Car Title Loans in Riverview, Florida: What You Need to Know
You are currently in a bad spot financially, and you do not have a great credit history.
Emergency cash is something you seriously need, whether it is overdue utility bills, sudden hospitalization expenses, or what have you.
If this is your current situation, applying for a car title loan might be a good option to look into.
So let us go through applying for a car title loan in Riverview, Florida.
What Is a Car Title Loan?
In short, a car title loan is a type of secured loan that lets you borrow between 25 to 50 percent of the value of your vehicle.
In exchange, the lender receives your car’s title as collateral.
This is not the same as selling your car, you still have a right to it, and you get the vehicle title back once the loan amount has been paid in full.
It is also not like traditional bank loans, where bad credit scores disqualify you from getting one. In fact, your bank account statements may not even be requested from you.
This loan is typically a short-term loan intended primarily for short-term solutions, like bills or household purposes.
These can last anywhere between 15 days to one month, and you will have to own your vehicle.
This means only completely paid-off vehicles are qualified for this loan.
Take note that you can still drive your vehicle with this loan. However, you lose the right to the vehicle if you do not pay off the loan amount.
Getting Riverview Title Loans: Step-by-Step Process
Fortunately, getting Riverview title loans is not difficult. Let us go through it step by step.
Step 1 – Choose the Best Lender for You
Many title loan companies in Riverview, FL, have competitive rates to choose from in Riverview, FL. The first step for you is to choose which one you want to work with.
When choosing a company, things you may want to consider the following:
- Ease of application and approval
- How high or low the interest rate is
- Repayment options
- How much cash you can get out of it/Minimum loan amount
Some title loan firms can even approve and give you your cash advance on the same day!
You can compare these title loans firms by doing a quick Google search, a phone call, or even asking anyone who has made title loans in Riverview, FL, how their experience went.
Step 2 – Application
So now you have selected your company and are ready to proceed to the next step, which is filling out the application form.
Luckily, in the age of computers and technology, most title loan companies in Riverview, FL, will have an online application option available if that is what you would prefer.
This step is arguably the most important, as everything you list or do not list may affect the actual loan amount.
Make sure you answer truthfully, as lenders will not appreciate falsifications. This may lead to complications, such as final approval of the loan and actual loan amount.
In-Person vs. Online Title Loan
A downside of filling up loan applications in person is you will have to go outside of your house and go in during a business day
While a plus side of this is a loan agent will be physically present if you have any questions.
If it is more accessible for you to apply online for title loans, any questions you may have can be directed to email or phone call.
You can ask straightaway and submit any required documents on the spot in person. In fact, the agent may be able to point out some things you are unaware of!
To apply for title loans in Riverview, and most anywhere actually, you will need to fit the following requirements:
- Your vehicle is lien-free
- Your name is on the vehicle’s title as the owner
- You have a source of steady income. It does not have to be employment, as unemployed residents can apply; you need to have money from somewhere
- ONLY LEGAL ADULTS who are residents of Riverview, FL, may apply for an auto title loan
These are just some of the basic documents you will need to submit to get an auto title loan in Riverview, FL:
- A valid, government-issued I.D.: this could be your passport, driver’s license, or state-approved I.D.
- Income proof: this could be anything from your payslip to your latest bank statement
- Proof of Residency of Riverview, FL: this could be a water or electric bill under your name, a voter I.D., etc.
- Clear Vehicle Title: as stated earlier, the vehicle’s title must be free from any pending payments or current loan
Some other documents that may be requested depending on the lender may be:
- Social Security Card
- Car insurance
- Photographs of your vehicle (four sides)
- Character references
Credit checks may be done depending on the lender but are ultimately optional.
Step 3 – Car Verification
Normally done by the title lender, they will inspect your vehicle to check if it is a qualifying vehicle for the title loan.
This inspection will determine how much your vehicle is valued and the minimum loan amounts you will receive.
They will normally check things like the vehicle year, make, model, mileage, any upgrades to the vehicle like repainting, or any damage to the vehicle.
Step 4 – Review Terms and Conditions
Once your vehicle has been qualified, you will receive a proposal. Take your time reading through this document, and read the fine print.
Most people skip out on this and sign the proposal without going through the fine print. Don’t make that mistake!
Make sure you go through the fine print and note down payment terms, penalties, annual percentage rate, minimum loan amounts and any hidden fees.
This will also allow you to negotiate terms if you feel the need to.
Once you have signed the proposal, it may take a few business days because it will be pending review before you are pre-approved.
Some companies give conditional approval while others give final approval on the same day!
Step 5 – Getting Your Money
If you are lucky to receive instant-pre approval, congratulations! Now you can collect your money!
