Car Title Loans in Kissimmee, Florida
Are you feeling stressed about how to pay for your unexpected medical bills, rent payments, and other household purposes?
The quickest solution to your financial trouble might be car title loans.
This pink slip loan caters to customers with bad credit and those in need of quick cash.
To give you an idea of how fast and convenient car title loans are in Kissimmee, Florida, consider the Buggati Veyron of loans.
Did I catch your attention?
Please continue reading to know more about car title loans in Kissimmee, FL, and how to get approved for it.
What Is a Car Title Loan?
As borrowers, your biggest concern when applying for a personal loan or a traditional bank loan is your credit score.
However, with auto title loans, you can kiss this worry goodbye.
An auto title loan is approved on your vehicle’s equity. You will give them the ownership of your car in exchange for money.
Don’t misunderstand! This exchange isn’t the same as selling your car because you still get to drive it during the loan period.
You are using your car title as collateral for the loan money they give you.
Of course, there will be interest rates and monthly payments, but the terms are very flexible (more of the benefits later).
NOTE: You cannot leave the state or the city where you have agreed to the title loan.
The State Law for Auto Title Loans in Kissimmee, FL
Before making any decisions, you first need to know what you’re getting into.
The state of Florida has specific borrower-friendly laws regarding auto title loans:
- For loans below $2000, the MAX annual percentage rate (APR) is 30%
- For loans between $2000-$3000, the max APR is 24%
- For loans above $3000, the max APR is 18%
Keep in mind that the state Office of Financial Regulation should also license the lender you choose.
Furthermore, there must always be a signed agreement between you and the lender.
Lastly, in the law, they can take your car away if you don’t pay the lender back.
Required Documents Needed for Car Title Loans in Kissimmee, FL
Get ready to make your checklist because here are the documents you need to get approved for an auto title loan.
Personal Information
First, you will need to prepare the standard set of information most applications start with.
Here is a quick list:
- Name
- Resident and Email Addresses
- Date of Birth
- Cell Phone Number
- Social Security Number
These will be placed in their database and used to contact you throughout the loan process and period.
Identification
To ensure that your information is real, you must present a valid government ID proof of your identity.
A passport or a driver’s license would be perfect for this requirement.
References
In addition to providing the information above, you will also need to have a few references for cross-checking.
Make sure to list at least 3 private references or 2 professional references.
Proof of Income
As mentioned earlier, having a bad credit score will not matter.
However, you will need to have proof of income to let the lender know you have the ability to pay them back.
Provide them solid proof like paychecks, business benefits, bank statements, etc.
For the unemployed or retired, do not worry because Kissimmee title loans welcome you.
Your disability payments, social security payments, and other funding benefits are more than enough to prove that you have money inflows.
Vehicle Information
Since there are no credit checks, a vehicle check is required.
You will be asked to give the following information about your car:
- Year
- Registration
- Make
- Model
- Milage
- Vehicle Identification Number
- Insurance (Highly dependent on the lender if they require having insurance)
Remember to take pictures of all sides of the vehicle and make it Instagram-worthy. The better the condition of your collateral vehicle, the more money you can get for its value.
Vehicle Title
The most important loan requirement is the lien-free and clear title of your vehicle.
This is very simple, your car must not have any ongoing lending agreements and should be completely paid off.
Note: Your lender may also offer assistance in getting the vehicle requirements on your behalf.
A Step-By-Step Guide on How to Apply for Car Title Loans in Kissimmee, FL
To further help you get started with your auto title loans, listed below is a complete guide on how to get the same-day cash you need.
Step 1: Apply Online
Unlike the tiring application process of other loans, applying for a car title loan can be done in a few clicks.
Kissimmee residents can fill up a convenient online application form and get approved in a very timely manner.
You get instant pre-approval on your funding right when you finish the application on their website.
If their website is having issues, you can always contact their office through the telephone.
IMPORTANT: Do not be alarmed when your lender asks you what you will use the loan proceeds for. Be honest about it!
Step 2: Getting Final Approval
When you have submitted all of the requirements in the loan application, there will be a short period of assessment.
Loan lending experts will then review the value of your car and decide how much cash they can give you.
Most title loans in Kissimmee, FL range from $500 to $25000. The crazy part is that you can get that loan money in one business day.
Furthermore, no credit checks will be done during this part of the loan process.
However, you might be asked to undergo a credit check if there are issues like bankruptcy.
This is also when they will determine the repayment plan and interest rate.
These terms will be based on your unique financial circumstance, so there is no need to worry about high rates.
Step 3: Watch the Money Come In
Once the deal is sealed, you can claim your money right away by going to the nearest MoneyGram machine.
Having the loan money sent straight into your bank account is also possible.
Who knew getting money was that easy!
What Happens After the Title Loan Contract?
After the loan period, it’s time to repay your debt.
Paying early is highly encouraged since there are no prepayment penalties. It can also help improve your bad credit score.
Kissimmee title loans also offer a grace period of 10 days or less.
Once the debt has been paid directly to the lender, the process of getting your car’s equity and the title is very efficient.
However, if you cannot repay them, they will seize your car right away.
NOTE: If they placed a GPS on your car, it could be taken out at the nearest removal station of the lender.
Why Should You Apply for Kissimmee Title Loans?
Here are the benefits of getting title loans provided in Kissimmee, FL.
- You can apply online and get approved quickly in half an hour or less.
- Florida lenders are friendly to customers, and the title loan period is conveniently longer.
- Essentially you only need to have equity on a car to qualify for the loan funding.
- Kissimmee title loans have no pre-payment penalties or hidden fees.
- Cash comes fast for title loans in Kissimmee, FL.
What more could you ask for in a loan!
What Is on the Line?
Though the cash and approval are quick for a pink slip loan, there are still worst-case scenarios that could happen.
Debt Cycle
Title loans in Kissimmee, FL, have a relatively high competitive interest rate, and if your income cannot keep up, it could lead to a deadly cycle of debt.
You might also continue borrowing more money to pay back your title loan.
Losing More
Beyond losing the equity of your car, you could also be forced to sell important items like jewelry and furniture to repay the loan.
Furthermore, not being able to pay the title loan back will also make your credit score worse.
FAQs About Title Loans
This article section will show the most frequently asked questions about getting a title loan in Kissimmee!
Is My Information Safe With Title Loan Providers?
The great thing about Kissimmee, FL, title loans is that security is a priority.
Your information is encrypted and secured. Lenders will also never compromise your info to an external party.
What if I’m Late for My Monthly Payments?
More often than not, you will be charged additional fees when repaying.
If the title loan remains unpaid, then the lenders in Florida might report you for delinquency to all three credit bureaus.
Note: The number of fees may vary from state to state.
What Happens if I Have a Title Loan With Another Company?
No problem! You can always refinance your loan funding in Kissimmee, FL.
Another lender can cover your current debt and save you money by lowering the interest rate.
You can also try to extend the title loan period with your new provider.
Apply for Car Title Loans Near You!
Put your worries about money to rest and apply online for a title loan in Kissimmee, FL.
It is one of the most convenient ways to get funding, and bad credit isn’t even a problem.
You are one click or one phone call away from getting a few thousand dollars. Ain’t that exciting!
As a final warning, many scammers will pose as title loan providers, so make sure to get your title loans from a legally approved lender.
We wish you the best and stay safe in Kissimmee, FL.