If you have a million questions about how to get title loans in Jacksonville, FL, you’re not alone. It’s good that you’re asking questions! A better informed borrower is a safer borrower. Here are a few of the most frequently asked questions about title loans in Florida:
What Is a Title Loan?
A title loan is a type of collateral-based loan that allows borrowers to utilize the equity that they already own to access the equity value in cash. One of the easiest and most lucrative sources of equity is your car.
It’s typically the most valuable asset that borrowers own, unless they own a home. But getting a title loan isn’t the same thing as selling your car. It just means that you’re temporarily loaning out the title to a lender in Jacksonville that you truly trust.
What Are The Title Loan Requirements in Florida?
One of the most appealing aspects of title loans in Jacksonville is the extremely short list of requirements that borrowers have to meet in order to qualify for a loan. Traditional bank loans require that their applicants have pristine credit scores, years of positive financial history to back them up, references, and most importantly; the time that’s needed to wait around for that loan to be processed.
But Florida title loans have fewer requirements, so that more borrowers can get approved for higher quality loans whenever they need them. There are only three major requirements:
- That you be at least 18 years old, and that you’re able to verify that with some form of government-issued I.D.
- That you own the title of your car free of any liens and under your own name.
- That you have some permanent address in Florida to contact you at.
If you meet those three basic qualifications, then you’re likely to be approved for car title loans in Jacksonville within a few hours. Sometimes even just a few minutes.
How Do Title Loans Work?
Most people are sadly used to overly-complex loans and intense financial jargon. They’re surprised to find a loan that’s less intimidating. Here’s how title loans work:
You’ll first submit a free one-time online application through this website. You’ll have the opportunity to work with our dedicated team of Jacksonville title loan representatives to personalize your loan experience and learn how to make the most out of your title loans.
The equity of your car will be assessed by a team of title loan experts. Using the information that you provide, such as the make, model, year, and estimated mileage of your car, we can more accurately estimate how much the equity is worth and therefore how much cash you’re eligible to receive.
From there, you’ll loan the title of your car to the loan provider in Jacksonville. In exchange, they’ll hand you the cash value of the car. But remember; you’ll remain the owner of the car. So the car itself stays with you. You can continue driving it like you normally would.
Once you’re financially out of the woods, you can pay off your loan, and the title will be returned to you immediately. That’s it. Then you’re done. Not as intimidating as you thought, right? So let’s get started and improve your finances, once and for all!