Title Loans St. Augustine, Florida
Vehicle title loans are short-term loans that are secured with a physical title of a car, truck or motorcycle that you own out-and-out. The only other car title loan requirements are that you be at least 18 years of age and that the vehicle have a positive book value. That doesn’t necessarily mean that the car has to be drivable since even salvage car title loans are an option. Although a vehicle title serves as collateral, you’re not actually surrendering the vehicle and have control over it throughout the loan.
Title Loans St. Augustine: The Ins and Outs of Vehicle Title Loans
Since title loans in St. Augustine are secured and the lender accepts little risk, loans process fast and with minimal hassle and can be for small amounts and short periods. That’s quite different than the usual personal loan from a bank, which is why vehicle title loans are an effective alternative. Consider that an institution like Harbor Community Bank prefers unsecured personal loans, which means having a strong credit record and completing an extensive application process. Likewise, banks like Prosperity and SunTrust usually want large loan amounts, such as $5,000, and a minimum term of 90 to 180 days.
Title Loans St. Augustine: Online Vehicle Title Loans
There are many local options throughout the St. Augustine area where you can apply for and finalize a vehicle title loan. However, you also have the option of doing that online with a leading leader like Loan Cheetah. Loans process fast, and in many cases, borrowers can complete the entire process from the comfort of their own homes. To get started, you’ll need some basic information, such as:
- Full name and zip code
- Email address and phone number
- Year, make, model of the vehicle
- Estimated mileage or an odometer reading
Submit this information via the brief application form on the Loan Cheetah homepage. The site will respond in seconds with quotes for title loans in St. Augustine. This should give you a good idea of the maximum loan amount available to you if the provided information was accurate. When you want to continue, a loan expert will get in touch and help you complete the loan process.
Florida Laws Governing Vehicle Title Loans
All title loan lenders are overseen by the Florida Office of Financial Regulation, and if you have any questions not answered here, you can direct them to that office via email or telephone. All lenders must be licensed and, at the time of loan, provide an explicit written document that covers fees, interest rates and total financial obligation. Title loans in Jacksonville and throughout the state are limited to an initial 30-day repayment period. That schedule can be shorter and, if both the lender and borrower agree, can be extended by 30 days at a time. However, the original interest is fixed and cannot be rolled over into the principal. Additionally, Florida caps total interest at:
- 30 percent on the first $2,000 borrowed
- 24 percent between $2,000 and $3,000
- 18 percent on all money borrowed above $3,000
How Vehicle Title Loans Benefit You
Title loans in St. Augustine are generally less expensive than other short-term options, such as payday loans. They’re also simpler and faster than traditional personal loans from a bank. Auto title loans don’t require credit checks, which means that it doesn’t matter if you have no credit, bad credit or a bankruptcy on your record. There’s no background screening, and you don’t have to worry about employment verification or proof of income.