Your agent will give you a couple of options to receive the money. You can get it through a direct deposit, wire transfer, check, or hard cash.
You could even receive it within one business day!
And that is how title loans work!
Pros and Cons of Auto Title Loans
There are advantages and disadvantages to car title loans, like all title loans. You must be informed of these things before you proceed.
One of the plus sides of vehicle title loans is how quick and easy it is to get one. The main thing you need is a paid-for vehicle.
No Car? No Problem!
If you do not have a car, but have another vehicle, do not worry!
Motorbikes, trucks, R.V.s, and boats also count as providing acceptable property for vehicle title loans in Riverview, FL!
Fast Cash Without Selling
It may be easier to sell your vehicle, but many people need one to drive around Riverview, FL.
This may be an option if you have more than one vehicle, but the good thing about car title loans is that you do not have to lose access to your vehicle.
Only the car title is needed (hence title loan). You can keep your vehicle as long as you repay the cash loans.
You also do not need to present any credit check for the title loan, so your bank account and bad credit decisions stay hidden if you desire it.
Ultimately, the verdict of the cash loans will be dependent on the quality of the vehicle and the documents submitted.
Like with most loans, there are disadvantages to be aware of. Your agent must also have detailed these to make sure you are informed!
You Can Lose Your Car
While you get to keep your vehicle and drive it around Riverview, FL, while paying back the loan, the main risk in these kinds of title loans is you risk losing your vehicle.
If you do not pay the loan amount back in time, if you are having trouble, perhaps you should think if the risk is worth it.
Interest rates are generally another amount added to the initial amount borrowed, making you think that you are ultimately paying back more than what you got.
The amount you pay back may also go up if you keep delaying your payments – and once the loan proceeds to become a large unpayable sum, your vehicle may be taken from you.
A no-deal for you? If you decide vehicle title loans are not for you, you can look into other types of loans, like a traditional loan, mortgage, payday loans, or other cash loans.
There are a bunch of options for loans in Riverview, FL! There are even service student loans!
Things to Remember
TAKE NOTE OF YOUR DEADLINES!
You must meet your payment deadlines on or before the date. This will also build trust between you and the lender and avoid additional interest charges.
Frequently Asked Questions
You may have many questions about how this loan works, especially in Riverview, Florida.
Here are a bunch of frequently asked questions.
Do I Need to be Employed?
No, but you do need a steady income source to pay off the loan.
If you do not have a job, you can provide any other proof of income – like unemployment benefits or pension.
What If I Have a Bad Credit Score?
As mentioned earlier, you do not necessarily need good credit to get this loan.
Take note, however, that even though this loan does not rely on your credit union, you may get better rates, deals, and faster approval if you do present a good credit score.
And like with most loans, it may also be difficult for you to get one if you are bankrupt.
Can I Reschedule My Due Dates if I Cannot Pay on Time?
Short answer, yes, you can.
Long answer, this may affect your payments, and your lender may add a bit more on top of your due amount.
So we do not recommend it!
Will Lenders Be Okay With Me Paying Before the Deadline?
This all depends on your lender and whatever you have agreed upon.
While some lenders accept early payments, some do not and will even charge you extra as pre-payment penalties.
This is why it is important to check and read the fine print!
What if I Am Denied?
As with any loan, you may still be denied.
However, unlike other types of loans, there is a slim chance of being rejected.
So you may still get the loan, even with a bad financial history. However, your rates will be higher than if you have good financial standing.
Florida Title Loan Laws
In general, a maximum of 30% can be charged as an annual percentage rate for loans that are less than $2000, and for anything between that and $3000, the limit is 24%. Exceeding $3000 results in 18% of APR.
Suppose, for any reason, your lender charges higher than the given rates on purpose.
In that case, the lender MUST return any of the excesses you have paid, return the vehicle, and the principal loan amounts are forfeited.
In Riverview, Florida, title loans can be extended a couple of times, with each extension period of 30 days.
If you are requesting an extension, it must be mutually agreed upon by both you and the lender and requires a separate agreement that details the terms of the extension.
Unfortunately, if you are unable to pay back the loan, your vehicle will be repossessed!
In Riverview, Florida, lenders must wait 30 days after the last due date to repossess a vehicle if needed. The lender must give you ample time to prepare for the repossession.
You must be notified at least 10 days before the lender puts your vehicle on the market.
You must also be provided the exact date, time, and place of sale and a detailed list of how much you still owe, interest, and any expenses accumulated.
On the plus side, if you can get the total amount before your vehicle is sold, the repossession shall be canceled, and the vehicle will be returned to you.
A Final Note
If you have had anything repossessed or are in a bad spot financially, it is easy to fall into a spiral of depression, but remember that it is not the end of everything.
You will get past this point of your life and come back stronger!