Car Title Loans in Plant City, Florida: The Ins and Outs
Are you running low on cash? Have an empty bank account? Need to pay an urgent bill?
No need to worry! If you are a resident of Plant City, you can get online instant cash and afford a solution with a car title loan.
We will walk you through what you must know about title loans in Plant City and how to apply for one to get your funds paid quickly.
What Are Title Loans in Plant City?
You may have heard much about these types of title loans and how they may help. You have your cash loans, traditional bank loans, and car title loans (Plant City, Florida).
It is important to identify which loans you can use before discussing their benefits.
We will discuss payday loans and title loans in Plant City as they are likely to be where you gravitate.
A payday loan is a small and short-term loan where the lender extends a high-interest credit based on your income.
These loans essentially take a portion of your next paycheck and are typically paid back within 2 to 4 weeks.
There is no collateral involved in this type of loan, and it is considered an unsecured personal loan.
As there is no collateral involved, applying for a payday loan runs the risk of falling under predatory lending.
These loans tend to have high-interest rates on top of additional fees. Additionally, these lenders can also fail or refuse to acknowledge a borrower’s capability to repay debts.
This loan’s cost hurts your finances as it could lead to you falling into a debt trap!
We, therefore, recommend looking for other safer options that may suffice for your needs.
Car Title Loans
In the United States, title loans are sometimes referred to as “auto title loans” or “car loans.” These loans use your cars, trucks, motorcycles, or vehicles as collateral.
Using collaterals instead of credit history makes it different from other loans. This asset’s loan amount typically falls between 25% to 50% of vehicle value.
You must first give the lender the vehicle’s title to get an auto title loan.
In most cases, you need to have the vehicle in your possession before giving the lender its title.
You will only be able to get your vehicle title back once you have repaid your borrowed money, your lender’s finance charge, and other possible fees.
A Word of Caution
Getting auto title loans in Plant City can be a costly affair!
The monthly finance fees, which are percentage-based on vehicle value, can lead to an APR increase beyond your capability.
Title loan lenders in Plant City can also add charges on top of loan amounts. These charges can include processing, documentation, and loan origination fees.
Other miscellaneous fees can be add-ons, such as a roadside service plan, which can further increase the cost of your loan.
If you cannot repay a title loan come the pay period, your loan agent can roll it over to a new loan in Plant City. The cost of your auto title loan will increase if you are granted a rollover.
Rolling over will increase interest and fees, increasing the amount you owe.
If you still can not repay your loans, you may most likely lose possession of your vehicle.
Some lenders insist that you install a Global Positioning System (GPS) and a starter interrupter on your vehicle.
With these devices installed, your lender can effectively locate and disable your vehicle to ensure you follow the terms should you fail to repay your loans.
If worse comes to worst, your lender can sell your vehicle and earn more than you owe!
Reasons for Getting a Car Title Loans
Plant City loans offer fast cash in your most trying times. However, it comes with great risks, such as losing your vehicle.
So why would someone risk losing their vehicle from title loans?
The reality is that sometimes life happens.
We sometimes fall into a state of emergency or get into a hard place in our finances.
Perhaps you have been struck with an unexpected medical condition. Or perhaps a natural disaster destroys your living place, and you need the money to cover the costs.
These unforeseen events place us in a state of urgency that makes this huge risk necessary.
Although effective, Plant City loans are not a permanent solution to your present problem. Make sure you have exhausted every possible alternative and are willing to accept the risks.
Why Choose a Plant City Loan?
Unlike applying for a payday loan, a car title loan in Plant City would not put you at risk of debt.
The worst that could happen is you surrender car ownership to your lender. This outcome is arguably much better than falling into debt for a long period.
Applying for an auto title loan in Plant City is quicker and does not require a credit check.
There are fewer required documents overall for this type of loan, and interest rates are lower than unsecured loans.
Another Word of Caution
When we say that a credit check is not required, it’s not a mandatory step. However, lenders may still perform a credit check if they wish to do so.
Your application for a Plant City loan can be denied due to showing bad credit or bankruptcy.
On the other hand, a high credit score can merit lower interest rates.
What is ultimately measured is how capable you are of repaying debt!
