Financial Emergency?
So, you’ve just been hit with an unexpected financial hardship, and now you have a pressing expense with no idea how to pay it. You’re far from the only person to be in that position, and many consumers have chosen to go with title loans Fort Lauderdale in times of difficulty. The application process is fast and you won’t need good credit to get one.
Here at Lozano Car Title Loans, we’ve made it our mission to simplify the title loan process as much as possible. That’s why we offer a convenient online application for car title loans in Fort Lauderdale. You can fill out the application in under a minute, and the form is right here on our website.
Provide following information about your car:
We will also need your contact information:
That’s all we need to get from you to pre approve you for a car title loan. We use your vehicle information to calculate its current market value, which we then use for a free car title loan estimate. To give you more information on the title loan process, we’ll have one of our Lozano Car Title Loans representatives follow up with you, as well.
As far as the documentation you need to obtain a title loan, you’ll find that there’s much less required than there would be through almost any other lender. All we need to see is your government-issued ID and your car title. It’s a federal regulation that all title loan borrowers are at least 18 years of age or older, which is why we need to confirm your age by checking your ID. We need to keep your car title while you pay back your title loan, but we return it to you as soon as the load has been paid off.
When you get an auto title loan in Fort Lauderdale, you’re getting a loan with your car as collateral. Since the entire loan process, including approval and the loan amount, is contingent on your car’s value, the lender doesn’t require a perfect credit score.
In Florida and most other states, the standard term for a title loan is 30 days. What if you can’t pay your loan back on the due date? You are able to roll over the loan, which means you pay only the interest and the loan principal carries to a new repayment period with an additional interest charge.
It’s common for states to not put any limit on title loan interest rates, leaving lenders to set that themselves, but Florida has some of the lowest limits in the nation. It caps the annual percentage yield (APR) of title loans 2,000 dollars and under at 30 percent. For title loans that are between 2,000 and 3,000 dollars, the cap is 24 percent, while anything over 3,000 dollars has a cap of 18 percent. Quite a few states allow lenders to charge an APR of 300 percent, so Florida is among the best places to take out a title loan because of its low interest rates.
If you don’t make a payment at all, that is considered a default on your title loan. However, the lender needs to give you an extra 30 days to make your payment, and send you a written notice that they are going to repossess your car if you don’t pay. If they repossess your car, they need to provide written notice at least 10 days before the sale. This notice must include how much you owe, which you’re able to pay to get your car back, and information on the sale. You can also get your car back by going to the sale and buying it. Florida does not allow lenders to come after borrowers for any deficiency balance if the car sale doesn’t cover what was owed. The state also requires lenders to pay borrowers any surplus balance from car sales. All things considered, you'll have ample time to prevent repossession or get your car back after repossession.