Title Loans Rockledge, FL
Sometimes referred to as auto pawn loans, title loans in Rockledge are a form of secured personal loan that are available to people 18 years of age and older. The collateral for such a loan is the physical title of a car, a truck or even a motorcycle that you own outright. The vehicle itself isn’t collateral, which means that you maintain ownership in order to get around town or whatnot. Secured loans incur little to no risk for the lender, which means that approval is all but certain, and you have many options.
This is a stark contrast to the typical personal loan from a bank, which generally requires an excellent credit record, a minimum loan cost and other requirements that don’t apply to title loans. In Florida, a title loan term can be for as little as seven days, but financial institutions in your area like the Community Bank of the South and the Community Credit Union usually won’t consider loans with terms less than 90 days and often want a term of six months or more. Likewise, title loans can be for $100 or even less, but Iberia Bank or SunTrust Bank will usually demand $5,000 or more.
Title Loans Rockledge: Borrowing Online
Another nice aspect of title loans in Rockledge is that you can apply for and even finalize them online through leading websites like Loan Cheetah. All that’s required to get the ball rolling is:
- Your full name, zip code and phone number
- Details about your car, such as the year, make and model
- A mileage estimate or a precise odometer reading
A short application form is available on the Loan Cheetah homepage. Simply fill in the information and submit the form, and then, Loan Cheetah will respond with a quote within seconds. This online title loan quote will give you a notion of the maximum amount available to you. If you wish to proceed, a loan representative will contact you to hash out the details and help you finalize the loan. He or she will also be available to answer any questions and discuss any concerns that you may have.
Car Title Loan Laws in Florida
Florida protects consumer interests when it comes to title loans in Orlando and throughout the state with the Title Loan Act of 2000, which is defined in Statute 516 and 537. In a nutshell, these laws require all lenders to be licensed and to provide explicit loan details to borrowers. All title loans in Rockledge and elsewhere in the state must be for a period of at least seven days and not more than 30 days. Additionally, the borrower has the option of one 30-day extension if the lender agrees, and interest rates are capped to:
- 30 percent up to $2,000
- 24 percent up to $3,000
- 18 percent beyond $3,000
The Benefits of Florida Car Title Loans
When you need cash in hand right away, then title loans in Rockledge are generally more convenient than personal loans from a bank and more cost-effective than payday loans and other short-term options. Since the loan is secured, you don’t have to worry about approval. If the vehicle has value, declines are rare. After all, there’s no need for a lender to review your credit history, require employment and income verification or perform a background screen.