How to Apply for Title Loans Plant City, Florida
Now that we have the reasons and the risks of an auto title loan, we can walk you through the application process.
This is to guide you on how to apply for title loans in Plant City, Florida.
Step 1: Make a Decision
You have to be sure that you can go through with this and face the possible consequences. Ensure that you have exhausted all other possible options that can help your situation.
Be prepared to commit and pay what you couldn’t pay today in the next few weeks.
And in the worst-case scenario, be prepared to lose your beloved vehicle.
The next step is to find your title loan lender.
Step 2: Find the Right Title Loan Lenders in Plant City
Various title loan companies in Plant City offer auto title loans. Choosing where to apply for your auto title loans is choosing who you conduct business with.
You begin by researching online for title loan providers in the Plant City area. Your lender must be one that you believe you can TRUST.
They should walk you through the various terminologies such as interest rates, pre-payment penalties, etc.
Your lender should avail of the best offers and services. Avoid lenders who charge excessively large title loan interest rates.
Step 3: Apply Online for Plant City Title Loans
After finding your lender, you may now apply online for title loans in Plant City, Florida.
Just fill out the online title loan application form to avail yourself of the various title loan services. You essentially express written consent during this step.
You should expect to fill it up with your complete name, full address, and car information.
Make sure to fill out the form with correct and updated information.
Once you’ve completed the form, submit it to have it pre-approved. Make sure to have your documents prepared beforehand to proceed smoothly to the next step.
Step 4: Submit Your Documents
Following the application for online title loans in Plant City, borrowers must present the necessary documents to get their applications pre-approved.
All the following documents must be verified. Your loan approval depends on these documents.
Remember to prepare the following:
- Driver’s License (or any valid ID)
- Car or Vehicle’s Pink Slip
- Car Insurance Document
- Your references (ideally 2 to 5)
- Proof of Plant City residence
- Documents relating to employment status and salary range
Always submit what the lender asks and ensure that there is nothing false in your information.
Failing to comply may lead to the rejection of your application.
Step 5: Reviewing Your Terms and Conditions
While you may need that money fast, reviewing your terms and conditions is still important.
Make sure you have read through and are fully committed to what is printed or typed. Double-check if the loan amount is proportionate to the value of your vehicle.
Take note of any payment terms, extra fees, and interest rates you may find.
More importantly, take note of the penalties your lender may incur!
Be sure to make any vague terms clear with your lender. If your terms and conditions leave much to be desired, negotiate these with your lender.
Step 6: Receiving Your Money
Now that you have finished the Plant City loan application process, you must collect your cash! You can expect to see the results of your application within 1 business day.
You can claim your cash through direct deposit, check, hard cash, and wire transfer.
Step 7: Returning Their Money
Don’t ever forget to return your loans! There will be penalties if you do.
Unless you are ready to part with your car, always be able to make it for every installment of payment.
If you cannot make it on any occasion, you can apply for an extension with new terms.
Title Loan Laws in Plant City, FL
According to the law on title loans in Plant City, Florida, a maximum of 30% per annum can be charged as interest for loans totaling less than $2000.
The limit for title loans totaling between $2000 to $3000 is 24% per annum.
Title loans that exceed $3000 have an interest rate of 18% per annum.
In Case of Violation From the Lender
Should the lender charge any more than these rates, they will be obligated to return the excess amount you have paid.
On top of returning the excess amount paid, they are obligated to return your vehicle as collateral.
And finally, they would have to forfeit the loan’s principal amount.
Fortunately, in Plant City, Florida, title loans can be extended even more than once.
Each extension period consists of 30 days and must be agreed on by the lender and the borrower.
These extensions require an entirely new agreement with an entirely new set of terms.
Repossession of Vehicles
You can repossess your vehicle if you have failed to repay your debts and lost custody. In Plant City, you would have to wait 30 days to reclaim your vehicle after the initial due date.
Lenders have to notify borrowers at least 10 days before selling the vehicle. These notifications must include the date, the time, and the place of the sale.
The lender must also notify the borrower of how much they still owe, the amount of interest, and expenses accumulated in repossession.
