best bet because they don’t have anything to do with your credit score. Secured loans consider the value of the collateral. Title loan lenders in Thonotosassa don’t conduct credit history checks, which means that your delinquencies and pending debts will not have a bearing on the approval decision. You don’t have to wait to clean up your credit file before approaching a lending company. A customer only needs an eligible vehicle to apply for the loan.

Is Proof of Income Necessary?

It is vital that you have the means to pay your monthly installments after taking out a vehicle title loan. Lenders also have to know that customers are capable of meeting obligations that is why most of them will ask for proof of income. Any steady flow of cash every month serves as income so whether you are on a salary, unemployment benefits, disability, pension or any other money stream, you can get a title loan.

Legal Regulations for Title Loans

One way that Florida protects consumers is through caps on title loan interest rates. Lenders are required to charge an interest of not more than 30% on the first $2,000 borrowed. Amounts between $2,000 and $3,000 have a maximum interest rate of 25% while anything over $3,000 should not be charged over 18%. Additionally, lenders cannot compound interest when calculating the total; rates for title loans in Thonotosassa are calculated as simple interest.

When a customer decides to borrow money, the agreement with the lending company must be in writing. The details that should be in the contract will depend on the statute under which the business is licensed. Florida Statute 537 is more specific than 516. Some of the information to look for includes;

  • Name of the business
  • Date of the agreement
  • Amount advanced
  • Finance charges
  • APR
  • Total amount owed