Lenders are expected to give borrowers enough time to prepare for repossession.
If the borrower can return the total amount BEFORE the sale, they can reclaim their vehicle.
Plant City Title Loan Alternatives
While title loans Plant City may not be as effective or immediate, we suggest considering these less risky alternatives.
Seek Financial Advice
Before any other alternative, and before making risky moves, it would serve you best to seek financial advice from a professional.
Financial advisors are experts that can help in fixing financial issues. These professionals can assess your situation and recommend the best course of action.
We would even suggest consulting a financial advisor before applying for any loan in Plant City.
Requesting for a Paycheck Advance
You can request a paycheck advance from your employer to get the money you need but do not have.
It would not be much different from receiving your pay later if you attend work regularly.
Try a Loan From a Credit Union
A credit union is a not-for-profit financial institution controlled by the people who deposit money in it.
It allows you to open a bank account, deposit, and withdraw money.
Unlike banks, which shareholders own, credit unions are owned by their members. Any profit the credit union makes goes to its members.
However, you must note that credit unions have fewer branches and ATMs.
Asking Friends and Family for Help
When in a tight situation, do not hesitate to admit to close ones that times are tough.
Your trusted friends and family are likely willing to offer help from the heart.
While you may need to repay them eventually, it’s unlikely you’ll lose your car for not paying soon enough.
Getting Help From a Local Charity
Charities can work great in putting forward your most pressing concerns. These are designed to help those in need from the goodness of strangers’ hearts.
Do not be afraid to admit the gravity of your situation!
Crowdfunding is a great way to interact with strangers who may be interested in helping.
You can develop creative ways to explain your situation in your crowdfunding campaign. Although there is no certainty of success, it is still worth a shot.
Frequently Asked Questions
Any more questions that we haven’t answered?
Don’t worry! We have answers to questions we think you are likely to ask. We have also added tips that you might find helpful.
Can I Still Drive My Vehicle?
Yes, you can still drive your vehicle even when used as collateral!
You are only required to give the title of your vehicle. You will only lose your car ownership if you fail to repay your debts.
How Can I Predict the Value of My Auto Title Loan?
Plant City title loans require you to confirm that you legally own the vehicle used as collateral. Once this is taken care of, some factors affect the amount of loan you can get.
One such factor is the type of vehicle it is.
Cars, trucks, and motorcycles are eligible all the same. But luxury vehicles will get you higher loan amounts.
Another factor to consider is the model and the year of your vehicle. Older models often get lower loan amounts, while newer models get higher amounts.
The value of your car depreciates as it ages.
The last factor that affects car value is its working condition. Cars in good working condition and shape encourage higher loan amounts.
How Do I Increase the Value of My Vehicle?
To get the best title loans, your vehicle must be close to mint condition.
Check if there are any faulty functionalities in your vehicle. Check if its radio and electrical circuits are functioning properly.
If you find any faults or defects, try to have them fixed by a mechanic.
Perhaps you could even use your car insurance if it’s a recent purchase.
Also, make sure that your car has been washed and looks shiny and squeaky clean! This makes your vehicle look more valuable to the lenders’ eyes.
What Makes Auto Title Loans Better?
Compared to the traditional bank loan, payday loan, or cash loan, the Plant City title loans are more efficient.
Successful Plant City title loan applications get instant approval from such an easy process. It takes about an hour or even less to get a loan approval!
Auto title loans also offer higher loan amounts compared to payday loans. Sometimes, auto title loan lenders can give up 80% of car value and equity loans.
Plant City title loans also allow borrowers to repay loans spanning 1 to 3 years.
Even a traditional bank loan gives a comparably short-term loan spanning months! Borrowers have the FREEDOM to choose the most convenient repayment plan.
Do Plant City Title Loans Require Me to Be Employed?
You do not need to be employed to apply for a title loan in Plant City.
However, you must remember that your lender is interested in how capable you are of repaying debt.
Being unemployed can hurt your application for a title loan in Plant City.
We hope the information we have shared helps with your decision-making.
Should you choose to apply for a title loan in Plant City, we hope we help you go through it smoothly.
And should you choose a safer alternative, we are happy to have made the decision easier.